Travelex cash passport

[HardieBoys]

I'm annoyed with myself. I purchased a Travelex cash passport yesterday, as I'm travelling in South Asia over the holiday period, where credit cards are not as commonly accepted as elsewhere in Asia.

I purchased a cash passport denominated in euros, as I'll be travelling to Europe in 2008. The going rate for euros is around $1AUD = 0.60, however, the Travelex rate was $1AUD = 0.556, which is a reasonably high price to pay for the security that the Travelex product affords.

I've never used the Travelex product before, but decided to obtain one as a back-up in the event of theft and so on whilst abroad, in addition to ATM cards and credit cards. I'm just put out by the cough exchange rate...

 

[Travel Guru]

Unfortunately you're likely to find yourself stung again when withdrawing non-euro currency from your euro card.

I used one earlier in the year and didn't mind the euro rate when purchasing the card, but when withdrawing lira in Turkey found the rate terrible compared to the credit card my partner used within 2 mins of my withdrawel.

I'd never use one again personally, and now carry a mixture of credit and debit cards which I have had no problems with from the Netherlands to Nepal.

Have a great trip

TG

 

[HardieBoys]

I'm aware of the conversion fee and the withdrawal fee, but as I'm going to India, I was going to be hit by these fees regardless of the currency I chose. I'm going to use it mainly as a back-up, but will rely more on ATMs and credit cards, though when in Europe next year, will use it as a primary card.

 

[moa999]

Again, I recommend the Wizard Clear Advantage card, topped up with cash before you go.

Good x-rates and no fees.

http://www.frequentflyer.com.au/community/general-credit-card-discussion/wizard-mastercard-cash-advances-while-6960.html

 

[MEL_Traveller]

Again, I recommend the Wizard Clear Advantage card, topped up with cash before you go.

The Earth mastercard (comes with the Earth AMEX and both give points direct to QFFF) also gives you zero fees and charges on cash withdrawals while overseas. (Note: purchases DO attract the usual 1.45% or 2.25% or whatever it is these days??).

I was in India last year and got the best rate possible through using the card. So you don't worry - ATMs are widely available in India.

Regards

M_T

 

[coco50]

Exchange rates are peculiar things. The rates quoted on TV or in the financial press are usually wholesale rates which do not generally apply to individuals. When travelling overseas I usually take some cash for convenience transactions such as tips or coffee in a cafe and use CC (Amex or Visa for the main transactions). Later this year I will be travelling to Europe and the USA and I bought some Euros and US dollars in November last year online from Travelex. The Euros I bought for A$1 = E 0.62 and the US$ fro A$1 = US$ 0.90. These online rates are better than rates OTC with Travelex. I was thinking about a cash passport but after reading the OP, I'd rather travel with a bit of cash and CC.

 

[medhead]

I looked at these Travelex cards but as you mention they are expensive.

I'm on a package with my bank (NAB Choice package) and get an excellent deal on foreign currency. Basiclly, I pay no ATM fees for using a normal atm card to withdraw from my savings type account. That is no fees at all not even the plus or maestro network fee. And the x-rate is rough the advertised TT rate. My Visa tranactions are subject to the usual visa fees but not the normal bank fees. Quite a big saving.

I see that NAB are also offering a gold banking service. $12 per month, waived with minimum monthly deposit, no atm fees including while overseas. This is only from a advertising flyer, so I haven't looked into the full details.

 

[HardieBoys]

I've just received an update from Travelex about my Cash Passport. There will be an 8.5% exchange fee, in addition to the pretty lousy rate that they currently offer. Is this worth the security of being able to have the card re-issued (along the lines of travellers cheque re-issuing)?

I don't think so. Again, I can only recommend that people not use this product. I would have been better off buying cowrie shells to trade.

 

[Evan]

8.5% !!! who are they kidding, add a couple of % for the other exchange and your at 10% which is really not worth it at all !

Just use cash and your CC. I am sure you will be fine.

E

 

[Mal]

I see that NAB are also offering a gold banking service. $12 per month, waived with minimum monthly deposit, no atm fees including while overseas. This is only from a advertising flyer, so I haven't looked into the full details.

Looks like an interesting option. May have to investigate further.

NAB - NAB Gold Banking

 

[docjames]

I'd never use one again personally, and now carry a mixture of credit and debit cards which I have had no problems with from the Netherlands to Nepal.



TG

You havent been to Cuba then - i'm told credit cards are a nightmare so will have to look at options.

Suggestions welcome?