Travelex Cash Passport - The Greatest Rip-off Around

[blackcat20]

I've got a travelex cash passport and I've had no issues. The fees were clearly laid out on the website, so the inactivity fee should not be a suprise. I've also got regular statements, including one last week stating a balance of 90c and a note saying that for the rest of the year, its free to "cash out" the balance. Not much point given the balance...
I was also lucky to get a deal where the card was free (sanme exchange rate had I paid for the card) and I've paid no reload fees either.

Even if you hadnt been getting statements, surely you would have accessed the remaining cash anyway? And the balance can be checked online quite easily...

 

[serfty]

This thread is to do with Travelex taking money from a customer without giving up to date balances as was indicated in the PDS.

:shock:
...

2. Travelex currently offering 1 AUD = 0.9838 USD and no comission

...

You realise that's an effective margin of nearly 3.6%!: (XE - Credit Card Charges Calculator)

Credit Card Charges Calculator
This report was generated by the Credit Card Charges Calculator ™

[TABLE="class: tbl_main, width: 90%"]
[TR]
[TD="colspan: 2"] [TABLE="width: 100%"]
[TR]
[TD="class: title, width: 95%, align: center"]Credit Card Charges Results[/TD]
[TD="class: titleReg, align: right"]Print[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[TR]
[TD="class: row1, width: 60%"]Date on transaction receipt:[/TD]
[TD="class: row1"]December 9, 2011[/TD]
[/TR]
[TR]
[TD="class: row2"]Amount on transaction receipt:[/TD]
[TD="class: row2"]0.98 USD[/TD]
[/TR]
[TR]
[TD="class: row1"]Mid-market rate for USD to AUD on 2011.12.09:
(Excluding bank charges)[/TD]
[TD="class: row1"]0.981393[/TD]
[/TR]
[TR]
[TD="class: row2"]Value of transaction in your currency:
(Excluding bank charges)[/TD]
[TD="class: row2"]0.97 AUD[/TD]
[/TR]
[TR]
[TD="class: row1"]Amount shown on credit card statement:[/TD]
[TD="class: row1"]1.00 AUD[/TD]
[/TR]
[TR]
[TD="class: row2"]Your "hidden" fee estimate:[/TD]
[TD="class: row2"]0.00 AUD ( 0.000% )[/TD]
[/TR]
[TR]
[TD="class: row1"]ACTUAL BANK FEES for this purchase:[/TD]
[TD="class: row1"]0.03 AUD ( 3.574% )[/TD]
[/TR]
[TR]
[TD="class: row2, colspan: 2"] Tell a friend about this service [/TD]
[/TR]
[TR]
[TD="class: small, colspan: 2"] Note: The above fee calculation is based on mid-market rates for the date in question. The fee results are estimated and may vary slightly.[/TD]
[/TR]
[/TABLE]

 

[lovestotravel]

You realise that's an effective margin of nearly 3.6%!: (XE - Credit Card Charges Calculator)

Yep more than aware!

So where is a better rate then ?

A business does need to make money....

 

[serfty]

...

So where is a better rate then ?

...

The following publicly available products all can provide FOREX cash at or near cross rates:

28° Mastercard: http://www.australianfrequentflyer..../28-wizard-mastercard-cash-advances-6960.html

NAB Gold Banking: http://www.australianfrequentflyer....ank-rewards/atms-use-nab-gold-visa-28141.html

A newer HSBC product: (Checking this)

 

[Stephen65]

Hasn't Citibank also recently released a transaction account with ATM access that has no fees at all?

 

[samiam]

Hasn't Citibank also recently released a transaction account with ATM access that has no fees at all?

Yes, according to the following article from The Age, on 30th November 2011 (Scroll to the bottom):

Passport to hassle-free transactions

The Citibank Plus transaction account has no fees for overseas ATM or point-of-sale transactions

It also mentions the Travelex Cash Passport.

Travelex Cash Passport. Five currencies available. Costs up to 1.1 per cent to buy and 1 per cent to reload. ATM fees are $US2.25, €2.20 and £1.50. Funds may be forfeited if the card expires and there may be monthly inactivity fees. A distinctive feature is the card can be reloaded via SMS. Emergency assistance is available.

​

​

 

[serfty]

Hasn't Citibank also recently released a transaction account with ATM access that has no fees at all?

[-]They charge $2.50 per ATM withdrawal (cheap, but not 'free').[/-] Aside from that the exchange rates may not be as good as NAB Gold or 28°.

 

[markis10]

They charge $2.50 per ATM withdrawal (cheap, but not 'free'). Aside from that the exchange rates may not be as good as NAB Gold or 28°.

No they don't on the new Plus account, there are no ATM or foreign currency conversion fees.

Fee free use of your Citibank Visa Debit Card around the globe to make in store purchases or withdraw cash at any ATM2.

 

[serfty]

What exchange rates do they use?

If it's Citi's standard rate then it's not too bad, but they do have an arbitrage of about 1%.

It's certainly better than Travelex online.

 

[Stephen65]

The question though would be do they apply a market exchange rate or is a fee built into the rate?

 

[Sprucegoose]

The question though would be do they apply a market exchange rate or is a fee built into the rate?

Yes quite. You need to compare total cost to total cost. Swings and roundabouts

 

[oz_mark]

What exchange rates do they use?

If it's Citi's standard rate then it's not too bad, but they do have an arbitrage of about 1%.

It's certainly better than Travelex online.

It's a Visa Debit card, and as far as i know it is Visa that do the currency conversion.

 

[medhead]

:shock:

Really ? Only for those that don't book online. If you walk up to the counter at the airport of course you are going to get ripped off

Strangely the OP is about something other than booking online. So your experience seems irrelevant.

1. You can pay a 1% commission and get Qantas FF points, who else does that ? For me that's another 5% of value

2. Travelex currently offering 1 AUD = 0.9838 USD and no comission

Aus Post 1 AUD = 0.9856 USD
Amex FX Transfer = 1.0094 USD - No good for cash but for paying direct to bank accounts it's good!
Comm Bank 1 = USD 0.978100


Yep Travelex is just so bad isn't it.

The headline rate is current 1.0216. I can go out tomorrow and get 1.01, if I wish. By comparison 0.9856 is bad. You're pay much more than 1% for your qantas points.

But then we've discussed this many times in the past already. And I'm sure the average to poor value of travelex has been highlighted a number of times already. Your happy with travelex. That doesn't mean other people have to be.

 

[lovestotravel]

The headline rate is current 1.0216. I can go out tomorrow and get 1.01, if I wish. By comparison 0.9856 is bad. You're pay much more than 1% for your qantas points.

But then we've discussed this many times in the past already. And I'm sure the average to poor value of travelex has been highlighted a number of times already. Your happy with travelex. That doesn't mean other people have to be.

Where can I get this magical rate then ? You are telling me that a massive 2.5-3.5% fee is "average to poor". Do I have to stuff around using certain ATM's while overseas ?

Yet I value 1 QFF point at about 6% return

So I am still way ahead, and even if I didn't use the QFF points/pay the surcharge a massive 2.5% on say $5000 (which is the most cash I'd need on a month holiday) is $100.... Not really worth worrying about anything else for the sake of $100..

 

[lovestotravel]

Has a complaint been raised with Travelex or just another rant on here without trying to resolve the issue first ?
Was the complaint escalated to the FOS if an appropriate resolution was not reached with Travelex

Still waiting for an answer on this

Instead "Bad news travels fast" was the response.....

 

[medhead]

Where can I get this magical rate then ? You are telling me that a massive 2.5-3.5% fee is "average to poor". Do I have to stuff around using certain ATM's while overseas ?

I've posted a couple of times where cash can be got in Australia. Not even talking about ATMs. But if by certain ATMs you mean ever ATM it is hardly a stuff around.

So I am still way ahead, and even if I didn't use the QFF points/pay the surcharge a massive 2.5% on say $5000 (which is the most cash I'd need on a month holiday) is $100.... Not really worth worrying about anything else for the sake of $100..

$125. and you not as far ahead as you could be on a margin of ~1 cent. Or even practically no margin on certain cards.


Sent from my iPhone using Aust Freq Fly app so please excuse the lack of links.

 

[lovestotravel]

I've posted a couple of times where cash can be got in Australia. Not even talking about ATMs. But if by certain ATMs you mean ever ATM it is hardly a stuff around.

$125. and you not as far ahead as you could be on a margin of ~1 cent. Or even practically no margin on certain cards.

No I am still ahead

 

[medhead]

No I am still ahead

I didn't say you weren't. But you are not as far ahead as you could be. Simple fact; that you can't acknowledge it highlights why your opinion about travelex needs to be taken with a massive grain of salt.


Sent from my iPhone using Aust Freq Fly app so please excuse the lack of links.

 

[lovestotravel]

I didn't say you weren't. But you are not as far ahead as you could be. Simple fact; that you can't acknowledge it highlights why your opinion about travelex needs to be taken with a massive grain of salt.

Hilarious!

Earlier you were telling me/us

Yep. Those are the ones. Massive rip off.

Now you are saying I am either not ahead or not as far ahead as I could be

Let me explain is SIMPLY for you again

If I spend/waste $125 on $5000 by not using this magical source of cash that you can't tell me what/where I can get it....

$125 = 5000 Qantas FF points

5000 Qantas FF points - $250 when redeemed on J class redemption for USA/Europe flights

:mrgreen:

Failing to see how I am "not ahead"

 

[medhead]

Hilarious!

Earlier you were telling me/us

Thanks for quoting my earlier post. What is so hard to understand that I believe 2.5% is a rip off. Nothing fun about that and nothing has changed in my position.

One last time I did not say you were not ahead. Are you deliberate failing to read what I wrote. In case you don't know the difference I've fixed you post up for you.

[-]Now[/-] you [-]are saying[/-] consistently said I am [-]either not ahead or[/-] not as far ahead as I could be

Let me explain is SIMPLY for you again

If I spend/waste $125 on $5000 by not using this magical source of cash that you can't tell me what/where I can get it....

$125 = 5000 Qantas FF points

5000 Qantas FF points - $250 when redeemed on J class redemption for USA/Europe flights

:mrgreen:

Failing to see how I am "not ahead"

No simple explanation required. Besides how you keep verballing me. I did not say you were not ahead. How hard is it?

I've already conducted a number of comparison on this and posted here. Try using the search function and you'll find it is not some magically source of cash at all.

As for your calculation your actually 3.6% behind.

Finally I suggest <redacted> your little cash ordering thing is irrelevant to the OP.


Sent from my iPhone using Aust Freq Fly app so please excuse the lack of links.