That’s what I thought it was aswell but the person (he is doing a topdeck tour in august) told me that it’s not. It holds the money in little what they call wallets and when you use it there is a conversion fee. I am totally confused now but it makes sense now. How else would they make their money if they do not charge load and reload fees?
I know that is how the cash passports work but they charge you a load and reload fee so they get their money through that. I am going to go to one of the bigger post offices (The one I go to is a business centre not a post shop) to ask a few more questions but that along with the no back up card is making me think twice and just paying the 1% fee.