My husband and I are getting ready to go to Europe (Czech Republic and Austria) in a few weeks. It's our first time to Europe. I was wondering if anyone has experience with a prepaid chip and pin mastercard (specifically, the one from Travelex). Is this a good idea? We have a plain old Capital One Visa (magnetic) that we were planning on using when credit was necessary, but I'm becoming concerned it won't be accepted in Europe. Of course, we'll try to use cash as much as possible, but I think we'll need credit backup. Is the prepaid card a good idea? Any other tips on using debit/credit cards in CR/Austria (that hasn't been covered in RS's guide, which I've read of course)?
Posted by
Northamptonshire, England
33757 posts
careful careful careful.
Yes, the travelex card would work - but you will pay through the teeth for it. Limited availability, very expensive to load at a bad rate plus fees, a fee every time you use it and when the trip is over you will have to pay again to get your balance off it.
There are better options.
Travelex are nothing more or less than money changers, at not very good rates, with high fees.
Careful.
Posted by
Pensacola
9110 posts
Easily ranks among the worst ideas I've ever heard.
Your regular card will work ninety-nine percent of the time.
Posted by
OP
29 posts
Haha, OK, good to know! I hadn't researched it yet, this was my first stop. We'll stick to the basics. :)
Posted by
Tresana, Highlands Ranch, CO, USA
23609 posts
The only place that you probably encounter problems with a standard, mag strip credit card is at unmanned payment stations such as unmanned gas stations, toll booths, some train ticket machine, etc,. But if there is a live person, your credit card will work. Bank ATMs will take the mag strip debit card. It is a good idea to have two debit cards tied to two different account in the event that one card doesn't work or is eaten. In fifteen years of debit card usage in Europe, I have never had that happen BUT I still carry two. Sometimes a particular ATM might not accept the card but the next one does. I always try to use an ATM attached to the bank, during bank hours, and just after someone else has used it. If it works for them it should work for me. The whole discussion of chip and pin cards, just like pickpockets, is over done but it is a small concern that you need to be aware of the situation. Notify you card issuer when and where you are traveling.
Posted by
Knoxville, TN, USA
7209 posts
We take a student group to Europe every year and no matter how many times we say "stay away from prepaid cards" there are always parents who want to send their kid with a prepaid travel card. Those are the only kids that EVER have problems with obtaining money from ATMs. Just don't do it.
Posted by
Lakewood, Colorado
19264 posts
As of a few minutes ago, Oanda showed the Interbank (2-way) exchange rate as $1.3873/euro.
If you could get the Interbank rate, 1000€ would cost you $1,387.30.
A typical big-bank would charge you 3% more at an ATM, or $1430.21. That's an additional $41.62 (plus whatever the bank charges for using an out of system ATM).
Wells Fargo right now is charging $1458.70 for 1000€ at their international teller. That's $71.40 additional to get the money here before you go over.
Travelex on their website today shows $1540.36 to load 1000€ on their prepaid card. Thats $153.06 more than the Interbank rate, $111.44 more than from an ATM with a big bank debit card.
Many banks and credit unions charge less than 3% for currency exchange at the ATMs over there. Some even give you the Interbank rate.
Posted by
Mission Viejo, Calif., USA
1010 posts
We have always used Travelex and been very happy with our experiences. We like the security that Travelex offers us. We haven't found their rates to be too costly. We always get the best rate that is available for whatever country we are going into. We also use our Capital One card.
Posted by
Danville, VT
12040 posts
Just to lessen the concern about the standard theoretical bugaboos where a regular magnetic strip card won't work (ie, unmanned fuel stations and toll booths)... as far as I know, they don't exist in Austria. If a fuel station is unmanned, it means it's closed and you can't pump anyway. Those on the Autobahn are open 24/7. And the only toll station I know of in Austria is on the Brenner Pass, and plenty of booths are staffed.
Posted by
Tresana, Highlands Ranch, CO, USA
23609 posts
Prepaid debit cards such as Travelex are fine and work well but costly to use. If you are comfortable with paying an extra 8 to 12% for the "convenience" of prepaid cards then use them. I personally see no advantage or benefit to using a prepaid debit card over a standard debit card from your local bank or credit union.
Posted by
Mission Viejo, Calif., USA
1010 posts
We always have felt that using the Travelex card would be less worrisome, in case we lost our card or had it compromised. There are Travelex offices in all the airports we have been to in Europe, Australia, New Zealand or Tahiti. I worry that we might not be able to immediately reach our bank in a foreign country, if there was a problem. All we have to do is go to a Travelex office, at the airport and get new cards.
Posted by
1221 posts
In the Salzburg area we were just in, tolls were covered by the 8.50 euro weekly toll sticker you bought at any manned gas station in the area (red & black signs for 'the vignette' in and near Austria abound). And yeah, we did hit a police check for the sticker while getting off the toll road on a sleepy Sunday morning.