Forex-TC or Credit card

[serfty]

NAB states that it does not charge its own conversion fee. My guess that amount you see is the fee levied by Visa International. Whatever the case, the NAB card is my friend when overseas – I’m yet to see anything better.

Enjoy your NAB use; it seems a reasonable card. My Wizard (while an ugly orange) does the job for me in regard to cash without any "strings".

 

[spunkarooney]

Oh and as for monitoring transactions – electronic transactions (ATMs and purchases) are immediately visible in NAB internet banking. By checking in the transaction amount you can easily calculate the exchange rate.

I note that Baysider said of the Wizard Clear Advantage MasterCard card that “Online statements lag a few days in updating”.

One final thing to consider – and not discussed thus far – that some ATM networks do not accept Visa and MasterCard. This is why it’s good to have a backup card. My suggestions is that you check the websites of the major banks in this countries you plan to visit and the websites of MasterCard and Visa. I’ve only found this to be an issue in Eastern Europe – but I’m sure similar would apply in some other not so developed locations. What I can say is that over the years, ATM networks which were only one card type, or the other, now increasingly accept cards from both schemes.

 

[codash1099]

I'd go for the NAB Gold with Wizard as a backup, based on recent experience. I used the NAB ard itself rather than the associated Visa debit card and had no problems anywhere. However I found plenty of terminals that would not accept Wizard, presumably because of its Mastercard status.

 

[spunkarooney]

The result of you using the NAB proprietary card (“Flexicard”) was that you would have paid:

· A fixed foreign ATM fee (I think it’s currently $5.00) and
· A foreign currency conversion fee (unsure of what it is but likely 1½% to 2%)
· Unless you were exempt from these as a result of some package or other agreement with NAB.

As for being unable to use Wizard, “presumably because of its Mastercard status” I wonder if that was really the issue.

Flip the back of your NAB proprietary card over and what does it say? Is it affiliated with the MasterCard Maestro or Visa Plus network when abroad? Australian banks have a tendency of switching allegiances depending on the deal they get (e.g. Westpac switching from Visa to MasterCard as its preferred card scheme).

 

[Baysider]

I have found every ATM with a MC logo accepts the Wizard Card.

 

[codash1099]

The result of you using the NAB proprietary card (“Flexicard”) was that you would have paid:

· A fixed foreign ATM fee (I think it’s currently $5.00) and
· A foreign currency conversion fee (unsure of what it is but likely 1½% to 2%)
· Unless you were exempt from these as a result of some package or other agreement with NAB.

As for being unable to use Wizard, “presumably because of its Mastercard status” I wonder if that was really the issue.

Flip the back of your NAB proprietary card over and what does it say? Is it affiliated with the MasterCard Maestro or Visa Plus network when abroad? Australian banks have a tendency of switching allegiances depending on the deal they get (e.g. Westpac switching from Visa to MasterCard as its preferred card scheme).

NAB is affiliated with Visa Plus. And the Flexicard is attached to a Gold Account which means that I was charged no ATM fee and the exchange rate did not seem to carry a loading of any sort.

 

[codash1099]

I have found every ATM with a MC logo accepts the Wizard Card.

That was my conclusion too.

 

[spunkarooney]

NAB is affiliated with Visa Plus. And the Flexicard is attached to a Gold Account which means that I was charged no ATM fee and the exchange rate did not seem to carry a loading of any sort.

OK, though from reading the NAB website and terms and conditions I couldn’t see that the benefits were extended to the Flexicard. Instead, the benefits were sold as a benefit of the Gold debit card (which is only available with the Gold banking account).

As an aside, NAB specifically stated (on numerous occasions) that it would not issue me with a Flexicard on any account which had an existing Visa debit card. Presumably you held your Flexicard prior to converting an existing account to Gold.

 

[codash1099]

As an aside, NAB specifically stated (on numerous occasions) that it would not issue me with a Flexicard on any account which had an existing Visa debit card. Presumably you held your Flexicard prior to converting an existing account to Gold.

The presumption in the above quoted remark is indeed correct.

(I was going to answer "Yes" but the forum software seems to prefer long answers :mrgreen

 

[spunkarooney]

OK, I’ve just been reading “A guide to fees and charges – personal banking fees (08/10/2008)”. The following is true:

· ATM Cash Withdrawal ($4), Balance enquiry ($1) and Foreign currency transaction (2%) fees do not apply to:

o NAB Gold Banking accounts
o NAB Flexiplus Mortgage accounts
o NAB Portfolio facility subaccounts.
​

As has been suggested by others in this thread, it does not matter what type of card is used to access these accounts, whether it is a “NAB Debit card, linked NAB Credit Card or NAB Visa Debit Card”.

By using one of the aforementioned account types you will be saving yourself a bundle on overseas transactions.

The benefit to using a Visa debit card over NAB’s proprietary card is that you can use it for paper-based Visa transactions, telephone and internet transactions and so on – wherever Visa is accepted.

 

[Choopsta]

Hi all,

Having travelled to Japan a number of times and trying different methods for sorting out finances whilst away, I have learn't to be wary of the CC companies that give you the illusion that you are getting an ok exchange rate without any fees.
The fact often can be that the rate quoted on your statement already includes fees and charges (typically 1.5 - 2%+) and they are not disclosed separately. It pays to ask a few direct questions so you know where you're at.
In saying all that, in general CC's do tend to give an ok rate to start with, so even with the fees it does tend to work out better than changing cash or TC's.
On cash, the use of a Maestro or Cirrus branded card attached to your savings accounts back in Australia (ie Westpac, CBA, etc) can easily access cash at any post office ATM throughout Japan. Dependant on your bank, fees will vary for foreign currency transactions, use of overseas ATM and conversion fees - typically around 2-2.5%. Sounds high, but the bank rate on the day can be quite competitive which minimises the impact of the fees / charges, and the access to cash is very easy - just find a post office and you can get some cash.
The main thing here is know what you have got with your current cards and what you are in fact being charged, and therefore be able to make fair comparisons when considering other options. Indirect disclosure can be misleading. And take into account the actual exchange rate being used on the day - sometimes no fees or charges will come with a lesser exchange rate than what you may get elsewhere, and even with the fees calculated and charged you may well end up in front.

Happy travelling!

 

[serfty]

Hi Choopsta, welcome to AFF.

Thankyou for the information re Japan.

Note, being a "masterCard", the WIzard can be used at any ATM with M/C, Maestro or Cirrus logogs.

What is the difference between MasterCard, Maestro, and Cirrus? Can I use any of these at all ATMs?

 

[spunkarooney]

I think that the general consensus has been to take:

(1) Any card linked to a NAB Gold Banking account (Visa Debit, linked Visa Credit, linked Flexicard)
(2) A Wizard MasterCard as a backup (MasterCard)
​

It would seem that after careful consideration there are no hidden fees or charges with the aforementioned arrangement.

 

[serfty]

Note the Wizard has NO fees or charges for normal use.

The NAB card does have a requirement to put at least $60,000 annually through the account to avoid up to $144 in monthly fees.

 

[spunkarooney]

Note the Wizard has NO fees or charges for normal use.

The NAB card does have a requirement to put at least $60,000 annually through the account to avoid up to $144 in monthly fees.

As others have pointed out, this is easy to avoid. Plus the NAB fee exemptions are available on a few other products as well.

 

[z0s0]

Another Wizard reccomendation here. I use it exclusively for forex transactions, and find the rate is always close enough to the interbank rate as makes no difference.


Did often find ATMs in south america that wouldn't accept it, so good to have a backup card.