Travel Money Query

[yohy?!]

Hi

Generally with Visa Debit, when at a retail store - press the "Credit" key on the terminal. When overseas, this is probably the ONLY option you'll have as Eftpos systems tend to be country specific - a fact Visa rely on heavily to promote Visa Debit cards to international travellers.

Back home in Australia, if the retailer has a surcharge for using a Visa or Mastercard that you don't want to pay - then you press Savings (and the transaction processes as a normal Eftpos transaction). I know Aldi and some other smaller retail stores do this! For several months now, Woolworths group stores will not give the "Credit" option when you use a Visa Debit card.

Also, if you don't need it for some other purpose, remember to shut down that NAB Gold account when you're back home. Otherwise that $10 monthly fee will erode whatever balance is left in the account fairly quickly.

+1 it's always been my experience with Visa Debit overseas that there is no option to choose other accounts - I believe other countries probably won't give you the option or if they do you won't be able to select Savings or Cheque for an international card (eg NZs eftpos style system).

 

[rani1]

I did a RTW last year and through Australia Post got Travelex Cash Passports in USD, EURO & GBP when purchasing these cards you do a 100 point check and then purchase the required value in either currency, I have checked my paperwork and can't see where they charged for the cards and I don't recall being charged for them similar to the CBA cards you get 2 and the exchange rate is established on the day you purchase, you can withdraw money at any ATM and all you pay is what the owners of the ATM charge which you are advised of before your withdrawal is completed so you can back out of the transaction if you wish. They can't be used for purchases in stores etc only to withdraw from an ATM I found it extremely convenient as ATM's are everywhere and if you give a copy of your purchase document to someone back home they can deposit more funds if required which are available to you in approx 24 hours. You can track and check your balance via the internet. Each card comes with a PIN which you can change to one that is familiar to yourself less to remember as they can all have the same PIN. Hope this helps and I have done it OK as this is my first post. Safe trip.

 

[Coolcup]

I did a RTW last year and through Australia Post got Travelex Cash Passports in USD, EURO & GBP when purchasing these cards you do a 100 point check and then purchase the required value in either currency, I have checked my paperwork and can't see where they charged for the cards and I don't recall being charged for them similar to the CBA cards you get 2 and the exchange rate is established on the day you purchase, you can withdraw money at any ATM and all you pay is what the owners of the ATM charge which you are advised of before your withdrawal is completed so you can back out of the transaction if you wish. They can't be used for purchases in stores etc only to withdraw from an ATM I found it extremely convenient as ATM's are everywhere and if you give a copy of your purchase document to someone back home they can deposit more funds if required which are available to you in approx 24 hours. You can track and check your balance via the internet. Each card comes with a PIN which you can change to one that is familiar to yourself less to remember as they can all have the same PIN. Hope this helps and I have done it OK as this is my first post. Safe trip.

Thanks so much Rani. I actually thought you get charged additional fees when using the Travelex cards. I will have to double check this though in light of your post. Thanks heaps!!

 

[Happy Dude]

I did a RTW last year and through Australia Post got Travelex Cash Passports in USD, EURO & GBP when purchasing these cards you do a 100 point check and then purchase the required value in either currency, I have checked my paperwork and can't see where they charged for the cards and I don't recall being charged for them similar to the CBA cards you get 2 and the exchange rate is established on the day you purchase, you can withdraw money at any ATM and all you pay is what the owners of the ATM charge which you are advised of before your withdrawal is completed so you can back out of the transaction if you wish. They can't be used for purchases in stores etc only to withdraw from an ATM I found it extremely convenient as ATM's are everywhere and if you give a copy of your purchase document to someone back home they can deposit more funds if required which are available to you in approx 24 hours. You can track and check your balance via the internet. Each card comes with a PIN which you can change to one that is familiar to yourself less to remember as they can all have the same PIN. Hope this helps and I have done it OK as this is my first post. Safe trip.

Rani1, This appears to be the complete opposite of what is stated on the Travelex Cash Passport website. There is a set up fee (which may vary according to the Agent, and there is also a fee for using an ATM (in addition to the fee levied by the ATM owner). The reload fees, cash back closure fees are all clear (and expensive). You probably didn't notice the fees but they'll be there. You're not selling them are you?

Yesterday I bought currencies using the CBA travel money cards. $15 to set up. The rate was pretty crummy (USD 0.86 to the AUD) but that rate is locked in and there's no fees getting the money back off the card. The ATM fees are USD 2.50 and Euro 2.20 plus what the owner charges. EFTPOS transactions are free. There's no currency conversion fees (we've already paid that!) unless we go "cross-currency" (eg us the US dollars loaded on the card to buy Yuan). We don't intend to reload because of the 1% fee.

All up I believe the CBA cards represent reasonable value, mainly due to the security (two cards, PIN etc), but are 2.5-3% dearer than the NAB and Wizard products.

Mrs Happy Dude and I both applied for the wizard card, separately, but both were declined. We both have 6-figure salaries, nil credit card debt (Mrs Happy Dude has never even owned a credit card!) or any other debt, and two positively-geared investment properties. I have an AMEX with $11k limit but this was not an issue getting a mortgage. One can only assume that rejection is because Wizard won't make any money off us.