Loading overseas currency on Qantas cash

[kimrschonfeld]

When loading Qantas cash usd onto your card can the dollars be used in Australia for general aud purchases say at Coles and whatnot (if you have no aud loaded on your card) ? Or will it only purchase usd items

 

[opusman]

If you use your card in Australia and don't have any AUD on your card it will deduct the amount from one of your other currencies, but you'll lose out by paying currency conversion fees to convert the money back to AUD.

 

[kermatu]

Yep, you'll be slugged twice - first on converting $AUD to the foreign currency when loading, then again on the conversion to pay for the items at Coles in your example. Not worth it.

I do use QCash as a spare resource and it is quite handy in NZ with no ATM fees and has been of use to me in the UAE too. I loaded a stack of $US and Euros a couple of years ago but have cashed out recently and made a nice little 'profit'. But in general I'll now use only as emergency / spare cash.

 

[tania73]

Yep, you'll be slugged twice - first on converting $AUD to the foreign currency when loading, then again on the conversion to pay for the items at Coles in your example. Not worth it.

I do use QCash as a spare resource and it is quite handy in NZ with no ATM fees and has been of use to me in the UAE too. I loaded a stack of $US and Euros a couple of years ago but have cashed out recently and made a nice little 'profit'. But in general I'll now use only as emergency / spare cash.

I am a bit confused - are you saying when you first activate the card, you have to pay the currency conversion fee to convert it into say US dollars for travelling. That would make it terrible value for travelling wouldn't' it?

 

[opusman]

You pay whenever you convert currency, but this is hardly unique to the QCash card.

 

[RooFlyer]

I am a bit confused - are you saying when you first activate the card, you have to pay the currency conversion fee to convert it into say US dollars for travelling. That would make it terrible value for travelling wouldn't' it?

Yes, that's more-or-less how it works and, coupled with the poor-ish FX rates in conversion back into other currencies as mentioned above, is how Qantas and Bendigo Bank makes its profit on the card (as well as when people leave amounts on the card unused for periods of time).

And yes, its not good value in my opinion, although the convenience of multi currencies, ability to earn points and fixing the conversion rate when loading are seen by many as mitigating the FX cost.

You pay whenever you convert currency, but this is hardly unique to the QCash card.

It's not, but as we know, there are cards that offer better FX value, such as Citi Plus debit (no currency conversion on loading, then only rare overseas ATM fees and FX used is close to spot) and Bankwest card(s). For those interested, there are a number of threads on these cards here.