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Travel Currency Cards

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Cheshire, England
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3,196 posts
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Travel Currency Cards

I read an interesting article in the Sunday Paper about Currency Cards. Basically, the gist of the article was that prepay cards are not covered by the Financial Services Compensation Scheme so the money stored on them is potentially at risk. The FSCS views the card as electronic money, not as deposits, and therefore outside its remit.

I found this particularly interesting, as i loaded about $500 onto a Fairfx Card, just as a top up for incidentals, and had no idea that i was at risk, should the Company go bust.

It's pretty much the same situation with Crown Currency, only, once you're in receipt of your Travellers CQS or Cash, you're fine. If the Travel Card Company goes bust before, or even during your Hols, you could lose what's been preloaded.

Food for thought....

mailonsunday.co.uk/money/article-1194431/War…

Edinburgh, United...
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1. Re: Travel Currency Cards

Woffer- an interesting point, and one that should be considered by all, however the risks of not having a card and instead using your own bank card are much higher.

I speak from experience as my mastercard was cloned at WDW, however thankfully the fraudulent transactions went through a year later, so the bank stopped them. if the card had been used when i was still out in Orlando, then the fraud would have been auth and i would have the hassle of getting the money back.

(this happens in the UK as well BTW!)

If the bank where you got your currency card was to go under then you do lose whats on the card, which means careful thinking about how much can you risk to lose if this was the case! (bearing in mind we are only talker about a two week holiday)

Travellers checks are a pain,as you need to find a bank etc to change them and need to carry a passport around (which presents its own risks in these heightened security days).

Cash means if things such as a wallet/purse are lost/stolen then the money is gone too with no financial recompense.

Ask yourself the question-how do you carry your money around at the moment and do the same when on holiday as the holiday should be no different (except the banks charge you for getting your money from the ATM!)

I had a currency card, and would do again as it was safe and secure and NOT my own bank card!

Reading, United...
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2. Re: Travel Currency Cards

Travellers cards are not such a pain as you do NOT need to find a bank to change them. Shops and restaurants accept them as cash and give change and if they are stolen or lost they can be replaced quickly.

Cheshire, England
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3. Re: Travel Currency Cards

I too have had a Mastercard cloned in the UK, and i have to say that Mastercard were very efficeint at dealing with my claim. Visa, on the other hand are not so efficient.

As for Travellers Cqs, you don't have to find a Bank to cash them, as they are accepted like Cash for the majority of purchases, except for fuel, as i found out.

Also, travellers Cqs are fully refundable, provided that you keep the Serial Numbers seperate. Keeping a log of those used also helps.

I'm not discouraging the use of Currency Cards, merely raising a concern about the implications, should the Company go belly up, in what is an unprodictable economical climate.

4. Re: Travel Currency Cards

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