Currency Cards from Australian Banks

[Robo]

Which Card???? CBA for me. Here's Why.

As I only have 33 sleeps to go I thought I'd better get my 'access to funds' sorted out.

I decided to try 'currency cards' which allow you to pre load funds onto the card account, and then access ATMs or use EFTPOS along the way. There is no currency exchange fee at the time of use, though of course the rate that you get when 'loading' the cards with funds is not great!

I got cards from 2 banks. CBA and Westpac. Both offer two cards for thew account, in case you lose one. Very similar fees etc.

But............... A BIG but for me...........

CBA looks much better in terms of ease of use.

For Westpac, I have to go onto a special global currency card website to manage the account.
To add funds, I have to go to my 'normal' Westpac website, and make a payment to the Global Currency Crad account.
Without knowing what the exchange rate will be...........

For CBA, I just go onto my 'normal' CBA website and the currency card is listed along with all my other accounts.
I can just make a simple transfer of funds, and the exchange rate is shown before I make the transfer. Not the rate exactly, but the amount in Euros that will transfer.

Think I might just leave the Westpac card at home!

 

[LookingFor42]

Why a currency card? Why not just take your existing Visa Debit or MasterCard Debit card with you. Each time you use an ATM you get the official Visa or MasterCard exchange rate on the day. If you are in Spain you can use any Deutsch Bank ATM without being charged the $5 ATM withdrawal fee (no, I do not know whether there are many Deutsch Banks in Spain). You pay a small commission but it isn't big. If you are with ING Direct, you only pay $2.50 at foreign ATMs not $5.

I have been traveling for a year. At first I looked at cash cards but after looking into it more, I found that using my existing Visa Debit and MasterCard Debit cards worked more effectively. That said, I have been changing countries a lot. Usually I pick up my first lot of foreign currency from Australia POst because it works out cheaper than my bank (even taking the lower exchange rate into account). I take about $200 AU in foreign currency so that I can get through the airport and into a place to stay for a night before worrying about finding cash. $200AU gets me almost a week in many countries (I am a budget traveller though). Don't use airport exchange places because they are expensive.

I am not trying to challenge your decision on cash card. I am just interested in why you have opted to use one instead of your regular bank cards?

 

[Robo]

Why a currency card? Why not just take your existing Visa Debit or MasterCard Debit card with you. Each time you use an ATM you get the official Visa or MasterCard exchange rate on the day. If you are in Spain you can use any Deutsch Bank ATM without being charged the $5 ATM withdrawal fee (no, I do not know whether there are many Deutsch Banks in Spain). You pay a small commission but it isn't big. If you are with ING Direct, you only pay $2.50 at foreign ATMs not $5.

I have been traveling for a year. At first I looked at cash cards but after looking into it more, I found that using my existing Visa Debit and MasterCard Debit cards worked more effectively. That said, I have been changing countries a lot. Usually I pick up my first lot of foreign currency from Australia POst because it works out cheaper than my bank (even taking the lower exchange rate into account). I take about $200 AU in foreign currency so that I can get through the airport and into a place to stay for a night before worrying about finding cash. $200AU gets me almost a week in many countries (I am a budget traveller though). Don't use airport exchange places because they are expensive.

I am not trying to challenge your decision on cash card. I am just interested in why you have opted to use one instead of your regular bank cards?

Fair question.

I travel extensively on business, usually around SE Asia, and indeed I just use my standard Westpac ATM card.

But........

For cash withdrawals it take the cash from my credit card account, as a poor rate of exchange, and generally clobbers me with an ATM charge of about $10. Maybe I'm not using the card the right way? Also, any cash withdrawals made, incur interest on a daily basis.

Might be worth me making a call to Westpac

 

[Con Palos]

I thought the main idea of a travel card was to isolate the risk to your cc and dc account?

That and cheaper withdrawal fees

Buen Camino

 

[Robo]

I thought the main idea of a travel card was to isolate the risk to your cc and dc account?

That and cheaper withdrawal fees

Buen Camino

Not sure if that is 'promoted' as the main benefit. For me it is avoiding excessive charges. And 'knowing' what exchange rate I'm getting. Rather than finding out a month later.

Not really sure that cc risk is that great these days? Is it? I've had mine skimmed a couple of times and then used for 'abnormal' purchases. Both times the bank stopped the transaction, blocked the card and called me........

I recall one time being asked if I was in Manila buying a $5,000 diamond ring. When I responded No, I'm still in Sydney, they said No Problem, we blocked the transaction and the card. Just checking.....

Bank software is fairly sophisticated these days and picks up anything outside normal spending profiles.

But back to your original question. I suppose currency cards have different benefits for different people.

 

[Kanga]

@Robo we take a currency cash card (Qantas) and a GE Money 28 Degrees credit card. We use the cash card to withdraw cash from ATMs and the GE card for large credit card purchases, such as hotels in major cities - we deposit money into it in advance and don't incur credit charges. We arrived at this as the best solution to avoid high ATM fees and exchange rate commission charges using our ordinary CBA debit card or other credit cards. It is not worth it for short trips but when we are away for two months with consequential expenses, it definitely is.

If you have not done so it is worth checking out the comparison tables on Choice https://www.choice.com.au/travel/money/travel-money/articles/travel-money-cards

 

[Robo]

@Robo we take a currency cash card (Qantas) and a GE Money 28 Degrees credit card. We use the cash card to withdraw cash from ATMs and the GE card for large credit card purchases, such as hotels in major cities - we deposit money into it in advance and don't incur credit charges. We arrived at this as the best solution to avoid high ATM fees and exchange rate commission charges using our ordinary CBA debit card or other credit cards. It is not worth it for short trips but when we are away for two months with consequential expenses, it definitely is.

If you have not done so it is worth checking out the comparison tables on Choice https://www.choice.com.au/travel/money/travel-money/articles/travel-money-cards

Many thanks Kanga. Just had a quick read.

Looks like the CBA Travel Card I have stacks up OK.

I read some bad reports here about the Qantas card, so avoided that. Difficulties moving money in and out I think. And very poor customer service as I recall.....

 

[Kanga]

Hope the Qantas Card works out OK. We had a relative who helped set it up - she's since left...

 

[susanawee]

Many thanks Kanga. Just had a quick read.

Looks like the CBA Travel Card I have stacks up OK.

I read some bad reports here about the Qantas card, so avoided that. Difficulties moving money in and out I think. And very poor customer service as I recall.....

Which Card???? CBA for me. Here's Why.

As I only have 33 sleeps to go I thought I'd better get my 'access to funds' sorted out.

I decided to try 'currency cards' which allow you to pre load funds onto the card account, and then access ATMs or use EFTPOS along the way. There is no currency exchange fee at the time of use, though of course the rate that you get when 'loading' the cards with funds is not great!

I got cards from 2 banks. CBA and Westpac. Both offer two cards for thew account, in case you lose one. Very similar fees etc.

But............... A BIG but for me...........

CBA looks much better in terms of ease of use.

For Westpac, I have to go onto a special global currency card website to manage the account.
To add funds, I have to go to my 'normal' Westpac website, and make a payment to the Global Currency Crad account.
Without knowing what the exchange rate will be...........

For CBA, I just go onto my 'normal' CBA website and the currency card is listed along with all my other accounts.
I can just make a simple transfer of funds, and the exchange rate is shown before I make the transfer. Not the rate exactly, but the amount in Euros that will transfer.

Think I might just leave the Westpac card at home!

Robo, I have used the CBA Travel Money Cards for the past five years and have found them to be excellent in terms of fees, etc. I pre-loaded them with US Dollars and Euros (when the exchange rate was good) - the rate is locked in when you pre-load them with whichever currency. It only changes when you have to re-load or top them up at a different time. My main reason for using these cards was to keep my travelling funds completely seperate from my normal every day banking - I left my main cards at home for safety reasons, although, I did have a credit card tucked away for emergency purposes.

 

[Angelo]

I used the Citibank Visa debit card. I was quite happy with it. No ATM access charges from France all the way to Santiago and Madrid en route back to Australia

 

[LookingFor42]

Makes sense. Thanks for the explanations.

 

[Kanga]

Whatever you use, ATMs in Spain usually only take a 4 digit pin - so don't forget to change it to that before you leave Australia. We got caught once with a card with six digit pin.

 

[Saint Mike II]

Whatever you use, ATMs in Spain usually only take a 4 digit pin - so don't forget to change it to that before you leave Australia. We got caught once with a card with six digit pin.

No need to change it specifically for Spain - change it here at home and make "00" (double zero) your last 2 digits on a 6 digit number - I did this about 4 or so years ago. Cheers!