# PostFX Pre-loaded card- Good or bad choice?



## horusd (3 Apr 2014)

Hi guys, long time no see, but hope everyone is well!  I'm off to the USA and was looking at getting the above PostFX card.  I'm with P/TSB and non Eurozone trans  are cruel! 

This is "lifted' from their PDF personal banking charges  guide:


 Note – (i) ATM transaction charges will apply on Euro 
withdrawals outside the EU and on all non Euro withdrawals 
at 3.5% of the Euro value of the transaction (min. h3.17 
& max. h11.43) and (ii) Debit Card Transaction charges 
will apply on all debit transactions outside the eurozone at 
1.75% of the Euro value of the transaction (min. h0.46 and 
max h11.43). 



On the face of it the Post FX seems better, but I wonder am I missing something?  
Here is the list of charges lifted from their Q&A site:

Do I have to pay for the PostFX™ card?
No, the card is free.
What charges are there for using the PostFX™ card?
There are no charges when you use your PostFX™ card at retail outlets displaying the MasterCard® logo. 
You will be charged for taking cash from an ATM, £1.50 or $2.50

Note: Merchant transactions and ATM withdrawals in a currency other than the currency of the Card will be exchanged to the currency on the Card at an exchange rate determined by MasterCard® on the day the transaction is processed, increased by 5.75%.

Find out more about fees and limits for the PostFX™ prepaid MasterCard® currency card.
What happens when all the funds are used on my PostFX™ card.
Frequent travellers can top-up the funds on their card between trips at participating Post Offices. To top-up your PostFX™ card  you need a valid photo ID, e.g. passport or driving licence.
Where can I use my PostFX™ card?
At any ATM or retail outlet displaying the MasterCard® logo. You will be charged for taking cash from an ATM, £1.50 or $2.50.

There is a gov.t ATM card charge of €5.00  and I see they also charge for non-use of something like $2.50 a  month, but on balance, it seems the better option.  Thoughts anyone?


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## shesells (3 Apr 2014)

My biggest concern would be insurance, can you insure it against theft? I know that if you were to pre-load a credit card you are not insured for cash on it, only transactions that happen once you are into the lending part of the card. 

The other issue is that hotels, car hire firms etc require a credit card and most won't accept a debit card at check-in/hire.


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## EvilDoctorK (4 Apr 2014)

There was a thread about this a while ago which you might be able to find with the search function 

I think one concern as well was that while the loading of the card in US$ or £stg is indeed "Commission Free" (in that there's no explicit charge) there's still a spread charged on the forex rates which while not as bad as PTSB are charging is still significant

e.g. looking at the rates they'd posted for 3rd April on their site:

http://www.anpost.ie/AnPost/MainContent/Personal+Customers/Money+Matters/Foreign+Exchange

For 100 Euro you get £80.21 or $133.51 .. The actual wholesale rate would get you around £82.75 / $137.50  .. So while it's not a "commission" it's still a charge and it equates to about 3% spread on the wholesale rate ... 

So I'm not really sure it's a great deal anyway  .. and that's before you look into the drawbacks that Shesells mentions as well.

I don't think there's any genuinely Forex fee free credit cards available in Ireland (there's several in the UK from Halifax, Nationwide, Post Office and others that don't impost FX charges at all and post foreign transactions at the wholesale rate with no spread)  .. In my mind this PostFX card certainly doesn't have these benefits.

In general think for going to the US your best strategy is to avoid using cash as much as possible (since ATM fees are high, both those imposed by your card company and often also imposed by the ATM used in the US) .  ...  just put everything on your normal credit card and you'll only then pay the 2-3% spread that your bank charges which overall is the lowest cost.  If possible avoid using debit cards as they tend to impose more charges than credit cards (but still lower than using cash)


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## Black Sheep (5 Apr 2014)

This issue has come up before on AAM and I can't find any such rule re insurance of Pre-loaded cards. I have questioned this with bankers and people who work in the credit card area and they tell me there is no such ruling. 

I would love confirmation of this as my friend always pre-loads his card before going abroad and he is not the most careful person with his card


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## SlurrySlump (6 Apr 2014)

Hi horusd. I miss you on the "How does your garden grow" forum....
I don't know how long you are travelling to the USA for but whenever I travel I take hard cash with me. If you can get larger denomination notes for the more expensive items that you will be buying then pay as you go. I always spread the cash around secure pockets and with someone else just in case.


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## horusd (12 Apr 2014)

Thanks everyone for the detailed replied and sorry for delay in getting back on this.  Just to say I've opted to take the card, coz on balance, it seems like a better deal. POSTFX in "liability to unauthorized transactions" of the T&C's say they wiil refund these.  (See Section 5) of the user guide, so there does appear to be insurance of some sort.   I know the no commission lark is just that, but even so PTSB charge both cruel FX rates and a 'conversion fee".   On a transaction for €657 they gave a rate of 1.37 and charged €11.50 conversion fee. Personally, I'd rather bite the bullet up front and dodge these fees altogether.  Okay, I gotta pay $2.50 per ATM w/drawal but I'll just take larger sums out.  I don't suppose there is a way to avoid being creamed at some level, but for convenience etc I'll take the card.  Oh, BTW slurryslump, sorry I've miseed the gardening section!  I'll pop in there now for a browse!  Thanks again everyone.


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## Vanessa Dorney (15 Dec 2015)

horusd said:


> Thanks everyone for the detailed replied and sorry for delay in getting back on this.  Just to say I've opted to take the card, coz on balance, it seems like a better deal. POSTFX in "liability to unauthorized transactions" of the T&C's say they wiil refund these.  (See Section 5) of the user guide, so there does appear to be insurance of some sort.   I know the no commission lark is just that, but even so PTSB charge both cruel FX rates and a 'conversion fee".   On a transaction for €657 they gave a rate of 1.37 and charged €11.50 conversion fee. Personally, I'd rather bite the bullet up front and dodge these fees altogether.  Okay, I gotta pay $2.50 per ATM w/drawal but I'll just take larger sums out.  I don't suppose there is a way to avoid being creamed at some level, but for convenience etc I'll take the card.  Oh, BTW slurryslump, sorry I've miseed the gardening section!  I'll pop in there now for a browse!  Thanks again everyone.




Did you go/take it? Did it work, were there any problems? Thinking of getting one this week for NYC, please advise pros and cons many thanks


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## suzie (15 Dec 2015)

Have a review of 

http://www.boards.ie/vbulletin/showthread.php?t=2057533149

http://www.boards.ie/vbulletin/showthread.php?t=2057481488

But if your trip is soon, I doubt you'll get a physical card in time..

S

PS: similar threads on AAM to..just do a search


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## G7979 (16 Dec 2015)

I am heading over to the US soon and have signed up for a revolut card based on an AAM thread

http://www.askaboutmoney.com/thread...international-debit-card.195705/#post-1453351

I am having a little trouble with a SEPA transfer but others seem to be using it with no issues.


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