Be careful when using bank issued travel money cards - not as safe as you may think

[ozbeachbabe]

Have just got back from a trip to the US & took an ANZ Visa Travel Card with me for the trip to avoid paying costly conversions fees on purchases as happens with regular credit cards.

You are also issued with a PIN number for overseas cash withdrawals whereby ANZ charges USD2.50 per transaction which is in addition to what the ATM provider charges.

What I didn't realise until using it is if I lost the card how easy it would be for whoever found the card to use it. It's as about as secure as cash as far as I'm concerned.

Any purchase within the US under USD30.00 does not require a signature so anybody who found the card could just buy multiple items for less than this amount without having to sign the credit card slip.

Even when I did purchase something over this amount my card was almost always handed back to me immediately before I'd even signed the chit & not once was my signature verified with the one on the back of my travel money card.

I even turned the card over to compare my signature on the back of the card with the receipt & the sales assistant looked at me like I was from outer space. If I'd signed "Mickey Mouse" no-one would've given a rats.

I was only once asked for ID such as a passport when making a purchase & that was in Las Vegas at one of the shops at the Venetian Hotel.

So be careful when using these cards and treat them the same as cash. I would not put a huge amount on the card at any one time but you can top it up via BPAY deposits however these may take a few days to credit from your bank account to the travel money card.

 

[harvyk]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

This is no different to most credit cards... I've only once been asked to resign something because my signature (which changes pretty frequently) was too different, I believe that less than $30 they don't have any security, not even a signature or any proof that the person using it is in-fact authorised to do so, and lets face it, access to just the numbers (not even the card itself) is all that is really needed to start spending up on it...

As far as I'm concerned, credit cards should be the poster boy for "insecure".

 

[Doug_Westcott]

But did you get charged for anything you did not buy? If there is an unauthorised transaction on the account, you should be able to claim a chargeback from the ANZ.

This is no worse that the "tap and go" transactions of up to $100 on Australian credit cards - where you tap your credit card on the merchant terminal to pay for the transaction - no signature or PIN required

 

[clifford]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

When going to the USA, just take a small wad of cash.

$5,000 is only 50 x $100...

For anything larger, credit cards are fine. You do have to look after them them. If you can't do that, just don't go.

 

[Archphoto]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

Happens to me all the time when I purchase fuel - don't even bother to ask me to sign, just hand over the card and the receipt. In my view, Tap-&-Go is just helping with fraudulent transactions - and who's going to foot the charge-backs? Us naturally, as exorbitant fees the banks charge.

Fuel stations whinge and whine about "drive-offs" - T&G not that much different if your card is stolen. . . . . .

 

[Limewood]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

I used the ANZ travel card on my USA trip last Aug, tried to use the pin, teller machines (I tried many in SFO/LAS/MIA) said not correct, had to phone Australia in the end to have it changed even though operator said it was correct!, call cost me $50, no refund, no more travel cards for me.

 

[defurax]

Maybe these travel cards are a good idea for locking an exchange rate when there is a good chance that the foreign currency in question is undervalued at time of buying. In most cases banks offer ridiculous forex rates that are equivalent or higher than credit card conversion rates. IMO when travelling in the US nothing beats American Express with only 1.5% of the interbank conversion rate (AUD/USD).

Sent from my HTC Desire using AustFreqFly

 

[ozbeachbabe]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

I used the ANZ travel card on my USA trip last Aug, tried to use the pin, teller machines (I tried many in SFO/LAS/MIA) said not correct, had to phone Australia in the end to have it changed even though operator said it was correct!, call cost me $50, no refund, no more travel cards for me.

The operator surely wouldn't know the PIN numbers on the computer generated letter you get in your kits. I think even they were getting confused with what the PIN is for which I believe is for phone banking. I had the same issue as you at first with not entering the correct PIN at ATMS as I was using the one ANZ asked me to nominate when I was issued with the cards.

When they give you the kit it includes two & cards (the second being backup in case you lose the first). In my kit there'a a letter that has two scratchie panels which reveals the PIN for both cards. I only ever used the primary card & the PIN worked fine allowing me to withdraw cash once I realised this is what I was supposed to do.

One thing I don't know is whether or not you can request a 'chargeback' with travel money cards on fraudulent transactions in the case where card is lost or stolen & these transactions are made prior to you realising & cancelling the card. I've got a gut feeling chargebacks are only for proper credit cards in the true sense of the word.

 

[Doug_Westcott]

Unless you obviously contributed to the loss, eg kept the PIN with the card and do not unreasonably delay reporting the loss after you become of this, and use the "credit" button on the merchant terminal (where applicable), then you get the same protection as a "normal" credit card.

 

[Aussie_flyer]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

oh here we go, sorry but anyone has been able to forge credit card signatures in forever.... the $100 tap and go here is marvellous. VISA and MASTERCARD know what they are doing, I will let them decide if they feel it is secure. You are protected if the card is lost or stolen report it immediately.

 

[Isochronous]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

The $100 tap and go system shows the CC issuers have decided (much like banks with low value cheques) that its cheaper to just foot the bill for fraud than to spend money on fraud prevention.

 

[MEL_Traveller]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

IMO when travelling in the US nothing beats American Express with only 1.5% of the interbank conversion rate (AUD/USD).

28 Degrees would seem to beat it with zero transaction fees, zero conversion fees, and no other charges.

 

[kaybee57]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

Our son had his cashcard stolen out of his hand just after using an ATM whilst in Europe recently - fortunately he was savvy enough to get online and move money out of the card. It is still an active card with only a couple of dollars in it but it was never used by the 'thief' anyway.
Personally, I used one in Europe as well - very easy to add cash to via my own online account - took some setting up before I went away, but yes, need to treat it the same as cash and never keep too much value on it.

 

[Dougo]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

Our son had his cashcard stolen out of his hand just after using an ATM whilst in Europe recently - fortunately he was savvy enough to get online and move money out of the card. It is still an active card with only a couple of dollars in it but it was never used by the 'thief' anyway.
Personally, I used one in Europe as well - very easy to add cash to via my own online account - took some setting up before I went away, but yes, need to treat it the same as cash and never keep too much value on it.

I don't understand why it is still an active card. I've read recently where theives sit on cards for ages sometimes so there may be an attempt to use the card somewhere down the track ... not that it will do much good I suppose.

 

[kaybee57]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

I don't understand why it is still an active card. I've read recently where theives sit on cards for ages sometimes so there may be an attempt to use the card somewhere down the track ... not that it will do much good I suppose.

It shouldn't be - just that old 'will get round to it one day!' I just needed someone to remind me to actually do something about it! - many thanks.

 

[Saintly]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

Put simply a Travel Card is no more than a debit card with the ability to load multiple foreign currencies. It functions exactly like a credit/debit card and you should treat it accordingly. All the risks associated with "tap & go" and signature on card not checked, exist in Australia as well as overseas.

 

[coco50]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

Forget about prepaqid cash cards. By a stash of forex through Australia Post at a reate you prefer and use a card such as 28 Degrees where you will get the spot rate on the day of the transaction with no conversion fees. Use cash only for tips and convenience transactions. Settle the credit card bill in full each month.

 

[lovestotravel]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

When going to the USA, just take a small wad of cash.

$5,000 is only 50 x $100...

For anything larger, credit cards are fine. You do have to look after them them. If you can't do that, just don't go.

That's exactly what I do and then at each hotel change $100 for lots of small notes for tips!

 

[lovestotravel]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

28 Degrees would seem to beat it with zero transaction fees, zero conversion fees, and no other charges.

No FF points earned is the killer!

 

[MEL_Traveller]

Re: Be careful when using bank issued travel money cards - not as safe as you may thi

No FF points earned is the killer!

I spend a minimum $30K a year opn overseas transactions. That saves me about $1200 in forex fees. That same $30K would give me 30k FF points? Which is $300 worth of flying (one way to SIN), so I come out way ahead. With my $1200 I could also buy a return to SYD ($439 or whatever under the current business class sale) and still be way ahead!