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Cash card & cash

Rick recommends getting local cash once in country, and against getting a cash card. AAA offers a "travel money" card that is supposed to be free of fees and able to be used anywhere. I am traveling to Italy and England this summer so will need to turn in euros for pounds as well. Does anyone have experience with the AAA travel money card?
thank you!

Posted by
8889 posts

betsree, What makes you think this "AAA cash card" will give you a better rate than just using your normal debit card? (rhetorical question).
The best option is to try and spend all your remaining Euros, or save them for your next trip.
If you want to exchange them, you can do that at the airport or a Bureau de change, into either pounds or your home currency. Either way, expect to loose 10%+ on the exchange rate, and they will not take any coins, you have to spend those.

Posted by
11613 posts

You won't get the best rate on a cash card, and there may be an activation fee.

If you have euro left over before you go to Britain, use as many as you can to pay your hotel bill, or bring them back for your next trip.

Posted by
7209 posts

This has been hashed over and over and over...

Just use your debit/atm card to withdraw funds from ATMs. Have some leftover? Put them toward your last night's hotel bill, buy a trinket, take it home for the next trip.

AAA is not going to save you any money on anything.

Posted by
2916 posts

While the AAA card may be free of fees, I assume that it, like other such cards, gives you a terrible exchange rate.

Posted by
276 posts

betsree, The AAA cash card isn't a bad idea at all. There is a cost to buy the card, $15.00 and a withdrawal fee of $3.00 and a 3% foreign transaction fee. That's the same for my bank debit card. One benefit that I found was that you can load the card with your travel budget for expenses and it keeps you honest. But if needed you can load more money onto the card via the phone at no cost. The money on the card has to be used within one year otherwise you'll see a fee so you can either continue to use it once you get home until the card is empty or ask for a check balance and there is no charge for that. Plus the AAA card isn't connected to your other bank accounts so your bank money is safe from thieves. I'm not using this card with my upcoming trip because before I looked at AAA I already opened a new bank account that I will use strictly for travel. But other than the cost to buy the card it was equal to what I'm using. There are other banks that offer lower fees and have better access in Europe than AAA. None near where I live unfortunately. You might want to compare and contrast to see if one of those banks are near you.

Posted by
2916 posts

And $3 + 3% is an absolutely absurdly high rate to be paying.

Yes, although BOA is even higher.

Posted by
7940 posts

I have not used the AAA Travel Money card, my own cards offer better rates, but you need to compare to your other accounts. Highlanderct gives accurate information, you will pay a flat $3.00 fee for an international withdrawal and a 3% Foreign Transaction Fee (FTF). Many people travel with ATM cards from major banks that Charge a $5 fee plus a 3% foreign transaction fee, so if you are in that boat, the AAA card looks OK. Since the transaction is made by Visa, as noted by the T&C, there will also be the standard ~1% fees for conversion that everyone pays, AAA does not set the exchange rate.

I agree that it also provides some security from your main checking account, and it looks like you can go online and load money into it as you travel.

Are there better deals? Sure, if you do not want to change banks, you could take the time to set up a Charles Schwab or Capital One checking that have no fees, but this look easier for not much more cost. In the end, if you look at total cost, aside from the initial $15 cost, if I, with no fees get $500 worth of euros, it cost me ~$505, under this card, it would be $523 with a FTF.

Compare to your other options, if it looks good, go for it.

Posted by
276 posts

Kaeleu, I saw better rates with credit unions and banks but I also saw many right around the $3 and 3% rate or worse. I went to AAA just to see what my exchange rate would be. I'd lose around $60 to do the exchange here. It will cost around $18ish at the ATM with my card to take out $500. I don't shop and I'm not a big, expensive meal eater. I could bank online and get a $1 and 1% rate so it would be $6 versus $18. For that I'd rather be able to have a person to person chat. Personal preferences I guess. I wouldn't get ripped off in the conversion from euros to pounds. I'd take out only what I'd use and then either use it up or bring it home.

Posted by
23574 posts

.....The AAA cash card isn't a bad idea at all. There is a cost to buy the card, $15.00 and a withdrawal fee of $3.00 and a 3% foreign transaction fee.......

It is an awful idea. The withdraw fee of $3 and a 3% conversion fee is not uncommon for the high end of fees. Often it is $5 and 3%. There are dozens of cards that are no fees or maybe 1% for conversion. So at the end of the day, the AAA is a so so deal. General the internet and the access of a wide range of financial institutions I am surprised that anyone would think that AAA is good idea.

Posted by
14809 posts

I just put up with the transaction fee, but I don't advise getting the AAA cash card, not worth the bother. At Paddington train station are ATMs for changing GBP to Euro, Some B&Bs in London post a conversion rate for Euro and GBP, some take Euro also. I've not done that but paid in GBP cash. Paying with a credit card is accepted too but most I've seen put a surcharge of 3-4% for the luxury of paying with a credit card, like buying gas here with cash or a credit card.

Posted by
27695 posts

The AAA cash card sounds like the Visa cash cards I've heard of. I have never used one, but a frequent poster on another forum (non-travel-related) has mentioned more than once that when she leads high schoolers' trips to Europe, she hates it when parent give their kids those cash cards, because they so often do not work. I'm not saying you'd have a problem with the AAA card; perhaps it is inherently different. But I would do some Googling to see whether problems have been reported.

And like most of the other respondents, I wouldn't want the card in the first place.

Posted by
9369 posts

Those are terrible rates and fees. My small local credit union charges nothing (0%) for a card I already use. European ATMs don't usually charge fees themselves, so I pay nothing to get money out of an ATM there. You can do better than AAA - or any prepaid card.

Posted by
2777 posts

There's a credit union where you live and I bet they have better rates

And your bank charged you $15 for a debit card?

My Girl Scouts used these cards years ago. I wasn't impressed, we had to have a couple of parents spend time at home "fixing" things.