Post Office Debit Card - Cash On Holiday

Overview

One of the key concerns that people have when traveling abroad is being able to access their spending money safely. If your thinking of traveling abroad and are concerned about the cost of spending foreign currency then the Post office debit card may be worth looking at.

Its official name is the Travel Money Card. The travel money cards offers you a simple and safe way to access your money abroad whether it be on holiday or business. The Post office are better known for posting envelopes and selling stamps however, they have expanded into financial services with a host of products from travelers checks, insurance, personal loans and credit cards.

Benefits

The Post offices debit card is actually a MasterCard which is clearly embossed on the front. With this trusted brand you will experience the convenience of your card being accepted in over 28 million locations where you see the MasterCard emblem.
The Post office have focused on making safety a high priority. All there cards have a chip and pin protected from the threat of identity theft and fraud.
The debit card offers flexibility by enabling you to use the card in over half a million ATM's through out the globe including retail and department store outlets.
With a post office debit card account you can reload your balance conveniently via your mobile phone, internet or SMS.
This card has an extension life of up to three years.
Another key benefit is the security which means your deposit is protected if you lose your card.

How To Use The Card

The Post Office have set up their prepaid banking card to make it as easy as possible for the cardholder to use it. For example the registration and activation process, topping up and balance enquiries can all be done online. When you register you can contact the phone number 0844 809 4564 or +44 20 7600 7797 if you are from outside the UK.

When you have applied for the Post Office prepaid debit card you will automatically be given a credit limit of £750. However, you can increase this limit by upgrading the prepaid card. The upgrade process can be conducted by registering online. You will need to pass a simple verification test and if that is successful your credit limit can be extended to £5000.

If you are going to use the card at and ATM machine while on vacation you should be aware of the fees. They are currently as follows:

Sterling card has a £1.50 charge
Euro card has a 2 Euro charge
U.S Dollar card has a $2.50 charge

Go Easy On The ATM's

As you can see these charges can soon mount up if you make several withdrawals. It is best to limit the withdrawing of cash from ATM's and cash machines unless it is an emergency. Withdraw an amount that is going to cover your debit card purchases for at least a few days. Withdrawing smaller cash amounts will mean frequent trips to the ATM and more processing costs.

If you your balance is running low you can top up or reload your cards balance in a number of convenient ways. For example, you call up and top on the phone. The postal service provide both domestic or an international contact number when you are abroad.

You can also use a text or SMS facility on your mobile phone to top up your balance. The number to text is +44 7797 800035. When you have text the number from your keypad type in postoffice/load/amount/CVV number(the CVV number can be found on the back of the prepaid card)/access code/then, the last four digits of your card number. The currency amount will based on the currency of the card. For example, if it is a Euro card then topping up with 350 Euros will mean 350 Euros

You can also check your balances in the same way by using the same phone and text numbers. Alternatively, if you have access to a computer you can log onto the internet and check your balance and transactions from your online customer account.

Tip: Do not accept offers from retailers who ask to convert your transaction into another currency. This will only cost you more as you will end up paying extra exchange rates fees.

Post Office Debit Card Fees And Costs

Below is a breakdown of the fees that have been found on the Post Office website:

Euro US Dollar Sterling

Initial purchase Nil Nil Nil

Commission Nil Nil 1.5% Min £3 - Max £50

Minimum load - branch and web £50 £50 £50

Maximum initial load in branch £750 (up to €1,000) £750 (up to $1,200) £750

Maximum holding limit 6000 $7,500 £5,000

Cash withdrawal fee - worldwide 2 $2.50 £1.50

Daily cash withdrawal limit 400 $500 £300

Fee when used inside country of currency on the card Nil Nil Nil

Fee when used outside country of currency on the card 3% 3% 3%

Renewal fee on expiry Nil Nil Nil

Redemption fee 6 $7.50 £5

As you see from the table above the Post Office Debit Card does not have any purchase, processing or renewal fees. There is also no handling fee if you use a card in a the country with the same currency.

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