Oyster has set up a new partnership with Caxton FX to bring our participants the prepaid cash card, the latest way to take money abroad. These are the modern day equivalent to traveller’s cheques and are a fantastic, safe way to take your money travelling with you.
Basically they work like a pay-as-you-go phone would; you upload money online, via an app or over the phone and then you can spend it anywhere in the world. The beauty is that they are not linked to any specific bank account so if they get lost or stolen the money is still safe – you can get a replacement card or transfer the money back to your account.
So what currencies can you use on it?
The card runs in the following currencies: British Pounds, Euro, US Dollars, Australian Dollars, Canadian Dollars, Swiss Francs, South African Rand, Swedish Krona, Danish Krone, Norwegian Krone, Japanese Yen, Hong Kong Dollars, Polish Zloty, and Hungarian Forint.
“What if I’m going to Thailand or Brazil?” I hear you say, don’t panic! The magical thing about this card is that you can use it anywhere in the world, even somewhere that doesn’t use one of the above currencies! BOOM!
The boring, but important, rules:
- Uploading any of the above currencies is free. For anything other than GBP you will get the bank exchange rate
- Spending a currency you have on your card is free e.g. if you put South African Rand on before you go and then use the card in South Africa it won’t charge any fees
- If you go to a country you don’t have the currency for e.g. Chile, you will be subject to a 2.49% conversion to change it to the local currency. (This is usually still better value than paying with your debit card or exchanging cash)
- Your parents can upload money for you whilst you are away (providing they live at the same address as you and you ask them nicely!)
To get your own card before you travel, check out our dedicated page on Caxton. It’s free!
(Unfortunately this is only available to UK citizens. Non UK citizens should check out Travelex)