How do you go about your spending money at each ports?

[ldubs]

10 hours ago, crystalspin said:

Be very careful that that card never leaves your person! At least in US, debit cards have no limit for withdrawals and can empty your account in anyone's hands. Or so I understand, willing to be corrected. Have never had a debit card for this reason.

 

We did the following to provide some loss control for the risk you rightly, IMO, point out.   We got the idea from reading  the forums here on CC.  

 

We created a second "travel" bank account with its own debit card.  This debit card is not linked to our usual account.   We control the amount of money in that account.  If that debit card/pin is ever stolen or compromised, our exposure is limited to the small amount in that account.   

 

Before, if we were making a big purchase we transferred more money into the account (easy to do online).  But, normally there is just a small amount of walking money there.  Another benefit is there are no international transaction fees.   The downside, for big purchases, is lack of any cash-back benefit.  For that reason we are now proud owners of a credit card with no transaction fees.  We will continue to use our "travel debit account" for ATMs. 

 

Holy cow, this was kind of long winded!     

 

 

[crystalspin]

2 hours ago, wowzz said:

Revolut is a pre-loaded debit card, which you can reload as and when needed, so not the same as a bank debit card.

Oh, that is different from what USonians call a debit card. Brilliant!

[crystalspin]

42 minutes ago, ldubs said:

 

We created a second "travel" bank account with its own debit card.  This debit card is not linked to our usual account.   We control the amount of money in that account.  If that debit card/pin is ever stolen or compromised, our exposure is limited to the small amount in that account.   

I had thought of this solution, but our banking arrangements are already rather complicated! Will propose to the CFO, though.

[wowzz]

3 hours ago, crystalspin said:

Oh, that is different from what USonians call a debit card. Brilliant!

Surely the US has cards that you can preload and top up as required ?

They have been around in the rest of the world for years. 

[RBrowny]

On 8/20/2022 at 4:01 PM, wowzz said:

Revolut is a pre-loaded debit card, which you can reload as and when needed, so not the same as a bank debit card.

I think this will be the option I'll go for, with Revolut. Do you have one

[wowzz]

4 minutes ago, RBrowny said:

I think this will be the option I'll go for, with Revolut. Do you have one

No, I use a Santander Zero credit card, with no fx fees, and charges at the interbank rate.

[cruisemom42]

On 8/20/2022 at 5:17 PM, wowzz said:

Surely the US has cards that you can preload and top up as required ?

They have been around in the rest of the world for years. 

 

Yes, we have them. We just don't call them debit cards. 

[wowzz]

19 minutes ago, cruisemom42 said:

 

Yes, we have them. We just don't call them debit cards. 

No, I would call them pre-loaded cash cards.  What would be the US terminology ?

[jsn55]

On 8/20/2022 at 2:17 PM, wowzz said:

Surely the US has cards that you can preload and top up as required ?

They have been around in the rest of the world for years. 

American Express I think.  And if AmEx offers them, Chase and Citi probably do as well.

[wowzz]

10 hours ago, jsn55 said:

American Express I think.  And if AmEx offers them, Chase and Citi probably do as well.

Just be aware that Am Ex is not as widely accepted in Europe as it  is  in the US.

[RBrowny]

I've just ordered a Revolut card, just a bit scared that it won't work when trying to pay for stuff abroad.

[Hlitner]

16 hours ago, wowzz said:

No, I would call them pre-loaded cash cards.  What would be the US terminology ?

In the USA they are generally referred to as "prepaid cards."  They generally work on the Visa system so they can be used in most ATMs.  But the downside is that those cards are pretty expensive, especially when you buy them in a foreign currency.  The cost can actually exceed 10% and worse.  A person can go to a AAA location (like AA in Europe) and buy these cards.  But assume they buy one in Euros.  They pay a fee and generally get a lousy exchange rate.  And if they fail to utilize the entire card than they will either toss the card of have to reconvert the currency back to dollars (at another lousy exchange rate).

 

For folks with an acceptable credit rating it makes more sense to find a bank or credit union that does not charge fees, and open a new bank account for which they can get a free Debit/ATM card.   A good friend who travels even more than me (and we are sometimes out of the country for 6 months a year) says that "prepaid" cards are for amateurs/suckers because of the cost.  And if you get into a situation when you need a lot of extra cash, and the prepaid card runs out of money, what do you do?  With the Debit/ATM cards and Internet banking moving money is easy (and usually free).  But with a pre-paid card, once it is depleted it is worthless.  

 

Hank

[wowzz]

5 minutes ago, Hlitner said:

In the USA they are generally referred to as "prepaid cards."  They generally work on the Visa system so they can be used in most ATMs.  But the downside is that those cards are pretty expensive, especially when you buy them in a foreign currency.  The cost can actually exceed 10% and worse.  A person can go to a AAA location (like AA in Europe) and buy these cards.  But assume they buy one in Euros.  They pay a fee and generally get a lousy exchange rate.  And if they fail to utilize the entire card than they will either toss the card of have to reconvert the currency back to dollars (at another lousy exchange rate).

 

For folks with an acceptable credit rating it makes more sense to find a bank or credit union that does not charge fees, and open a new bank account for which they can get a free Debit/ATM card.   A good friend who travels even more than me (and we are sometimes out of the country for 6 months a year) says that "prepaid" cards are for amateurs/suckers because of the cost.  And if you get into a situation when you need a lot of extra cash, and the prepaid card runs out of money, what do you do?  With the Debit/ATM cards and Internet banking moving money is easy (and usually free).  But with a pre-paid card, once it is depleted it is worthless.  

 

Hank

Hank, 

Cards like Revolut allow you to top up your balance as you spend, so you keep the card permanently. 

Plus, you top up in your own currency, but can pay in the currency of the country you are visiting.

So totally different to a prepaid card. My terminology of pre-loaded was probably inaccurate, hence the confusion.

[Hlitner]

1 minute ago, wowzz said:

Hank, 

Cards like Revolut allow you to top up your balance as you spend, so you keep the card permanently. 

Plus, you top up in your own currency, but can pay in the currency of the country you are visiting.

So totally different to a prepaid card. My terminology of pre-loaded was probably inaccurate, hence the confusion.

How do you top up that card when you are traveling?

 

Hank

[RBrowny]

Just now, Hlitner said:

How do you top up that card when you are traveling?

 

Hank

I think you use another card and transfer the money across. You will then have the funds, and then when going to a country, transfer as much as you need to, to that currency and then you can complete your purchase.

[wowzz]

6 minutes ago, Hlitner said:

How do you top up that card when you are traveling?

 

Hank

You link your card to your bank account, and transfer the money to your card via the internet. 

[wowzz]

6 minutes ago, RBrowny said:

I think you use another card and transfer the money across. You will then have the funds, and then when going to a country, transfer as much as you need to, to that currency and then you can complete your purchase.

No, you link to your bank account. 

[Hlitner]

5 minutes ago, wowzz said:

You link your card to your bank account, and transfer the money to your card via the internet. 

How is that different than just getting a Debit/ATM card from the bank.  And does that Revolut card work in ATMs?

 

Hank

[wowzz]

5 minutes ago, Hlitner said:

How is that different than just getting a Debit/ATM card from the bank.  And does that Revolut card work in ATMs?

 

Hank

The card is fee free, and works in atms.

The major plus is that most people will only load a small amount of cash at a time, so that if the card is used fraudulently,  your exposure is limited.

I don't think I am allowed to post a link, but if you google Revolut, you can see how it works.

[wowzz]

Sorry chaps, card is linked to your bank debit/credit card. Apologies for the wrong information.

[Hlitner]

2 hours ago, wowzz said:

Sorry chaps, card is linked to your bank debit/credit card. Apologies for the wrong information.

No need to apologize since you have simply educated us to something that is somewhat different from most other card concepts.   We also have to recognize that each country has their own banking systems, related cultures, etc.  So what works for a UK resident may not be a good option for an American or Canadian.   In the USA, many issuing banks give some fraud protection from Debet/ATM card fraud.  Many of us also have some fraud protection through our home owners and renters insurance policies.   I honestly do not see any reason why those of us on this side of the pond would need a card such as you describe.   We can use our credit cards and debit/ATM cards around the world and do transactions (or ATM withdrawals) in the local currency.  In the USA, we have decent fraud protection (codified in Federal Law) for our credit cards and banking protection for our ATM/Debit cards.   For me it would make no sense to get another card that is linked to other cards and/or bank accounts.  

 

Hank

[jsn55]

I've always thought that prepaid, gift or debit cards were used by people who couldn't get a credit card for some reason.  I can't see any benefit to them either.  And I am super-careful about linking any financial entities.    Once you've seen your Chase Ultimate Rewards reduced by 180K points, redeemed for many $5K Amazon gift cards over a period of two weeks, you become much more interested in fraud and security.  I won't even put financial stuff on my phone, although I could probably set it up safely if I needed that service.

[Joebucks]

Pre-paid cards serve little purpose, other than to prevent some sense of fraud. While ironically, often opening you up to fraud without protection.

[wowzz]

2 hours ago, Joebucks said:

Pre-paid cards serve little purpose, other than to prevent some sense of fraud. While ironically, often opening you up to fraud without protection.

But Revolut and other similar cards are not pre-paid in the sense that you mean. 

The cards also allow you to load foreign currency,  which pre-paid cards do not allow. 

[SbbquilterUT]

We opened a Charles Schwab account with funds for travel.  The nice feature is refund of foreign exchange fees and it is in no way linked to our bank.  It is ideal for withdrawing cash from bank ATM if we need cash.  We do use a Visa card for many transactions as well and find touchless interactions make us feel more secure.