Travel cards demand to increase day by day. It is more secure to carry than having physical cash and gain popularity among families travelling on holiday. Easy to use, easily top-up while out of the country and offer a better exchange rate than exchanging money
The post office offers you to top up your prepaid card with thirteen different currencies and you can spend it anywhere in the world through MasterCard logo ATM
How Post Office travel card work and, above all, is it in money to get it?
We will review its salient features, pros and limitations. After this review, you can then compare the Post Office Travel Money Card with another alternative such as Transferwise multi-currency card and to determine the best travel money card for your next journey.
The exchange rate that the Post Office card offer move according to the demand for currencies and does not fix. How much money you will receive on a specific date will depend on the exchange rate at the time of purchase.
The exchange rate of the Post Office card can be check through its website, post office travel money card app and its branches. Keep in view that the exchange rate fluctuates whether you are buying through online in-store or via phone
You also need to keep in mind that the exchange rate that the Post Office decided to buy or sell a currency include some markup. They charge it without knowing by you.
Mid-market Rate vs Tourist rate
Some other cards such as TransferWise use the mid-market rate, in contrast to others, without charging a mark-up. As an alternative they only charge a small transparent fee. The mid-market rate can be found through Yahoo Finance or Google and what banks and other currency providers use it when trading currencies with each other.
Thus it is considered to be a reasonable and fairest option.
Fees & Charges
Post Office prepaid card can be provided without any charges. Nevertheless, you will be charged if you use it to withdraw cash through ATM. These fees vary to the currency you used.
You will be charged per transaction. For example, if you withdraw Euro then Post office will charge €2 per transaction and $ 2.5 for US dollar transaction. To save these charges, withdraw all the cash you need in one transaction.
Keep in mind that ATM operator will also charge you a small some as a fee on the transaction.
While withdrawing your money abroad, you might be asked whether you want to process the purchase in sterling or local currency of that country. This is called Dynamic Currency Conversion (DCC).
If there is such choice, choose to charge in local currency where you are in because it will charge less than charge in sterling.
No charges will be deducted by the Post Office for converting money between currencies on your card.
Lastly, an inactivity fee per month will be charged if you don’t use your travel card for a year.
Following are thirteen currencies in which you can Top up your Post Office prepaid Travel Card,
- US Dollar (USD)
- Euro (EUR)
- Canadian Dollar (CAD)
- Australian Dollar (AUD)
- New Zeeland Dollar (NZD)
- Croatian Kuna (HRK)
- Pound Sterling (GBP)
- Polish Zloty (PLN)
- Swiss Franc (CHF)
- South African ran (ZAR)
- Turkish Lira (TRY)
- Thai Baht (THB)
- UAE (AED)
Between £50 and £5,000 can be top up to your card in any of above-listed currency. The maximum amount that can be held in Post Office prepaid card is £10,000 at a time and the maximum amount that you can spend on your card throughout the year is £30,000.
The maximum amount that can be withdrawn at a time varies from currency to currency.
Withdrawal limit for US Dollar is $500 and €450 for euro per single transaction.
The free app can be downloaded from the Apple App Store and Google Play. Through the app, you can manage your account such as to top up your card, monitor your balance, see your recent transactions track exchange rate and update your details.
Post office travels Insurance policy and also be purchased through this app.
How worthy is the Post Office Prepaid Travel Card?
It is handy to have a Post Office travel card in travelling as it will make your money safe. It is quick and easy to pay in local currency. It also helps you to constrain to your budgeted amount because you can only spend the amount that you have on your card.
As you can top up your card with thirteen different currencies, it is convenient if you take multi-destination holidays or if you travel regularly into these countries. However if you want to travel far-flung places, then you might need a card that supports more currencies.
Another drawback is that a hidden markup is a charge on the exchange on each transaction that you take. With the addition to this ATM provider also charged every time you use your Post office travel prepaid card at an ATM, while another travel card may offer you a better deal.
Apart from these, if you are going towards a credit card, Tandem Journey Credit Card is a good option having no annual fee, fee free transaction abroad, and also approved with a low credit score.
Thus, it is vital to shop through different travel card providers and then compare the fee charged, this will ensure you that you pick a right card otherwise it will cost more.
Another travel card such as TransferWise debit card may make your need better. The fund can be kept in more than forty different currencies with the addition to this you can take up to £200 per month from ATMs free of charge.
How to Get and Use a Post Office Travel Card?
You can get Post Office travel card if your age is more than eighteen and a UK resident.
Ordering your Card
You can order your card at any Post Office branch. Some branches provide the travel card on the spot. If they can’t, then they will post on your provided address within six days.
You need to provide your identification information such as National identification or passport.
Alternatively, you can apply for a card through online and you will get it within one week. All you need is to provide the personal information that they required.
You need to activate your card before you use it. You can activate it through PIN or six-digit access code. You can activate through customer support or the Post Office website.
Using your Card
You can use your Post Office travel card anywhere that accepts MasterCard, at ATMs and online. The Post Office currency card term and condition list places or situation where you shouldn’t use it.
These include paying road tolls, hire car deposits, for petrol at self-service pumps, for items on cruise ships or planes
How to Top-up your Card
Travelcard can be top up through online, at a Post Office branch or using the app
Buying Back Currencies
To get your unused money back, you need to contact the centre of visit Post Office branch. You will receive it in sterling and any other currency will also be converted to sterling using exchange rate at that date.
If you are in the UK, you can contact on 0344 335 0109, if outside the UK then +44 (0) 20 7937 0280.
These lines are open for 24 hours and 7 days a week.
Alternatively you can also communicate Post Office Travel Card Customer Services department
• By email at email@example.com.
• By post at PO Box 3232, Cumbernauld, G67 1YU, UK
Some of the common problem that you might face with your travel card.
How to Report a Lost or Damaged Card?
If you lost your card or find it damage, you just need to contact the centre. They will block your card and dispatch a new card on your address
What if You’ve Forgotten your PIN?
If you forget your PIN, contact the centre. They will ask for basic information after that they will then issue a new PIN
What Happens when Card Expires?
After expiry, you will receive a new card automatically. If not received then contact the centre and they will issue you a new card