A NAB travel card a few years ago took 5 working days to load. Ok if you know in advance but a shock if you don’t. NAB debit card charged about 3% on all purchases. So now just keep using my credit cards and paying them off before charges accrue, My granddaughter travelling with a debit card was not warned that she had to choose the credit option when withdrawing from an ATM. It seemed reasonable to select the Savings account option as it wasn’t a credit card leaving her distressed and confused by the rejection of her card.
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Like some others here, these days we use our ING Direct card at overseas ATMs for cash as they refund the transaction fees. Occasionally a credit card.
For bigger transactions that can be paid in advance - accommodation - we use OFX direct transfers as the exchange rate is excellent despite a fee.
We have found travel money cards more costly - I guess they are charging a premium for the convenience.
Currency exchange for cash like Travelex, even pre-arranged, no longer seem to offer a good deal.
You really need to know what rate is going to be used to convert currency on whichever product to compare properly. It’s no use having a no-fee method if they use the worst rate - you can lose 100s in a big transaction!
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I applied for a citibank as no charges overseas for withdrawls from atm machines. this was the card most people recommended. I use it for a regular monthly overseas transaction to keep it active. I think also I used my ING card which worked well but I had to notify them I was travelling overseas on certain dates so they are aware it wasn’t fraud.
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I am a regular (3 trips/month) overseas traveller.
For some years now I have been using the Citibank Visa debit for fee-free ATM withdrawals and either a 28-Degree or Bankwest Mastercard for purchase transactions, both of which are also fee-free.
In the US, I usually use the Bankwest card as it has a slightly more intuitive online banking site than 28-Degree and rarely use cash, but have a little in my pocket for the odd tip or quick cash transaction.
My other frequent destination is Singapore where I tend to use cash more often in restaurants as they are less inclined to split bills across multiple credit cards (unlike the States).
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I use my Visa debit card when visiting in the US, withdrawing local currency in larger amounts when over there. I also take small note US currency for the airport on the way through. Used to use travel cheques in the dim dark past as they were then efficient. I also have an emergency visa card should something go desperately wrong - to date not necessary to utilize.
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Yes that cards home currency is a trap… The first couple of times I used my cards in Singapore it asked me that and I unwittingly selected home currency until someone (possibly the bank teller??) said always select the currency of the country you are in. You live and learn… and what I have learnt is if there is a way they can rip you off they will!
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On regular visits to the UK I’ve found it most convenient to preload an amount into my Visa credit card for withdrawal as needed from ATMs or to pay bills. This takes care of currency conversion and overseas taxation. My statement shows a $4 “cash advance fee overseas” for each withdrawal, notwithstanding they are not advances. ATMs in France and Spain have painlessly coughed up Euros when needed, and the Visa also works seamlessly in New Zealand. However, I also agree with Kathy2: " if there is a way they can rip you off they will!
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Some travel money cards can automatically incur monthly inactivity fees if not used for a while - especially relevant during a pandemic. This has been covered in previously published Choice articles. What has not been covered to date is a particular practice by Travelex which is disturbing, possibly systemic, and can result in your balance slowly eroding without your realisation.
In summary 1) When accessing your account on the Travelex website the default All Transactions view doesn’t display Inactivity Fees Unless you specify a specific month and then only displays the fee for that month, requiring a tedious walkthru month-by-month to reveal all the recent fees. But the report will show their one-off refund of inactivity fees if you have complained & actually won.
In other words their ‘All Transactions’ view is misleading & doesn’t reveal Inactivity Fees without specifically stepping thru month by month.
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their phone self-help service doesn’t list the Inactivity Fees, only recent Refunds as described above.
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Only their phone app will list the Inactivity fees that are invisible via other transaction access methods.
Travelex deny this is a website/phone system bug or anything they need to act on. From my experience anyone who has been unpleasantly surprised to discover these hidden fees can complain to AFCA (Australian Financial Complaints Authority https://www.afca.org.au/) who will encourage Travelex to refund the fees. If enough people complain then AFCA may even recognise this as a systemic problem and take further action.
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Welcome @BentEast to the Community.
I reckon there is an existing topic about this sort of issue. No doubt one of the mighty mods will find it and put your post into a place where you can get more help on this.
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Hi @BentEast, welcome to the community.
I have moved your post to an existing thread where Choice has asked for feedback on travel money cards. Your post will be of particular interest to Choice/@UtaMihm. Thank you for taking time to provide information on the Travelex card and how fees aren’t initially obvious within the account.
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HI Uta ! We use a Wise Multi Currency Debit Card when overseas and this be used in Australia. The exchange rate is very low ,& more competitive than the travel cards and you can monitor the rate and change your currency at the best rate if this suits . As you have a Bank account linked to the Debit card you can transfer many via IBAN or once set up you can transfer money to people via email . Withdrawals from ATM’s are fee free once a month . It has a brilliant phone app to transfer between currencies and from other accounts . In addition you can have a digital card to use with your phone apps , which is a very secure option when travelling. You can transfer money to any account anywhere in the world. This card is a product extension on the Wise international Currency transfer with fantastic flexibility.
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