No Foreign Transaction Fees (i.e. Use ANY Mastercard/Visa & Avoid Foreign Transaction Fees) via DiviPay Virtual Mastercard
Last edited 14/09/2017 - 16:48
This is an ongoing benefit with no specific end date. The waiver of forex fees is an ongoing benefit. However, there will be a 2% funding fee charged in the future (after the beta period) as per kungbernard's comment (from the T&Cs).
This was previously posted but has been marked expired for over a month. It also, for some reason, did not receive a very positive response. I suspect it's because the benefits were not highlighted clearly.
I've used DiviPay a few times now to make overseas transactions instead of 28 Degrees. I also don't have a Credit Card that both waives foreign transaction fees and earns me points, so this, for me, is the only way I can earn points and have forex fees waived.
Really good for when you're buying stuff off Gearbest, Geekbuying etc. which are priced in USD.
I've found their exchange rates to be incredible, for example..
Why don't you just use 28 Degrees/Citibank?
Because you don't earn any points. Yes you could use one of the other cards that earn you points and waive overseas transaction fees (e.g. Coles Rewards, Bankwest Qantas/More Platinum, CBA Diamond/Platinum, ANZ Travel Adventures), but this allows you to use any Credit Card. This means you could use a card that earns you points at a better rate (or a more valuable currency of points) than one of the ones I listed.
In addition, if you don't have a CC and can't (or don't want to) apply for one, this is another way for you to have forex fees waived.
DiviPay market themselves as being useful for splitting transactions with friends, but I find them most useful simply for waiving overseas transaction fees, being able to top up with any Mastercard/Visa and being able to earn full points on the transactions. They also market themselves on the basis of anonymity - i.e. you can use a "virtual" Mastercard to make payments without revealing your real Credit Card details.
If your item is ~$15.50 AUD, just top up $16 and get a refund for the unused amount. You'll probably get points on $16 worth of spend rather than $15, because the $0.50 refund won't trigger a points reversal*!
*Depends on how points are calculated by your Credit Card provider.
- Open Account
- Enter Credit Card Details into "Profile" section - this will be your funding card - only Mastercard/Visa accepted at this stage
- Create Virtual Personal or Group Card (you need to specify value for group cards)
- Fund account (can only be funded once) with required amount
- Use Mastercard to make payments online, particularly useful for transactions in foreign currency
- Obtain refund of unused amount. Refund will go back to funding card (I believe)
There are other little quirky things about it - some of which I have not figured out, others of which will make this post too long if I include everything! But their FAQ section is pretty good and my link below has some additional info.
This was first posted on The Bulging Wallet on 11 September 2017. Please click through to read about DiviPay in more detail, and subscribe to the mailing list/follow on Facebook if you enjoy the content.