Spending money!

[emmalou]

The apartment we are staying in does not have a safe. Trying to decide whether to bring all euro's or travellers cheqs. Also guessing another option would be to withdraw our money from a cash point in pp as and when we needed it, which I assume I would get charged for? Or use a Cash Passport card (although I don't really understand how they work!!). Any advice would be helpful. Would normally have just taken euros and put them in the safe!

 

[Nick]

I haven't used traveller's cheques for years, very old fashioned and cumbersome I'd say? You have to have your passport with you to use them and you normally get charged commission anyway?

I'd take say 500 euros in cash then use a bank card to withdraw money as and when.

Yes you will get charged but then nothing is free these days!

You can easily hide your bank card somewhere when not using it - I do, don't carry it around with me.

Hope that helps.

 

[tangofan]

Emmalou
If you have a bank account with Santander you can withdraw with no charges from the branch in the port. You also used to be able to change Amex travellers cheques free of charge there though not sure if you still can.
Might be a bit old fashioned but I think they are still worth considering.

Alternatively the new money travel cards are a good alternative where you load up money in advance on them and IF you pick the right one you can use them free of charges in ATMs. The Caxton one seems to be about the best I think without any extra charges. You can get it in Euros, Dollars or Global so obviously Euros would be the one to get.

Hope this helps

 

[pips]

We have Santander cards so just take money out as needed.

 

[marilyn]

The flat we stay in doesn't have a safe and we rent a safe deposit box at the Flora Aparthotel (C. Mendez Nunez). Depending whereabouts your flat is, might be a help to you.

 

[MudShark]

Aye - I recommend Caxton - I posted this before:

A better way to take euros is to use a prepay debit card like the one offered by Caxton FX. They have US dollar and euro cards and the exchange rate is phenomenal! You first charge up the card before you go - so you can wait and choose when to buy your euros at a good rate. Their price is usually ~2.5 cents below the bank rate - just about the best rate you are ever going to get for cash. There is no other fee for charging up the card (except the initial £10 to get a card but you still get that changed to euros and get to spend it)

After that you just use it in any hole in the wall that accepts Access and there's no charge when you take money out either. Google Caxton FX.

I also have a post office credit card - this is an even better deal - you get the bank rate when you use it - no charges at all - The Post Office can do this because they are in bed with the Bank of Ireland and of course they deal in Euros.

 

[its cd]

Put as much as you can on a Santander zero credit card and just pay it off in full when you get home .... For incidentals get a few euros out of the ATM pref with a Santander cash card as no charge and decent exchange rate

At the end of the day most of us dont carry a load of cash around in the uk so why do it when in puerto pollensa. Just remember you will need picture driving licence or passport when using credit card in the supermarkets but not in restaurants

 

[Harters]

I use my UK debit card just as I would at home.

 

[jiggggy]

Caxton FX pre paid card for me too. And no charges! Use it in restaurants, shops or the ATM just like in the UK. Simples.

 

[emmalou]

Thanks for all the replies, think I might give the Caxton Fx card ago. Need to pay the balance for apartment when we get there too, so would mean taking a lot of euros!! Is there anyway of checking your balance on a Caxton card once you are there?? I don't have a Santander account, so that rules that option out.

Harters .... how much are the charges you have to pay for using your UK debit card?

Many thanks

 

[Smiddy]

Pre-paid money cards are ideal, better R/E, use it anywhere, withdraw from cash machines (1.5 euro charge, although this is balanced by the better r/e). No need to rent safety deposit boxes for money, if the card gets lost, it is replaced.

 

[Harters]

how much are the charges you have to pay for using your UK debit card?

It will differ from bank to bank. Nat West levies two charges on foreign use - a "charge" for using the card and an "exchange rate transaction fee" (what they claim is a charge converting a withdrawal in a foreign currency to sterling to deduct from the bank account). Looks like it adds up to a total of around 4.5%.

 

[Smiddy]

should have said
my Travel Cash | Travel Money, Currency Cards, Best Exchange Rates | Home
basically you transfer cash from your bank onto the
cash card and
use in shops restaurants etc
you can lift up to 300 euros daily at cost of 1 1/2 euros
i check balance at internet cafe
or keep a note of spend

 

[tangofan]

Smiddy
Don't think there is a charge for using ATM with caxton, either from them or the Spanish bank if you are using the Euro card. Other prepaid cards do charge though.

However even 1.5 euro is good bearing in mind the better rate and what a debit card would cost

 

[mwc]

it's cd

My sentiments exactly.

 

[clinkham]

The Caxton card and other similar systems do look attractive, but it is a good idea to check the small print so that you are fully aware of the terms and conditions - part of which are copied below - before you sign up.
Don't forget the demise of Crown Currency Exchange last year. This time last year they were seen as the best thing since sliced bread - a few months later Joe Public were nursing large losses.
Sort of, you pays your money, you takes your chance.

"FSCS statement: The Caxton FX prepaid currency card is an electronic money product and although it is a product regulated by the Financial Services Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the Prepaid Card. This means that in the unlikely event that R Raphaels & Sons plc becomes insolvent your funds may become valueless and unusable and as a result you may lose your money."

 

[Belladonna]

Wow! Thanks for that Clinkham. Just when you think you have found a way not to have to carry cash, doubt rears its ugly head again!

 

[tangofan]

Clinkham
That is very interesting. My son took out a Caxton Card last December and is still travelling with it. When we took it out it was operated by the Newcastle Building Society so we thought it would be very safe. Very strange that it does not seem to be operated by them anymore and quite worrying that you are not protected! I will investigate this further tomorrow!

 

[emmalou]

okay confused now!! Was all set to go with this card!!!!

 

[tangofan]

To be honest, so I am! I am very surprised about this apparent change of ownership/issuer. I was planning on getting a US Dollar one for my daughter who is going to New York on an intern placement, as we have been very pleased with the one my son has had. He has another month of travelling to go and I have emailed him and told him not to load too much on the card at once! I have no reason to doubt the card but we do need to be sure we have protection if the issuing company lof these type of cards should fail. Caxton has certainly had very good press write ups recently and no mention of this possible problem has been mentioned.