Post Office Travel Money Card (Pre-Paid)

Hi Guys,

I posted the following back in March and received a response which suggested that I setup a new bank account for this card and then tag the transaction as an internal transfer in Euro’s. Having now had the opportunity to attempt this I am having difficulties. Please can you advise how we transfer money between the accounts in different currency. Also does the new account have to be setup as a Euro account (is there a setting for this) or is this just in name only ‘ i.e. Post Euro Card Account’

Original Text:

So we have just returned from a trip to Europe. We took and used a Post Office - Travel Money Card, which is a pre-paid/loaded card from Mastercard, which is topped up online, via an app or in the post office.

With this card when you top up, you chose the currency in question (Euro’s in this case) and the card is loaded with euro’s based on an agreed exchange rate at the time.

We loaded it with €170 (£157.95), in effect giving us an opening balance.

We then used the card on our trip whilst in Europe, obviously paying in Euro’s, retaining purchase receipts for our accounting records (mainly train tickets etc…) We have a closing/standing balance of €94.46 left on the card, obviously if we top up again, this will be at a different exchange rate in the future.

Can you please advise how best to set up this account (perhaps setup similar to a current account?) and can we give the account an opening balance in Euro’s?

One other observation, worth considering is that we paid for the initial Euro’s from our UK current account, so one assumes there will need to be a transfer from one account to another, however the ‘out’ on the current account will be in sterling and the in (opening balance) on the travel money card will be in Euro’s.

There is also the additional consideration of if we log purchases as being made in sterling or Euro’s, however I guess this all depends on how the account is setup?

Any advice would be gratefully appreciated.


Mar 21

I’d set up the card as a Euro currency bank account in QuickFile without an opening balance, then tag the £157.95 payment out of your current account as a transfer to the card account - you should be able to set the Euro amount at that point. Your Euro purchases can then be paid directly out of the Euro account.

When it comes to your year end (or any other time when you want an accurate balance sheet) there’s an option on the bank account somewhere to record a currency gain or loss, which is a special journal which adjusts the GBP nominal value of the bank account without touching the EUR balance, putting the matching entry to “currency charges”.

Hi @Andy_B,

The Post office account would be best set up as a Euro bank account. Before you will be able to do this you need to make sure that you have set up Multi Currency Invoicing.

There is a guide for this here: Invoicing in foreign currencies

once you have done this then I would do as Ian said above with regards to ‘funding’ the card etc.

Hi Beth,

We are using your API to push Sales Invoices from our website to QF and we have just gone VAT registered. Will Multi Currency Invoicing causes us any problems on this front?

Hi @Andy_B

If you’re creating invoices through the API, one of the required fields is the Currency. As this would already be used, using a different currency won’t make any difference.
If you’re VAT registered however, you would need to add some additional data to your API calls to account for this.

There are more details on our API schema, here:

1 Like

Hi Mathew,

Little bit confused, are you suggesting that if we turn on the ‘Invoicing in Foreign Currencies’ switch allowing to us to setup a bank account in another currency and pay suppliers in Euro’s, we have to add something (‘Additional Data’???) in our API calls for sales invoices. Note my original question relates to purchase invoices, which we don’t push via an API.

We only invoice sales invoices in £.

Please can you provide some more information as my developer and I are a little confused.

Many Thanks, Andy

Hi @Andy_B

As part of the API calls, you should already be supplying a Currency field as this is a required field. So switching on the multi-currency option shouldn’t require any changes in the API calls.

Apologies for the mix up with the purchase and sales invoice. Here’s the correct end point to create a purchase invoice:

OK got it, we are not pushing ‘purchase invoices’ via the API, (only sales invoices in £) so what you are telling me is no change required if we turn on ‘Invoicing in Foreign Currencies’ in order to faciltate paying suppliers in Euros?

Many Thanks - Andy

That’s correct. You would already be supplying the currency through the API as it’s a required field, so this wouldn’t affect it.

However, I would suggest testing it in the first instance just to be safe.