An Post PostFX™ prepaid MasterCard® currency card

davidlynchis · 29-04-2013 9:40am #1

First time poster to this forum so hope this is right!

Traveling to the states in a few weeks (thanks to a flight deal I saw on bargain alerts!) and as you probably know the Post office seem to give the best overall value in dollars. But they are offering a new service which gives you a Dollar or Sterling prepaid mastercard. No fees to use it at point of sale and a $2.50/£1.50 charge for withdrawing from ATM. No comission!!!The card is free, free to reload and any money left over you can get back in Euro at a pretty favourable rate! You can also get a second card linked to the same "account" for free as a back up in case you are robbed.

Seems to me to be the best deal to bring dollars/euro's over on holidays but feel free to let me know if I am missing something, seems a bit too good!?

clint_silver · 29-04-2013 9:57am

looking for 1000 sterling next few weeks so am interested in this, a quick comparison shows an post want 1225e for it
http://www.anpost.ie/anpost/maincontent/personal+customers/money+matters/foreign+exchange/

XE are saying current rate is is 1186
http://www.xe.com/currencyconverter/convert/?Amount=1000&From=GBP&To=EUR

So an post are fixing the rate so while theres no commission, the rate isnt very favourable. Anywhere cheaper to get it?

paddyp · 29-04-2013 10:00am

davidlynchis wrote: »

First time poster to this forum so hope this is right!

Traveling to the states in a few weeks (thanks to a flight deal I saw on bargain alerts!) and as you probably know the Post office seem to give the best overall value in dollars. But they are offering a new service which gives you a Dollar or Sterling prepaid mastercard. No fees to use it at point of sale and a $2.50/£1.50 charge for withdrawing from ATM. No comission!!!The card is free, free to reload and any money left over you can get back in Euro at a pretty favourable rate! You can also get a second card linked to the same "account" for free as a back up in case you are robbed.

Seems to me to be the best deal to bring dollars/euro's over on holidays but feel free to let me know if I am missing something, seems a bit too good!?

Looks good just don't make any other currency transactions.

"Merchant transactions and ATM withdrawals in a currency other than the currency of the Card will be exchanged to the currency on the Card at an exchange rate determined by MasterCard® on the day the transaction is processed, increased by 5.75%."

Cheshire Cat · 29-04-2013 10:08am

Not available in Galway, or so it seems :-(

dmeehan · 29-04-2013 10:14am

XE wouldnt be providing "consumer rates" it might be better to compare against other banks and credit unions etc.

29-04-2013 10:19am

clint_silver wrote: »

looking for 1000 sterling next few weeks so am interested in this, a quick comparison shows an post want 1225e for it
http://www.anpost.ie/anpost/maincontent/personal+customers/money+matters/foreign+exchange/

XE are saying current rate is is 1186
http://www.xe.com/currencyconverter/convert/?Amount=1000&From=GBP&To=EUR

So an post are fixing the rate so while theres no commission, the rate isnt very favourable. Anywhere cheaper to get it?

buying today 1205 would get you 1000 sterling with AIB plus commission,

http://www.aib.ie/personal/current-accounts/Foreign-Exchange/Foregin-exchange-rates-Sell

dmeehan · 29-04-2013 10:22am

Does anyone have one of these cards? Could it be used as a payment method in say a US iTunes account etc. or is it just an Irish card with Dollars or Sterling?

davidlynchis · 29-04-2013 2:33pm

Yeah as dmeehan said XE is wholesale rates. The bank rates are slightly better but add in the % commission and it quickly goes up.

What would be interesting is comparing the cost of using a CC in USA with all the bank charges and very variable rates versus the An Post card. I wonder is the An post rate fixed when you purchase?

Also interesting about the US iTunes account.... Would be class if that worked!

@paddyp - Yeah definitely. Only use it for the destination rate. Otherwise you would be crucified!

Westie123 · 14-07-2013 12:51pm

Maybe I am reading this wrongly, but one disadvantage with this card is the issue of reloading. If you are, for example, in the states and your card runs out, you cannot reload it until you come home!
From the An Post site

"What happens when all the funds are used on my PostFX™ card.
Frequent travellers can top-up the funds on their card between trips at participating Post Offices. To top-up your PostFX™ card you need a valid photo ID, e.g. passport or driving licence."

If seems daft that a card cannot be topped up online when you are away.

snubbleste · 14-07-2013 12:57pm

Westie123 wrote: »

Maybe I am reading this wrongly, but one disadvantage with this card is the issue of reloading. If you are, for example, in the states and your card runs out, you cannot reload it until you come home!
..If seems daft that a card cannot be topped up online when you are away.

It's not daft. It's just AnPost does not have branches overseas.

ted1 · 14-07-2013 1:24pm

Canyou use this online so that it appears as a US card? If so what address are people using ?

griffdaddy · 14-07-2013 1:25pm

How is this better than using your visa debit card to pay while away?

Jet Black · 14-07-2013 1:28pm

I think its more encouragement to put more money on it initially. Just be aware some places won't take these as your name isn't on the front.

fartyarse · 14-07-2013 1:57pm

I'm looking into this myself for my US trip in September!

I have $3000 cash at the moment and I wonder would An Post let me just hand that in and put it onto the card or would I have to top it up in euros?

Also, I wonder will some retailers refuse it because my name won't be on the front...

The incentive is that you pay to use your Visa Debit abroad, per transaction, with this An Post card, you don't!

Jet Black · 14-07-2013 4:16pm

Don't think they will be able it would be dependant on their system. It may only allow Euros to be converted over to US. Nothing in the FAQ about it so you will need to check.

Its down to the retailer to accept it or not. It shouldn't be too much of a problem.

dingding · 14-07-2013 4:17pm

The main advantage of this is that you are protected against exchange rate fluctuations. So if you need to pay for something in the future but want to protect yourself against exchange rate fluctuations this is the job. If you top it up when the exchange rate is good, that is probably the only value in the card.

LivingDaDream · 14-07-2013 4:46pm

I am currently in the states and using this card and have found it the best option compared to using my visa debit from home which would incur charges of 1.75% of each transaction.

The rate offered by an post worked out to be better than bank when commission is taken into consideration and also the security aspect of not carrying large amounts of cash. Best thing to do is try and keep an eye on exchange rates and pick the best time to load card.

An post can give you a second card which i left in Ireland where my account can be topped up as i needed (subject to discretion of post master as its meant to only be the card holder who can add funds)

SallyRider · 14-07-2013 10:43pm

Hi LivingDaDream,

Have you used it at a US petrol station yet? I had a problem last year since they wanted me to enter my zip code

snappieT · 15-07-2013 1:12am

An Post rates are not good. Today's airport (ICE Dublin) rates beat them marginally.

Best spot I've found for forex is on corner of O'Connell and Henry Streets in Dublin.

BrianHenryIE · 15-07-2013 4:12am

SallyRider wrote: »

Hi LivingDaDream,

Have you used it at a US petrol station yet? I had a problem last year since they wanted me to enter my zip code

I've used one twice at petrol stations in California. I maybe had to select credit card instead of debit (I've had to do that with my Ulster Bank debit card in Trader Joe's, for sure).

davidlynchis · 16-07-2013 1:23pm

Had the same problem in a petrol station in San Diego. I had to go to another one across the road so its only a few that are like that. But to be fair, you would have the same problem with an Irish Card.

I heard they were hoping to roll out online transfers to your card but I wouldn't hold out. As said previously, leave a second card here and someone else can lodge money to it. I don't see how it would be a problem though, when I have been using a debit card if the money runs out then I have to get someone to lodge money. If my credit card limit is reached then even if I transfer online it takes days to clear.

In relation to rates, as previously said it is about the same when commission is taken into account. But you get the added security of the card and you can just get the euros back for anything not spent. No coin wastage or commission to change back.

Helpneeded86 · 16-07-2013 7:09pm

Anyone fancy buying $1100 dollars? I am willing to split the spread should save us both a few euro. Can meet in Kilkenny, Waterford, Cork, South Tipp possibly.

On second thoughts I dont think this makes any sense doing the calculations.

McP2011 · 16-07-2013 8:44pm

Can you use to cards to pay for stuff online?

soirish · 16-07-2013 11:16pm

While in the US was able to use my Laser without any problem while Visa failed me numerous times. This card may be useful indeed.

dcollins · 17-07-2013 12:54am

Hi Clint Silver,

You are not comparing like with like on XE- they give a mid-market rate which is a midpoint of some large volume rates. http://www.xe.com/faq/rates_buyorsellrates.php

Since they buy low and sell high if you have the nerve you can wait till you get there and sell euro rather than buying sterling. Otherwise this looks pretty good- its like petrol a few points either way is not a huge difference on 1000.

clint_silver wrote: »

looking for 1000 sterling next few weeks so am interested in this, a quick comparison shows an post want 1225e for it
http://www.anpost.ie/anpost/maincontent/personal+customers/money+matters/foreign+exchange/

XE are saying current rate is is 1186
http://www.xe.com/currencyconverter/convert/?Amount=1000&From=GBP&To=EUR

So an post are fixing the rate so while theres no commission, the rate isnt very favourable. Anywhere cheaper to get it?

CBRLizzie · 17-07-2013 12:14pm

With regard to petrol stations - I did a bike trip round the west coast for Crumlin Children's hospital a few years ago, a lot of the stations wanted zip code - around 80 bikes, we all put in 90210

davidlynchis · 17-07-2013 1:29pm

McP2011 wrote: »

Can you use to cards to pay for stuff online?

Yes i think so

Yggr of Asgard · 17-07-2013 3:27pm

Rate
I never understand why people are using XE to compare rates because no bank is going to give you that rate.
The AnPost card is good to insulate you against currency rates going up/down. So if you know you want to spend 2000$ you are locking in todays AnPost rate, while if you use your credit card the rate might have gone up/down by the time it hits your card. So it's good if you are on a budget because you know what it is going to cost you. Sure in a couple of days the rate might be better and you loose but that is why you can use this card. When you compare you should compare it to the rate you get on your Credit Card, you can do that for visa here.

iTunes

You can add a US mailing address as temporary address in the card management interface and than add the card to the US iTunes store, that works because at present the store is only doing an ACV (address verification) but not a BIN (card issuer country/bank) check. The cards' BIN is Ireland so once they do a BIN verification it will not longer work. But right now it works. However you should use a US VPN to do that because they know that you are in Ireland and the confirmation mail will say so if you don't use a VPN. Also note that like other cards in the past iTunes might catch on about this work around and block the BIN. This does only work for the $ card, the £ will not work in the UK iTunes store because that one does BIN verification and know that the card is not "British".

OnlineShopping
No Problem what so ever as long as the address is correct. Also it has a great interface that shows you pending charges with great details.

Parcelmotel

You can actually add the NI Parcelmotel address as temporary address in the card interface and hence you now have both a NI address and a credit card linked to it so that you can order from shops that demand that both addresses are the same. Works perfectly fine.

US Customs Warning
There are some warnings around that non personalised pre-paid cards are counting against the 10000$ reporting requirement so when you tank it and come over the amount make sure you declare it, better safe than sorry.

McP2011 · 17-07-2013 8:23pm

So in terms of the online shopping does it work like the visa cards? Do you just put in the card number and the expiry date and the code?

And could you pay for items over the phone in the same way as you can with a visa?

Thanks.

Yggr of Asgard · 17-07-2013 8:34pm

McP2011 wrote: »

So in terms of the online shopping does it work like the visa cards? Do you just put in the card number and the expiry date and the code?

And could you pay for items over the phone in the same way as you can with a visa?

Thanks.

If the company accepts MasterCard branded cards sure you should not have an issue.

However you can not register the card for MasterCard Secure Code (the counterpart to verified by visa).

And also it is against T&C to use the card for some activities (gambling etc.).

slave1 · 17-07-2013 10:47pm

Just to let ye know, in the US at the minute and in places like Sam's Club which only accepts debit cards, our Visa debit cards come up as credit cards on their systems and therefore unusable.

An Post PostFX™ prepaid MasterCard® currency card

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