Debit card for teenager

[burmans]

Hi,

am looking at options for my daughter who is travelling overseas on a school trip this year (France) and then on a trip with us to Vietnam at Xmas to have a (Visa?) debit card (debit as she is only 15), any suggestions.

Comm Bank of course offered us a Travel card but this frankly seems very expensive, any ideas of better options. Don't really think she will need much money, in fact want to keep it low in case she loses it, one of the advantages if a Visa Debit card.

Thanks in advance for any good ideas.

Cheers

 

[ric_melb]

I would suggest the ING Direct Orange Everyday Card.
Acts as a Visa Debit Card.
No account keeping fees.
No ATM fees if you draw AUD200 plus in Australia.
International ATM fee AUD2.50.
International Purchase Exchange Fee 2.5%. (assume same on ATM withdrawal).

Suggest you google up their website, and check out the details.
Was very easy to open. All done online, with ID shown at the Post Office.
Seems you have to be over 18 to open, however you could open the account and either give your teenager the card, or maybe get an additional card for her.
Could ask ING how.

 

[Saab34]

Commsec and ANZ Everyday Debit are two I have used in the past and had no issues with either.

Essentially you just open a commsec account, request the debit card and dont use the investor account, no fees attached!

 

[Dave Noble]

Most ( all ? ) bank accounts that I have seen have a minimum age of 18 for a Visa/Mastercard debit card associated with the account so think that for a 15 year old these would be likely unavailable

Which ATM networks is the card useable on ? should be able to withdraw cash from machines and take ( if needed ) a prepay debit card with a small balance might work

 

[markis10]

Most ( all ? ) bank accounts that I have seen have a minimum age of 18 for a Visa/Mastercard debit card associated with the account so think that for a 15 year old these would be likely unavailable

Which ATM networks is the card useable on ? should be able to withdraw cash from machines and take ( if needed ) a prepay debit card with a small balance might work

HSBC offer a debit card for 12+ so long as the account is setup with a guardian, the Orange Everyday account is 18+.

HSBC Visa Debit Card - FAQ | HSBC Australia

 

[notzac]

International Purchase Exchange Fee 2.5%. (assume same on ATM withdrawal).

While this card isn't available to under-18s .. there are no exchange fees or commissions on international ATM withdrawals

 

[blueflamenco]

Most ( all ? ) bank accounts that I have seen have a minimum age of 18 for a Visa/Mastercard debit card associated with the account so think that for a 15 year old these would be likely unavailable

Which ATM networks is the card useable on ? should be able to withdraw cash from machines and take ( if needed ) a prepay debit card with a small balance might work

I believe a number of banks offer them to younger account holders these days. My little brother has one from both the CBA and NAB.

 

[TanyaGordon]

Travelex Australia > For You > Cash Passport

This could also be an option.
However, I'm not sure on age limits or transaction fees, so check out the small print first.

 

[serfty]

Travelex Australia > For You > Cash Passport

This could also be an option. ...

Certainly an option, although an expensive one.

 

[burmans]

Certainly an option, although an expensive one.

Thanks for ideas, yes Travellex certainly not known for being cheap. Never really understand the idea of not allowing <18's Visa Debit card access given they will give them ATM cards. After all they are debit cards, i.e. you can only take out your own money, just means you can use them anywhere Visa is used.

 

[equus]

After all they are debit cards, i.e. you can only take out your own money, just means you can use them anywhere Visa is used.

This is a common misconception that the marketing promotes (that you are only using your own money). Whilst it is generally the end effect when everything works as intended, and all the electronic components are online and match up, you are nevertheless utilising the Visa or Mastercard networks and settlement systems - which were designed for credit transactions. The consequence is that it is entirely possible to overdraw the account balance and end up owing the bank money.

All that happens electronically in real time is an authorisation, the actual debit happens later (possibly several days) in a separate process (and normally matches up). If the authorisation drops off (because a very slow overseas settlement system takes time), then it is possible to "authorise" again against the same funds, and then have both transactions debit money from the account - some of which is not there. As the bank gave an authorisation, it is out of pocket for the money and can't reject the tranasaction, so they overdraw the account and hope to get the money back.

Depending on the way some bank systems work, there will be times of day when other transactions (such as direct debits, cheques etc) will be being processed against the "real" balance, whilst the debit card will be referencing a previous version - again allowing for overdraw.

This all occurs because the debit card is using a credit card network. For the most part, with the common requirement for electronic authorisation for any value, everything matches up and only "real" money is spent, but it is entirely possible for this not to happen. It is this concern with the legal responsibiltiy to collect and pursue any resulting debt that leads to the restriction of the provision of cards to those over 18.

 

[Fantic125]

HSBC offer a debit card for 12+ so long as the account is setup with a guardian, the Orange Everyday account is 18+.

HSBC Visa Debit Card - FAQ | HSBC Australia

Had a look at the HSBC Visa Debit Card for my son. Unless I'm reading it wrong, it needs to be linked to an HSBC online account, which requires a minimum initial deposit of $2,000.00.

 

[an*g-bne]

In a similar situation for my god-daughter who was travelling to France on a school trip (when she was 15 years), and ended up getting her the Canvas reloadable card. Still more expensive than a bank issued debit card (I think $3/month account keeping fee, and about $8 setup fee), but for a 2 month period, it was ok.

Considered the travel money type cards, but decided the flexibility of being able to reload from here, and the fact that the Canvas cards were personalised won out. The younger son currently has one too, solely for travelling purposes, and since the T&Cs are that if there is a $0 balance, no account keeping fees are charged, we just empty out the card upon return, and reload it again before the next trip.