28° Mastercard Cash Advances while overseas [No more free cash advances from 1/1/14]

[Azza55]

Hi all,

Sorry to raise an older thread but having read everyone's comments I'm still not clear on the issue of the card being locked. My mum just applied for this card and I am the secondary cardholder, and she's been given a credit limit of 13K.

- With regards to activating the card, has anyone had issues (as someone mentioned earlier) with activating the secondary card properly, when the primary card is activated?

- How exactly do you prevent the account from being "locked" when you use an ATM to withdraw cash? If you send in the identification form, will that ensure it doesn't happen? I still don't have a clear understanding of why Wizard has locked some people's accounts and don't want this to happen to me while I am O/S!

Thanks!

 

[goldfishinabowl]

Like Azza, I'm not clear on whether this card is worth getting? I would rather have to pay a bit extra money in fees and be guaranteed I'm going to be able to get my money on a Travelex Cash Passport than save a bit of money on this card and be not able to get my money out while in some overseas country!

 

[moa999]

Posting personal experience so far only, I am 100% ok in China (Beijing), Thailand (Bankgkok, Koh Samui and Ko Tao), Singapore and New Zealand in using this card, as well as 3/4 machines in Australia

Only decline I had was from a Sydney pub ATM that didn't accept Credit transactions (was trying to wipe an outsytanding balance)

 

[FL360]

Posting personal experience so far only, I am 100% ok in China (Beijing), Thailand (Bankgkok, Koh Samui and Ko Tao), Singapore and New Zealand in using this card, as well as 3/4 machines in Australia

Only decline I had was from a Sydney pub ATM that didn't accept Credit transactions (was trying to wipe an outsytanding balance)

To add to your list....

I have this card for about two years now and mostly use it for overseas cash advances which I put the card to credit before I left OZ,
it has been trouble free in UK, France, Italy, Netherlands, Singapore, Hong Kong, Macau, South Korea, Japan and NZ.

Going to Hawaii soon and will provide a report !

It had given me the best rate so far ! Most of the time they only charge about 0.3% conversion fee, I have compared with the historical rate
from Oanda.
FXHistory - Historical Currency Exchange Rates

Most credit card company charge about at least 2.5%,
the worst I have so far is from NAB... about 4% ! :evil:

 

[Fifa]

Has anyone used their Wizard card to get cash advances from the ATMs in post offices in Japan without being charged fees? (I'm not sure if they are a bank ATMs).

Apart from CitiBank ATMs, apparently they are the only ones with English options in Japan.

(I have used my card successfully in Hong Kong, USA and Spain without fees).

 

[bobsi18]

Has anyone used their Wizard card to get cash advances from the ATMs in post offices in Japan without being charged fees? (I'm not sure if they are a bank ATMs).

Apart from CitiBank ATMs, apparently they are the only ones with English options in Japan.

(I have used my card successfully in Hong Kong, USA and Spain without fees).

Nope, but I'm over there next week, was going to rely on them as my source of money... any one else?

 

[albatross710]

Always a good choice to have an alternative access to electronic funds..ie a Wizard Card and /or Visa card and/or Amex

I've been carrying a Visa (credit transactions, accomodations) and a Westpac Handycard (cash withdrawals for spending money)

When in Australia my Westpac Visa allows me access to Credit or Savings at ATMs but this functionality doesn't work overseas, thus the two seperate cards. It is a limitation to come through the same bank and thus I also have the Amex.

 

[zan5hin]

I'm spending 7 weeks in Japan Jan-Feb-Mar 2009 so I'd like to know the deal over there as well.

 

[bobsi18]

Well, I head off next week, and will be back at the beginning of September, so I'll be sure to report!

 

[aaronactive]

Hey all,

Just to clear things up for people.

I have one of these cards. No fees is great.

I loaded it up with cash and went to the US and had no trouble whatsoever using it for credit/cash withdrawals from ATMs over there.

Just make sure you fill out the ID form and get it back to them ASAP when you get your card...I got mine done a day before I left so I actually called them from the States to make sure they had it.

That was over a year ago and I still use it for internet/US transactions..

the conversion rate is about 89c at the moment I think..big diff from 95c or what it is now...guess thats where they make up their no-fees from

Does anyone know what the exchange rate for a Visa card?
e.g

Here's a hypothetical..(I dont know the ANZ Visa card exchange..so i'll guess)

I bought something for $500US

Wizard:
500 / .089 = 559.91 AUD

ANZ Visa
500 / .093 = 537 AUD + 13.44(2.5% Fee) + $2(International fee) = 553.08 AUD

So you might not save much...Even with no cash withdrawal fee..
Say you take out 500US from an ATM:
Wizard = 559.91 AUD
ANZ = 556 AUD (537 + $13.44 + $5-international withdraw fee)


Looks like it doesnt save you that much in the end..(thats if my visa exchange rate guess is accurate)

 

[FL360]

I have used this card in Hawaii, and the exchange rate used is within 1% of the actual rate, 85c to 95c seems to be a huge difference, may be the ATM provider have charged extra and charged to the transaction...

 

[aaronactive]

interesting, im just going off a transaction i just made a few days ago..

$417 US came out of my account as $466 AUD

guess I will know when the actual line comes through on the statement with how much they charged me.

i'm just going off the fact that that is the only transaction ive done on the card since it hasnt got anything left on it..and my balance shows as 466 under my limit.

 

[FL360]

Also, may be the merchant is a bit doggy and charged you card in AUD,
with their doggy conversion rates ! Sometimes they have this rip off practise in tourist spots, paypal also !

 

[aaronactive]

ahhhah i never thought of that..

then it uses their conversion rate and comes out as AUD on my card.

sneaky.

I did get asked if I wanted my card charged in local currency when I was in the states..I just did it for the heck of it..

I'll have to make sure they charge my card as US next time.

 

[FL360]

No worries,
Consider it is a small price to pay for a lesson...

 

[adrian]

interesting, im just going off a transaction i just made a few days ago..

$417 US came out of my account as $466 AUD

guess I will know when the actual line comes through on the statement with how much they charged me.

i'm just going off the fact that that is the only transaction ive done on the card since it hasnt got anything left on it..and my balance shows as 466 under my limit.

I think something is wrong with your statement ,or that particular transaction. I have used this card 100's times over the last year or so, and I have never been charged bad conversion rates like you have quoted.

For instance, a transaction on 10 June for 16 GBP, converted to 33.08 AUD.
This gives a conversion rate of 0.483675
The actual rate that day, according to xrates.com Exchange Rates Data (Australian Dollar, British Pound) was .48344, which is pretty much the same thing.

This card has been the best thing ever to travel with, and I have had it accepted almost everywhere I have been. As I buy most of my airfares on it from Tokyo or South Africa, and I have purchased around $70-80k worth of airfares in the last 12 months, it has saved me on airfares alone, at least $1750 (based on a 2.5% amex conversion fee) or $2450 (based on a 3.5% citibank conversion fee).

I can't recommend this card enough - i just hope they don't change the no conversion fees rule anytime soon.

 

[oz_mark]

Also, may be the merchant is a bit doggy and charged you card in AUD,
with their doggy conversion rates ! Sometimes they have this rip off practise in tourist spots, paypal also !

Hmm, quite a scam really!

 

[aaronactive]

I think something is wrong with your statement ,or that particular transaction. I have used this card 100's times over the last year or so, and I have never been charged bad conversion rates like you have quoted.

You're right.

I just looked up a transaction when I was in the states earlier this year to that website with the historical exchange rate

Ex.rate on day = .8577
Wizard rate on day = .8573

Cost difference = .24c extra..lol

 

[serfty]

Last month, I used my Wizard card a few time overseas for Cash withdrawals.

Using Xe.com's calculator (also OandA as xe.com has no reference to BAM's)

 DATE     Currency     AUD Debited   AUD @Xe.com     Var      Comm%

20JUN08   USD221.75      232.78        232.44       0.34      0.146

22JUN08   USD100.00      104.98        104.85       0.13      0.129

26JUN08   HRK700.00      157.85        159.03      -1.18     -0.742

27JUN08   BAM300.00      252.40        248.70(O&A)  3.70      1.487

29JUN08   SGD110.00       84.32         84.03       0.29      0.351 

30JUN08    SGD60.00       46.15         46.10       0.05      0.110

I'n very happy with those results ...

 

[FL360]

I would have to say sometimes its rate is so good it is possible to arbitrage... sell the currency overseas at slightly better rates than the foreign exchanges offices ....