# Prepaid debit cards



## cabby (May 14, 2005)

Considering the various points of view about the referendum and the impact this might make on the Euro when it has been decided, does one think that having large sums of euros tied up on prepaid debit cards such as Caxtonfx is a wise idea.What would you consider a max amount to have on these cards.
Will it also affect the US dollar rate. 
I ask as I did load my card at the best time,like many of us, but it looks as if we shall not be going abroad now.I believe that I can use a suitable bank machine to withdraw sterling, can anyone confirm this.

cabby


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## peribro (Sep 6, 2009)

As I'm sure you realise it all depends on your views on whether we will vote to stay in or leave and on what the markets in general are thinking. If it's to be believed that the Euro and Sterling are both weaker at the moment because of the uncertainty over the referendum then they should both strengthen after the result and I imagine will, in the near term, strengthen more if we vote to stay in. Sterling may also strengthen more than the Euro so if you think we will stay in then best to sell now. But of course if the markets believe that as well then it will already be in the rate so it may not make much difference! Against the USD I imagine that both will strengthen if we stay in and both will weaken if we vote to stay out.

You've also got to factor in the effective costs you will have due to the spread on the buying and selling rates if you do sell now and then buy Euros again in the future.

It's almost anyone's guess as to what will happen and you seldom hear from the really knowledgeable experts as they work for hedge funds so obviously don't want the rest of the world to know what they know!

If in doubt how about selling half? That way you will be half right or half wrong depending on whether you are a glass half full or glass half empty person!


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## erneboy (Feb 8, 2007)

If you bought it anywhere between a few months and a year ago you probably got a very good rate indeed. If that's so I'd hang on to it, you're unlikely to get a better deal and it'll keep till you want to use it in Europe.

I've had been keeping our Caxton at the max till the drops of the last couple of months happened. I've still topped up now and again recently but only with small sums. If the Euro strengthens further against the pound I can wait and see what happens. My feeling is that the pound will weaken as the vote comes nearer and that it'll tank if we vote to pull out.

But who knows?


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## peribro (Sep 6, 2009)

erneboy said:


> If you bought it anywhere between a few months and a year ago you probably got a very good rate indeed. If that's so I'd hang on to it, you're unlikely to get a better deal and it'll keep till you want to use it in Europe.
> 
> I've had been keeping our Caxton at the max till the drops of the last couple of months happened. I've still topped up now and again recently but only with small sums. If the Euro strengthens further against the pound I can wait and see what happens. My feeling is that the pound will weaken as the vote comes nearer and that it'll tank if we vote to pull out.
> 
> But who knows?


Reading (possibly wrongly) between the lines Alan, I think you think that we might vote out!!


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## erneboy (Feb 8, 2007)

I'd make a fortune if I knew Peter, but I think it's close for sure.


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## Glandwr (Jun 12, 2006)

Looking at the limits that currency cards have surely there would have to be a very large movement in the market for it to make much difference.

Dick


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## listerdiesel (Aug 3, 2012)

Life is too short (and money too) to keep sums in a card doing nothing and then worry about it.

Peter


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## cabby (May 14, 2005)

As you say Peter, life is too short. Maybe I will get over the channel next year and providing that the Euro is still a legal currency and that Caxton have not folded I should be fine.:wink2::wink2:

cabby


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## Mrplodd (Mar 4, 2008)

If it's on a Caxton card don't forget that you can change any currency it's currently in to any of the other currencies you can have on it.

I currently have Euro's, Pounds Sterling, and a few Norwegian Krone on mine.

Andy


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## Glandwr (Jun 12, 2006)

Mrplodd said:


> If it's on a Caxton card don't forget that you can change any currency it's currently in to any of the other currencies you can have on it.
> 
> I currently have Euro's, Pounds Sterling, and a few Norwegian Krone on mine.
> 
> Andy


Is that the euro card or the global one Ploddy?

Dick


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## Mrplodd (Mar 4, 2008)

Global card, the letter advised us that they were withdrawing the Euro only card and we needed to upgrade our existing Euro cards to Global ones. It was free and painless but, from what I read, we didn't have any option and Caxton would merge our existing Euro cards with or Global ones. 

If you ONLY have a Euro card I would suggest that you contact Caxton in case they are no longer valid!! Better to find out now than when trying to pay for fuel on a French motorway at 11 o'clock at night!!!

Andy

P.s. Their customer service dept is VERY helpful


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## cabby (May 14, 2005)

Thank you for the heads up on that, I have checked and I do have the global card.
Did you mean that one can have Euros, sterling,dollars all on the same card and draw as needed.

cabby.


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## Mrplodd (Mar 4, 2008)

Cabby

Yep that's the puppy, you can have up to 7 different currencies on the same card. (And change any of them to any of the other ones) 

So you can draw £ in the UK, Euro's when in Euro land, $ in the states, Krone in Norway etc etc. What you cannot do though is load it up with £ sterling and then use it to draw €'s but you CAN convert £ (or any other loaded currency) on the card into any other currency you want on the card, via Internet or phone!!

Andy


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## Glandwr (Jun 12, 2006)

Mrplodd said:


> Global card, the letter advised us that they were withdrawing the Euro only card and we needed to upgrade our existing Euro cards to Global ones. It was free and painless but, from what I read, we didn't have any option and Caxton would merge our existing Euro cards with or Global ones.
> 
> If you ONLY have a Euro card I would suggest that you contact Caxton in case they are no longer valid!! Better to find out now than when trying to pay for fuel on a French motorway at 11 o'clock at night!!!
> 
> ...


I have both, eurocard worked 3 weeks ago and gives a balance now when I check it as does my global card.

Dick


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