Nab Traveller Card

[greenfrog86]

There has been quite a lot of discussion regarding Nab's decision to grandfather the gold banking account and 'replace' it with their new traveller card.

In summary this is like most of the other travel card products in the market in that you can hold multiple currencies on the card and then use it in ATMs and using the scheme (visa/MC) to make purchases.

Nab seems to have limited the fees they charge though to a 1% reload fee, but no fees for using ATMs which was my biggest issue with all the other travel cards in the market.

Like the other products you 'lock in' your rate when you put funds into the currency you want, however you can load and store AUD on your card and then transfer into another currency on the card when there is a rate you want or when you know you will be spending that currency (ideal where you are travelling between the UK and Europe and are not sure exactly how many Euros you will need).

Sounds like an interesting take on an existing product type in the market, however I imagine many people here will be satisfied with the 28 Degrees Card or the Citibank Plus Transaction account...

 

[thewinchester]

NAB isn't offering anything new, with companies like Travelex offering an almost identical product for quite some time.

The move to offer the product is a half-coughd attempt to placate aggrieved Gold Banking customers. How long it takes them to figure out this isn't a solution remains to be seen.

 

[medhead]

There are also the normal fees if your withdrawal involves a currency conversion. The other question is what exchange rates will they offer. what will be the spread? Well I guess another question is whether it can be loaded with cash foreign currency, i.e. if I take in some left over euro could I put those onto a card? Oh and there is an account keeping fee after 12 months.

 

[AVC]

Plus the fact that NAB are screwing you on their exchange rate. I was looking at this product fairly closely the other day as I got as a letter about it, but it just didn't stack up

 

[greenfrog86]

Just to clarify, I'm not advocating this product, simply making a thread where it can be discussed given it is a new product and will no doubt raise discussion due to Nab's dumping of the Gold banking product.

Medhead - nobody to my knowledge allows foreign currency cash deposits of the type you mention, so would expect that to be the same here.

Agree with above comments that this product isn't really anything new in the market, however does seem to be in line with Nab's attempt to have lower fees on some products than their peers. In this case it appears that they have done that (if you compare to other 'big 4' with similar products).

As I mentioned, the fee structure etc doesn't work for me and many people here might agree with that but worth pointing out another product in the market that may suit some people.

 

[medhead]

Medhead - nobody to my knowledge allows foreign currency cash deposits of the type you mention, so would expect that to be the same here.

Besides foreign currency accounts? Just seems to me the principle is the same, if I'm loading on a currency why shouldn't I be able to do that with cash?

I suppose I should just shut up because I'll never use this product.


Sent from the Throne

 

[Sprucegoose]

Plus the fact that NAB are screwing you on their exchange rate. I was looking at this product fairly closely the other day as I got as a letter about it, but it just didn't stack up

I would have thought they were bank quoted rates as opposed to the criminal rates of travelex?

 

[Sprucegoose]

I always thought HSBC had the most innovative products in this FX area?

 

[Pushka]

I have had the 28 degree card for over a year and have been using that as a credit card until now but in preparation for Europe in July I have been topping that up with cash. Their exchange rate is excellent. NAB can keep their card.

 

[serfty]

I have had the 28 degree card for over a year and have been using that as a credit card until now but in preparation for Europe in July I have been topping that up with cash. Their exchange rate is excellent. NAB can keep their card.

Just be careful about how much you top it up with and whom you tell:

• User Guide: See post #298

• Cash Withdrawal Limits: See post #470

• Preload into Credit? How Much?: See post #582 and following, also from post #832

 

[greenfrog86]

Besides foreign currency accounts? Just seems to me the principle is the same, if I'm loading on a currency why shouldn't I be able to do that with cash?

I suppose I should just shut up because I'll never use this product.


Sent from the Throne

I understand where your thinking is going, however they are two separate product types - one is a prepaid card and one is a 'formal' account (i.e. with an account number etc) that can be transacted upon in many ways.

Only a few foreign currency accounts allow foreign cash deposits also as it is costly for banks to manage physical foreign cash where they aren't buying/selling it with a spread that covers their cost to handle it.

Most foreign currency accounts are designed for people who get paid or need to pay in a foreign currency e.g. your customers pay you in US dollars and you then pay for your supplies from china in US dollars. In this case there is no physical cash involved and you can keep the funds in US dollars until it is favourable to change to AUD.

With this Nab product and the other similar products in the market they are just prepaid, reloadable Visa/MC cards that also have the capability of containing one or more foreign currencies in their prepaid balance.

 

[greenfrog86]

I always thought HSBC had the most innovative products in this FX area?

HSBC in Australia do have FX accounts, however all their travel money products are sold through a relationship with Travelex.... HSBC don't seem to issue their own FX prepaid cards like nab, CBA, ANZ, Travelex etc do.

 

[Pushka]

Just be careful about how much you top it up with and whom you tell:

Yes, just the occasional top up. I am still using it as a credit card and not topping up too heavily because i dont need it to be cancelled!