A Review Of The South African Rand Travelex Cash Passport Card |
May 27
11:24
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There could be quite a few different prices available for travel. How can you ensure you will get the very best rates? Where can you find hidden fees? Will this review for the South Africa Rand Travelex Cash Passport determine if or not the Travelex card presents a reasonable rate?
Don’t place your trust in the myth about commission-free travel
Don’t fall for the hype of commission-free travel money. There are a lot of people who truly believe the zero commission won’t denote an additional fee or exchange rate allowance. This is really the biggest myth about it! Be sure that you always remember to contrast different foreign exchange prices and currency exchange prices before you make your order.
What is a foreign exchange fee and why do you need to be aware of them?
If you make a stop in a foreign nation during your travels to South Africa or have some surplus petty cash after coming back home, it’s likely that you will feel like spending the funds on that travel money card while outside of South Africa. If this is what happens for you, you will need to pay foreign exchange fees on your Travelex Cash Passport. If you return home with 500 pnds of cash left on the Rand card, you may find yourself charged upwards of 28.75 pnds to take any of that money out of a bank or cash machine.
Information on Travelex Rand Exchange Rates.
One of the main things to remember about rand currency exchange rates which are offered through Travelex is that the rates will be different depending on where you charge your Cash Passport. If you purchase your money via an online vendor, it’s likely that you’ll be getting a better deal and definitely a better one that you would have gotten from any airport. Just how good are the better prices, and how poor are the airport rates from Travelex?
We made a choice to study Travelex’s Cash Passport prices at 11:30 a.m. on May 12th, 2010. What we found is as follows.
If you chose to charge your Travelex Cash Passport Rand card through an online service, you would get 10.752 per pound sterling as compared to the interbank exchange rate of 11.2087 as reported by XE.com. So Travelex’s margin for this transaction was 4.07%. Clearly, you are not getting your travel cash commission free.
But if you instead chose to charge your card at Heathrow airport on that same date, you would have received 10.1527 rand per pound sterling which is 9.42% less than the interbank exchange rates that were being reported by XE.com. This is equal to Travelex generating a profit of 188.40 when you convert an amount of 2000 sterling into South African rand. And don’t forget that 5.75% fee you’ll be charged when you try to exchange your remaining cash when you finally make back home!
So the Travelex card is not a good idea but is there anything else out there?
Since Rand Travelex Cash Passport apparently doesn’t provide good value for your money, this isn’t to say that travel money cards are a poor choice altogether. We’ve checked out lots of different money card options and the one stand out in all of them is the FairFX Anywhere Card.
What makes the FairFX Anywhere Card a better option for your needs?
The travel money value of the FairFX Anywhere Card is unmatched by any of the others. The average exchange rate is usually only 0.25% away from the interbank exchange rates and you won’t be asked to pay a foreign exchange fee. There is a one-time 1.5% transaction charge that is employed with ATM withdrawals and buys. There is never any fixed, separate ATM cost.
Can you really save a lot of money by using the FairFX Anywhere Card?
Let’s take another look at that 2000, but this time with the FaixFX Anywhere Card: you’d keep an additional 46.40 over the Rand Travelex online exchange and an unbelievable 153.40 more than the Rand Travelex exchange at Heathrow airport. (This is just an example of how much you may save and is only intended as a demonstration – the true amount saved will depend on current exchange rates at the time of the transaction.)
Get a better deal on pound rand exchange, and have a look at our table, which lays out all the charges and costs with different card suppliers.