Load Up International Currency on Card

colin1 on 22/09/2014 - 18:36

Hi,

I intend to do a big trip to Europe In 2016. I thought it may be prudent to start loading up some money on a card seeing there is continuing talk of the Aussie Dollar losing value in the future.

As it is still 2 years away I think I need a card which fill the following criteria :

Good Exchange Rate upon deposit

No or lowest fees

No expiry date

Allow multiple currencies

I suppose the other question I need to know is what currencies I should load up with ie $US, Euro etc

Any advice would be greatly appreciated

Thanks

Financial

Comments

  • JetBombat on 22/09/2014 - 19:45
    +4

    What if AUD/EUR value rises or stays the same and you lost interest on AUD deposit (interest rates on foreign currency deposit rarely match AUD ones)?
    I wouldn’t worry too much on loading up a card. I would just get a dedicated savings account and save for the trip in AUD.

  • colin1 on 22/09/2014 - 20:02

    Thanks for your comments Jetbombat. I don't need to save any more as I have ample money for the trip. The reason I posted was with interest rates on savings being so low at the moment as well as being taxed on any interest and commentary pointing towards a weaker $A in the future I thought it might we approach to lock in some of my money now. I suppose it is like the argument of a fixed home loan or a variable home loan is the right way to go.

  • adamren on 22/09/2014 - 21:40
    +1

    Qantas Card seems alright, no fees etc and up to like 9 or so currencies. Just not sure of the time limit.

    Then again if you think the AUD is going down, why not just put a short on with a big Fx broker like FXCM, FxPro etc.

    No one can really predict where the AUD to the Euro will be in 2 years, so who knows, what if it goes way above where you bought it at? No guarantee Spain and Italy are going to be all sweet and rosy in 2016. And it could be the all fine, and then the day you leave it could just plunge.

  • Carpe Diem on 26/09/2014 - 14:03
    -1

    Personally I regard the OzForex Travel card as one of the best around.

    Worked a treat for my Europe jaunt in April.

Login or Join to leave a comment
Login Join