If you are planning a trip abroad, then you need to consider your travel money. Your travel money pack should be the first thing to check. It ensures that you have an easy, fast, and secure way to finance your travel. Sainsbury’s Multi-currency Cash Passport is the best choice for you.
These cards have become quite popular for many important reasons, with safety being one of the main ones. Most clients manifest concern with carrying lots of cash when travelling the world. Some travellers also prefer travel cards because they are a lot easy to top up when in a foreign country, and they also have a better exchange rate.
Let us take a look at Sainsbury’s bank travel money exchange rates.
Sainsburys Currency Exchange Rates
Last updated: Mar, 19 9:00
|Currency||Rate||750 GBP Buys|
|Cayman Islands dollars||0.8728||654.60|
|Central Pacific francs||114.25||85,687.50|
|Costa Rica colons||609.81||457,357.50|
|East Caribbean dollars||3.015||2,261.25|
|Hong Kong dollars||8.8057||6,604.28|
|New Zealand dollars||2.017||1,512.75|
|Peruvian nuevo sol||3.876||2,907.00|
|South African rand||19.6749||14,756.18|
|South Korean won||1387||1,040,250.00|
|Sri Lankan rupees||187.839||140,879.25|
|United Arab Emirates dirham||4.162||3,121.50|
Sainsbury’s Multi Cash Passport lets you load up to ten currencies. However, it has an exchange rate that varies day by day. The exchange rate also varies depending on how you place your order. You can order in person, online, or through a telephone. There is a currency calculator on their website. From there, you can easily see how the Sterling pound changes into foreign currencies.
Fees and Charges
Before using Sainsbury’s Money Card, have a look at how their fees are applied:
- ATM Charges: These are mostly free. However, you might be charged a fee by some operators.
- Transferring money from one currency to another: This depends on the foreign exchange rate with a markup
- Reload fee: Usually, 2% is charged for reloads and loads into your GBP purse. The reloads that are converted to other currencies are absolutely free
- Foreign exchange fee: a fee of 5% is applied in case you complete a transaction on a currency that is not on your card, or if you do not have enough funds to cater to the whole transaction.
- Shortfall fee: a fee of £10 will be applied on your card if you do not use it for 18 months. This means that £2 will be taken from your card every month. A fee of up to £10 will be applied on your card in case your balance falls below zero.
The DDC Trap
If you have not travelled outside the UK for some time, you might not be aware of certain things. In the foreign ATM, you will be asked whether you want to be charged in the local currency, or in sterling.
This option is usually availed in the machine, and you can select your preferred choice prior to keying in the four-digit pin. What happens is that the operators of such shops have signed up for Dynamic Currency Conversion. This lets them make some cash by providing clients with unfavourable exchange rates.
The Sainsbury’s Cash passport Mastercard lets you carry up to 10 currencies. These currencies include:
- British Pound
- New Zealand Dollar
- Turkish Lira
- US Dollar
- Emirati Dirham
- South African Rand
- Swiss Franc
- Canadian Dollar
- Australian Dollar
The card is smart in a way that it always knows the right currency to use. If you are in a location where any of the currencies mentioned above is not used, or you have insufficient funds in the card, it uses your other currencies to settle the bill. However, in such instances, the normal exchange rates plus a 5.75% exchange fee will apply.
Below are some of the applicable limits on Sainsbury’s bank travel money:
- The maximum total balance is £5,000.
- The minimum reload and load is £50.
- The maximum total balance per year is £30,000.
- The maximum daily withdrawal limit from an ATM is £500.
- Spending money in a single transaction is £3,000. However, some retailers like to set their own limits
Since the terms and conditions are subject to change, it is advisable to check them on an ongoing basis.
How to Order and Use Sainsbury’s Cash Passport
As long as you live in the UK and are 18 years and above, the process of ordering the card is fast and straightforward. You can choose to order online or visit your nearest Sainsbury’s Travel Bureau. Make sure to carry your passport or a form of photo ID alongside a complete application form.
To activate your card, you need to deposit £50 to the card. You will be given a PIN, and your card will automatically be ready to use.
The Final Thought
Sainsbury’s bank travel money comes in handy if you need to carry your money safely while travelling. Make sure to keep your balances to the required limits to avoid facing unnecessary fees. Check the website of the company regularly to check any changes as they are updated.