Travelex - Currency Conversion

[lovestotravel]

Okay so I need various overseas currencies for an upcoming trip.

Travelex Australia - The World's Foreign Exchange and Business Payment Specialists have changed how you order money now. You used to be able to order online with credit card number for "security" that you will actually go and pick up the money from their branch.

Now you have to either Bpay OR pay via Credit card before you can get the overseas currency from the branch, but you can still cancel it if needed. I guess the change is to stop people ordering all this cash and never picking it up.

I wish to know if the "purchase" is treated as cash advance or a normal credit card purchase. It would be nice to earn FF points for $10,000 of cash basically.

I have read the T&C's and they are not quite clear to me. Well they are but I don't know why they would be treating this transaction as a cash advance.

Has anyone used this service and were they charged a cash advance fee or did it process as normal credit card purchase?

I have also emailed them asking how they treat the order, and the answer was vauge and referred me back to the T&C's. I asked for further clarification but have not received a response.

https://www.travelex.com.au/au-terms

Credit Card Fees
If you wish to pay by credit or debit cards (MasterCard or Visa), we will levy a non-refundable handling fee of 1.5% (including GST) of the total order value. This will be shown within your order summary on the “Checkout” page on selection of the payment option. If you choose to pay by either MasterCard or Visa credit card, your card issuer may apply a cash advance charge which will be shown separately on your credit card statement.

 

[odysseus]

I have read the T&C's and they are not quite clear to me. Well they are but I don't know why they would be treating this transaction as a cash advance.

I can't see why it wouldn't be charged as a cash advance, as you are making the transaction for currency, which is cash. While it's true you're not getting it immediately, your bank don't know that, and the time of receipt is not a factor in the nature of the charge.

 

[russianrob]

Travelex are going to cost you a hell of a lot more than 1.5% for your CC. Have you checked their charges and transaction rates?
How do I spell "ripped off" again?

 

[Mal]

I recall a post relatively recently that implied Travelex transactions were now treated as cash advances ... must look it up and see if I'm right.

 

[equus]

Travelex are going to cost you a hell of a lot more than 1.5% for your CC. Have you checked their charges and transaction rates?
How do I spell "ripped off" again?

Have you checked the alternatives? There isn't much in it at all compared to many of the banks for actual cash - and then you get (some) FF points. If you BPay, you avoid the 1.5% extra, and only pay the 1% commission. When you consider that many banks charge anything up to $10 per currency as a minimum commission, then there normally only ends up being a few dollars in it.

Then you get to the convenience factor. Order online, BPay (or CC if you must), then pick up at the airport. No trekking to a bank branch, hoping they have the currency you want in reasonable denominations, then waiting endlessly whilst they work out how to fill all the forms. With the Travelex online service, you front up at the booth with your order number and Id, and they grab a sealed plastic packet which has everything made up. Check the ID, and count out the currency (which when I used it, had a good mix of denominations). Total time, about 2 minutes to order, 1 minute to pick up.

As far as the Cash advance fee goes, I would believe it to be the case - after all, you are obtaining cash (albeit foreign currency). I see no reason that it shouldn't be done that way. When I needed to process at short notice, I used a Visa debit card - so no Cash Advance fee applicable (just the extra 1.5% to Travelex). This time, I have got more organised and done the BPay.

 

[Mal]

I noticed that Zuji have a deal with Travelex at the moment...

https://www.onlinetravelmoney.com.au/zuji

For a limited time, Travelex has waived the commission on purchasing and reloading a Travelex Cash Passport! That's right, no card issue fee and no commission on reloads!

This offer is valid from 18/09/09 to 31/10/09 only and can only be redeemed by visiting the ZUJI Cash Passport online ordering site.

Might help some - but I'm not a fan of those cards.

 

[equus]

I noticed that Zuji have a deal with Travelex at the moment...

https://www.onlinetravelmoney.com.au/zuji



Might help some - but I'm not a fan of those cards.

Me neither. Having had access to the same commission free deals in the past, it is not the loading commission that gets you, but the exchange rates charged at the the ATM withdrawal stage.:shock:

Suffice to say, better rates were available changing A$ cash at the hotel desk than via the Cash Passport.:evil: Given the reputation for value on hotel exchanges, this was saying something.

 

[coco50]

Travelex are going to cost you a hell of a lot more than 1.5% for your CC. Have you checked their charges and transaction rates?
How do I spell "ripped off" again?

There are no charges or transaction rates with Travelex if you order your currency online and pay using Bpay. I usually Bpay out of a debit account. Although you miss out on the points - at least you have the forex. If you want the points go OTC and access a less favourable exchange rate.

 

[equus]

Although you miss out on the points - at least you have the forex. If you want the points go OTC and access a less favourable exchange rate.

No missing out on points. Go via the Qantas website, and the form has provision for your FF number. Points post OK after that. You get the much more favourable online rate (wouldn't touch the OTC rate unless I was very, very desperate), and the points.

 

[coco50]

No missing out on points. Go via the Qantas website, and the form has provision for your FF number. Points post OK after that. You get the much more favourable online rate (wouldn't touch the OTC rate unless I was very, very desperate), and the points.

Thanks for the tip! Online is the best. I wouldn't go OTC either - even if I were desperate.

 

[lovestotravel]

The online rate from travelex.com.au is pretty good, much the same as banks etc.

I was hoping that I could pay with Visa and get the points as a credit card transaction as well but sounds like it's a no go!

I might do a trial run with a small amount and see how it process.

The Qantas FF points are nice as well but I was hoping for a double dip

 

[Mal]

Points post OK after that. You get the much more favourable online rate (wouldn't touch the OTC rate unless I was very, very desperate), and the points.

Keep in mind you actually pay for the points - they may not be worth it unless converting a large amount of $.

Example:
travelex.com.au, $A1,001.18 gives $US850. No fees unless paying by Visa/MC (1.5%)
Qantas Travelex link, $A1,011.19 gives $US850. $10.01 fee + 1.5% for Visa/MC

I believe the fee is a flat 1%.

So you are paying a 1% surcharge to get Frequent Flyer points...

 

[coco50]

The online rate from travelex.com.au is pretty good, much the same as banks etc.

I was hoping that I could pay with Visa and get the points as a credit card transaction as well but sounds like it's a no go!

I might do a trial run with a small amount and see how it process.

The Qantas FF points are nice as well but I was hoping for a double dip

IIRC the minimum transaction amount online with Travelex is A$250. Check the Travelex website.