CXI Currency Exchange debit cards

Here's the deal per the website link you provided: setup fee $5-10, ATM fee (e.g. 2 euro if in the eurozone and card loaded in euro), to add money at branch offices $5, if pulling money from an ATM in a country other than the currency loaded 5.5% fee, cashout fee $20. What's the initial exchange rate when loading money? Fees by ATMs issuing currency? An easy decision to make given the great debit/ATM cards available.

The problem I see is that this card is not a true debit card. They may want to call it a debit card but I am sure it is a pre-loaded card. The first question I would ask what is the exchange rate for loading the card? And, of course, the other fees? And what advantage to you gain by using this card? Why do you want to use it?

A big issue you have with pre-loaded cash cards in the US is that they do not fall under the government's banking regulations. They are consider gift cards and not financial instruments such as debit and credit cards and, therefore, are not subject to full disclosure of terms that apply to debit and credit cards plus other requirements. And there is little protection for the pre-loaded cards other than what the card issuer promises. So if you lose it, you will not have the same protection that you would have with a standard debit or credit card or recourse against the issuer.

Given the widely available access to low cost/no cost debit cards in the US, why would anyone consider a pre-loaded card? Only reason I can think of is if you have extreme bad credit that would prevent you from obtain a debit card. All things being equal there is absolutely no reason for using a pre-loaded card.

"you can have a debit card in hand with euros"

But the debit card you have from your bank already has euros, and pounds, and kroner, and francs, and pesos and every other currency of the world available with nothing more require than putting the card into a local ATM (after informing your bank where and when you will be in that country). All without the multiple fees this card (and many others like it) charge. Your bank may charge some fees for getting foreign currency, but if you really do the math those fees will be no where near what this card will cost you. You can also find multiple debit cards from multiple banks and other card issuers that have zero fees if that is all you are trying to avoid.

So, no, these cards like the one in the link are NOT a good deal when compared to the many available for free that have no fees associated with them.

I agree that the costs associated with that card are ridiculous. In addition, there have been reports that some cards of that type (pre-loaded cash cards) don't actually work consistently in Europe, which would add insult to injury.

In going to Europe for 14 or the last 16 years, I have always used a credit union debit card tied to a checking account at an ATM machine in the first country I land in that I am going to stay for any amount of time. I do not take any European currency with me to Europe. I have NEVER had a problem with this method. My CU charges a 1% foreign transaction fee and that is all of the cost I incur when using ATMs there.

Charlie's technique is the same for me. I have never secured foreign currency before departing on a trip to Europe or elsewhere. If staying in the eurozone, I use euro saved from a prior trip. Otherwise, I just access local currency at an ATM in the airport. Never a problem. I do carry US cash, to be converted at a money exchange booth, if ATMs are empty or broken. This to get by until I withdraw cash from an ATM apart from an airport. A separate account with a ATM card at a different financial institution is my back-up...never needed.

I agree with Frank. Nowhere to they give their exchange rates. I am suspicious of any vendor who isn't proud enough of their rates to let you know what they are. Remember my corollary to the old adage, "If you have to ask, you probably don't want it".

I shy away from anything that says "exchange". The good deals in currency are at a bank ATM with your own debit card. Because people have, mostly, figured this out the exchanges are now putting machines in airports that look just like ATM's and selling products that resemble debit cards - all in an effort to keep raking in large amounts of fee income.

When using ATM's, I look for the name of the Bank, Banc, Banco, etc. on the machine and avoid anything with Exchange or Ex on it. I saw one in CDG last week that looked like an ATM but had the name "Currency Converter" on it. I didn't look closer, there are plenty of actual bank machines available.

Is there a problem with your debit card or you don't have one? If yes, then maybe you are stuck with something like this, which is guaranteed to be a very bad deal indeed. But even then, you could open a Schwab or Capital One 360 account that comes with a debit card and no transaction fees.