Best way to access cash overseas

[kelix]

Guys, looking for some recommendations for the best and least "lossy" way to access my cash while overseas..

Ive traditionally looked at travelers cheques, credit cards, and using my ATM card to convert but really wanting to know what you guys use and sees the best rate and least amount of commission..

recommendations?

 

[serfty]

Look here: http://www.frequentflyer.com.au/com...m/best-card-for-travelling-overseas-9643.html

If you already have a Wizard mastercard, that may be the best.

If not, you may be able to apply for one here: http://www.wizardclearadvantage.com.au/

I'm not sure that still works. If not, then the NAB Gold Visa Debit Card seems to be next best.

More on the Wizard here:

• http://www.frequentflyer.com.au/com...ash-advances-while-6960.html?highlight=wizard
• http://www.frequentflyer.com.au/com...rd-still-overseas-17466.html?highlight=wizard

And for the NAB Gold Visa Debit Card: (Note, you need to put $5K a month through the account for it to be fee free)

• NAB Gold Banking - Full banking access with premium extras

 

[mvjs]

The Wizard Clear Advantage MasterCard is a fantastic way to access your money overseas. Simply BPAY however much cash you want for the trip into the card before you go and you can withdraw money while you're over there from any ATM without any fees whatsoever. The card has no annual fee either.

 

[Travel Guru]

There might be no atm access fees, but how do their exchange rates hold up, are they fairly competitive with other financial institutions?

TG

 

[serfty]

... how do their exchange rates hold up, are they fairly competitive with other financial institutions? ...

This anecdote from June: http://www.frequentflyer.com.au/com...conversion-fee-increase-18038.html#post248613

It is really cheaper to use!

On 6th June I had a transaction of USD42.50 at DFW. This was charged at AUD53.12.

Putting this though XE - Credit Card Charges Calculator gives a rate ~½% in my favour:

Date on transaction receipt:                    June 6, 2009
Amount on transaction receipt:                  42.50 USD
Mid-market rate for USD to AUD on 2009.06.06:   1.26070
(Excluding bank charges) 
Value of transaction in your currency:          53.58 AUD
(Excluding bank charges)
Amount shown on credit card statement:          53.12 AUD
Your "hidden" fee estimate:                     0.00 AUD ( 0.000% )
ACTUAL BANK FEES for this purchase:             -0.46 AUD ( -0.858%)

 

[Travel Guru]

This anecdote from June: http://www.frequentflyer.com.au/com...conversion-fee-increase-18038.html#post248613

WOW! that is really good.

I think i'll have to pick myself up one of those.

TG

 

[MDC]

Would the Wizard card still be recommeded for a short one off overseas holiday, rather than a regular overseas traveller?

Are they a company that constantly junk mail or telemarket?

 

[serfty]

... Are they a company that constantly junk mail or telemarket?

Not that I have noticed in the 18 months I have had one.

In fact, even the monthly mailed statements rarely come adorned with any additional promotional material. In fact I cannot recall any, so it may be a case of "if at all".

 

[Jeffrey O'Neill]

Another thumbs up for the wizard master card.

They only send out a statement if you make a transaction, so generally there's not much hassling from them.

I've foudn their FOREX rates to be competitive, and it's great to not have to take a large wad of cash out of the ATM to avoid the $6 fees.

Some ATM owners will charge u a fee, so it pays the shop around if this is the case. When I was in the USA I found Chase Manhattan didn't charge, but BofA did.

With GE mostly pulling up shop in Australia i'm not sure if you can still apply for their cards tho.

 

[Travel Guru]

Another thumbs up for the wizard master card.

They only send out a statement if you make a transaction, so generally there's not much hassling from them.

I've foudn their FOREX rates to be competitive, and it's great to not have to take a large wad of cash out of the ATM to avoid the $6 fees.

Some ATM owners will charge u a fee, so it pays the shop around if this is the case. When I was in the USA I found Chase Manhattan didn't charge, but BofA did.

With GE mostly pulling up shop in Australia i'm not sure if you can still apply for their cards tho.

According to their website you can.

Do they give you any hassles if you try and deposit funds onto the card in credit before departing?

TG

 

[ellen10]

Would the Wizard Mastercard be good for travelling in Europe as well. I have ANZ Visa and Earth Platinmun at present and was going to use my Visa debit card as well.
But those US exchange rates do look good

 

[serfty]

Would the Wizard Mastercard be good for travelling in Europe as well. I have ANZ Visa and Earth Platinmun at present and was going to use my Visa debit card as well.
But those US exchange rates do look good

See here - it is an old thread but has lots of advice - I reccomend that anyone intending to go this route read the entire thread - or at least FL360's excellent posts, especially #298:

• http://www.frequentflyer.com.au/com...zard-mastercard-cash-advances-while-6960.html

If you decide to go ahead, you can use this link to apply:

• Wizard Clear Advantage Mastercard

 

[odysseus]

According to their website you can.

Do they give you any hassles if you try and deposit funds onto the card in credit before departing?

Yes, and no. Firstly, they have no branches so the only way to deposit extra is through BPAY, which can be a hassle (it is for me generally, and it's hard to find their relevant information.)

Also, due to the way they are structured, they will not let you withdraw that money for laundering concerns unless you have separately provided proof of id. Again, as they have no branches, it is all done via the post, and you have to chase up a JP or equivalent to verify your identity then send it off and wait for them to validate. So don't expect to have all this ready to go in a hurry.

 

[odysseus]

Would the Wizard Mastercard be good for travelling in Europe as well.

It's still competitive, but just be aware that the way Mastercard conversions are done is by reference to the USD. That means if the pair involves the USD (as per the earlier example) it will be more favourable, but if it doesn't then they first convert back to USD then into our currency, with currency overhead. By way of comparison, some transactions I did in NZ involved over 2% in currency conversion costs. That's still reasonable as costs go, but is not as impressive as direct USD conversions.

 

[serfty]

It's still competitive, but just be aware that the way Mastercard conversions are done is by reference to the USD. ...

Dunno where you got that from. There's no obvious additional conversion ...

Look here from some travel in Europe I did 13 months ago:

Last month, I used my Wizard card a few time overseas for Cash withdrawals.

Using Xe.com's calculator (also OandA as xe.com has no reference to BAM's)

 DATE     Currency     AUD Debited   AUD @Xe.com     Var      Comm%

20JUN08   USD221.75      232.78        232.44       0.34      0.146

22JUN08   USD100.00      104.98        104.85       0.13      0.129

26JUN08   HRK700.00      157.85        159.03      -1.18     -0.742

27JUN08   BAM300.00      252.40        248.70(O&A)  3.70      1.487

29JUN08   SGD110.00       84.32         84.03       0.29      0.351 

30JUN08    SGD60.00       46.15         46.10       0.05      0.110

I'n very happy with those results ...

 

[odysseus]

Dunno where you got that from.

It's been the way they do conversions for decades.

 

[serfty]

Yes, and no. Firstly, they have no branches so the only way to deposit extra is through BPAY, which can be a hassle (it is for me generally, and it's hard to find their relevant information.)

Also, due to the way they are structured, they will not let you withdraw that money for laundering concerns unless you have separately provided proof of id. Again, as they have no branches, it is all done via the post, and you have to chase up a JP or equivalent to verify your identity then send it off and wait for them to validate. So don't expect to have all this ready to go in a hurry.

Bpay takes 2-4 working days for me. (The relevant information is on the statement, or you can simply Bpay using the biller code 150615.) Given my sole use is for International cash I make sure it's all ready before I depart Oz.

Also, Once you have the card you can set up online access using the function they call the "Service centre". It's very easy to do.

I applied for and received a card early last year. I never had to go through ANY of that stuff, not even a 100 pt check.

 

[odysseus]

Also, Once you have the card you can set up online access using the function they call the "Service centre". It's very easy to do.

I applied online, and used the online facility but they have very limited terms there. They don't have the bpay code in the FAQ or otherwise in the service centre that I've been able to find.

It didn't give any information in online services until the account was set up, and it still doesn't have details compared to other, larger internet banking services. You can't even get the terms and conditions of the card there (although they oddly have the terms for their Protection policy available!). Given it's low-cost status, you accept a few trade-offs along the way.

(The relevant information is on the statement, or you can simply Bpay using the biller code 150615. Given my sole use is for International cash I make sure it's all ready before I depart Oz.

That was the plan, but since it's not readily findable online, it wasn't possible. They do give the information on your statements, but it was probably 6-8 weeks after applying before I got my first one of those.

I never had to go through ANY of that stuff, not even a 100 pt check.

That would be a mistake in your application process from their end, as all AU financial providers are required to do that. It wouldn't surprise me though, as their back-end processes are not very organised. It was not documented for me either so I was caught by surprise when they sent me a letter requiring it after sending the card out. Then when I called up to inquire on restrictions and similar, as the letter was somewhat vague and not the most professional, the answers I got were also quite uncertain.

 

[dejium]

As with the others, I've had few issues with the Wizard Card. The only niggle was when I paid the bill at the post office and was sent a new bill for $1.50 - which I'can't pay by BPay because the minimum payment is $10. Awesome.

Anyway, I made purchases and cash withdrawls for no fees in the UK, US, China and Japan. Even ATM charges that warned of a fee before the transaction didn't show on my account. Not that its a guarantee it won't charge ever.

With no annual fee, and loading it up before you go, it's hard to lose.

 

[serfty]

I applied online, and used the online facility but they have very limited terms there. They don't have the bpay code in the FAQ or otherwise in the service centre that I've been able to find.

It didn't give any information in online services until the account was set up, and it still doesn't have details compared to other, larger internet banking services. You can't even get the terms and conditions of the card there (although they oddly have the terms for their Protection policy available!). Given it's low-cost status, you accept a few trade-offs along the way.

That was the plan, but since it's not readily findable online, it wasn't possible. They do give the information on your statements, but it was probably 6-8 weeks after applying before I got my first one of those. ...

All you had to do was read this thread: p)

• http://www.frequentflyer.com.au/com...zard-mastercard-cash-advances-while-6960.html

...That would be a mistake in your application process from their end, as all AU financial providers are required to do that. ...

Actually, the 100 points in these situations is no longer a legal requirement and has not been since the end of 2007.

See here:

... Changes to identification requirements under the AML/CTF laws