Travel Card to Use When Overseas

Pumpkin_rrr on 28/06/2023 - 13:50

We are looking at travelling overseas this year and have been reading lots of posts on "Travel Cards" to avoid ATM and transaction fees. This got us a bit perplexed because nowadays one would have paid most of the travel expense before departure (Flights, hotels, tours etc), especially for cruises.
Reading this in FaceBook and OzB, plus other sites.

Hope this doesnt sound like a silly question: how much are people really saving by getting another card, instead of using their existing cards? We dont think there'd be a lot of cash expense, or even card. (BTW, are they talking Debit or Credit Card? I havent examined that closely). But feel like there is too much hassles.

Or are they other catch?

Between the two of us, we have 6 Credit Cards, and other Debit Cards, plus Qantas Travel Card which will be preloaded when the rate is good.
Our plan is to take 2 Debit & Credit Card each, one being the least-used one to avoid surprises.

Hoping someone can share. Thank you and looking forward!

Travel

Comments

  • Archi on 28/06/2023 - 14:02
    +5

    depends on where you are going and what you are doing?

    • Pumpkin_rrr on 28/06/2023 - 14:18
      +1

      Thinking of doing all-inclusive tours, either Europe or China.

      So how much would we save in fees approximately? I am genuinely intrigued … would love to hear from those who have experienced this

      • [Deactivated] on 28/06/2023 - 14:21
        +9

        Thinking of doing all-inclusive tours, either Europe or China.

        lol

      • GG57 on 28/06/2023 - 15:08

        There is "all-inclusive" and then there is "all-inclusive". Not all are the same.
        No-one on here knows what is specifically included in the tour you select, and thus what might be additional expense. And for that potential additional expense, what your spending habits might be (e.g. street food vs. Michelin Star restaurant), etc., etc.

        A few people have mentioned what could be fees or additional costs. But you need to work it out yourself based on the information that only you know.

      • frostgiant on 30/06/2023 - 12:15

        Credit card would be pretty useless in China, no where will take it. You need to sign up to Alipay.

        • Archi on 30/06/2023 - 12:18

          how do you sign up for ali-pay or wechat pay ? i think you need a local ID and bank account to do so, a friend of mine said it was quite difficult, but that was quite a few years ago.

        • mountaineer on 30/06/2023 - 13:21
          +1

          This is a bit overstatement - there will be inconvenience but if you are just a tourist not trying to really blend into the local lifestyle then all major credit cards are accepted. Of course you will have issues to pay at local street food vendor or that sort , or at non major shopping centres. So I guess really depending on what you are planning to do.

          • frostgiant on 30/06/2023 - 15:02

            @mountaineer: My experience with Mastercard/Visa rejections in Shanghai:
            - Coffee
            - Most small restaurants and food stalls
            - McDonalds
            - Markets
            - Theme parks
            - Clubs/bars
            - Art museums
            Only fine dining places and major retail accepted credit card for me.

            I wouldn't underestimate the inconvenience. Some places also refused to even take cash. I was astounded at the theme park (Haichang Ocean Park) they didn't take MC/Visa, given I thought they'd be set up for foreign tourists.

        • jowu15 on 30/06/2023 - 13:45
          +2

          you can use Australian credit card in many places in China but I wont do it because of high fees from most of banks. I only use it as a last resort

    • FirstWizard on 28/06/2023 - 17:33
      +4

      Love this table, it sums up most things.

      Op pls. check if the debit/credit cards you have are listed here.

      IMHO, with "Travel Cards" you usually always lose out. No one has a crystal ball to know when the rates will become good. But if luck is on your side, then maybe take that gamble, but they always come with hidden caveats and fees.

      I've been overseas more than twice a year (well I could only do once per year 2020-21) for the last 10-odd years.

      I take 3 credit cards and 2 debit cards (One of the credit cards is just for lounge access I don't spend money with it).
      3 of them do not attract Currency conversion fees which is the biggest fee.
      And debit cards don't charge ATM fees. ING will even rebate ATM operator fees — it's the only bank that does it, but the benefit comes to an end in Aug23.
      I find Master card has a slightly better rate than Visa. but it's like .5%
      I also find the HSBC call centre easy and fast to reach when the cards get blocked while trying to use them overseas. In my experience, ING and Commonwealth have been the worst call centres. (And yes, though I've always notified the banks before leaving, they do eventually get blocked from time to time. So make sure you have a way to call the bank from overseas - wifi calling/roaming/reverse charge, etc.)

      • Pumpkin_rrr on 29/06/2023 - 09:11

        Thanks @FirstWizard for the 0.5% savings in exchange rates. It is good to know those magic figures that I've been looking for.

        We plan to pay most stuff before we depart, as much as we could.
        Use of ATM probably a couple of times, maybe $10 a hit max?

        Thanks for the heads-up of banks blocking payments. Havent had that happend to us but we always carry multiple cards for contingency.

        Happy travelling….

        • FirstWizard on 29/06/2023 - 10:28
          +1

          I never cared about ATM fees, as I always used ING. But yeah, the operator fee from memory is AU$10 per transaction, depending on the country.
          But dunno where you bank, so don't quote me on it. I was in Seoul End of April. Withdrew about AU$400 equivalent because cash is king there. It had to be in 4 transactions, as there was a W10,000(~$100) limit in every ATM I used.

          Say if I had used a Commonwealth Bank debit card, I'd have paid:
          Currency conversion fee 400x3% + Commbank International ATM fee $5x4 + ATM operator fee ~$7x4 = ~$60
          in fees.

          Also, in 2020 in Rio, one of my debit cards (Citibank) got chewed up by the ATM and ING blocked my card. I thought I had a contingency.

        • nigel deborah on 30/06/2023 - 07:33
          +2

          You say you'll pay for everything before you leave, but won't most of those payments also be in the foreign currency? Shouldn't you be using a card with no fees and which uses official mc rates?

          If you're buying things in AUD (say from TripAdvisor) they're slogging you with shitty rates most of the time. Better of switching payment to local currency and using a good card.

        • mountaineer on 30/06/2023 - 13:23

          China/Europe can both be totally cashless… I did both in the last 12 months and used/needed zero cash…

  • toniyellow on 28/06/2023 - 14:05
    +16

    Qantas Travel Card which will be preloaded when the rate is good.

    The rate is never good on those preload cards. That's why people go to the bother of getting something better.

    I do understand there are people rich enough to not care, but if you've got the free time to read posts about saving money, you've got the free time to open up a better card.

    • Pumpkin_rrr on 29/06/2023 - 09:13

      The rate is never good on those preload cards.
      This…. some people I know use Qantas Card but I dont know how to check if their rate is good.
      Unless there's 2 persons paying for the same stuff on the same day in the same place, using different card….

      What they did was they said the watch the rate everyday before they depart, and load the card when the rate reach the best level…..

      • FirstWizard on 29/06/2023 - 10:05
        +2

        So on a given day, the Master/Visa spot rate is always way better than the travel card conversion rate. I've found it even better by upto 10% depending on the currency.

        Say if you wanted to convert US$100 yesterday(28/06),
        * Mastercard spot rate AU$151.62
        * HSBC Global pre-conversion rate AU$ 154.54
        * Qantas travel card rate AU$157.11 (you would get 235 points for conversion.)

        So you need to keep monitoring exchange rates until on your "best day", the pre-conversion exchange rate would be better than the average spot rates of your travel dates, not if it's better than their rate yesterday. I find it extra stressful, but good luck.

      • EBC on 30/06/2023 - 14:02

        You could very well end up mistiming the exchange and pay even more because the exchange rate doesn't go the direction you think it will.

        I just had that happen on a trip to Japan. I probably won some and lost some and came out even. The markets were thinking that BOJ might start raising rates which made the exchange rate worse. Turns out they are happy keeping their rates super low which then swung it back the other way.

        All that to say there is no guarantee you will come out ahead trying to time the currency market.

  • scrimshaw on 28/06/2023 - 14:09
    +2

    I've got a HSBC Global Debit card. No monthly fees. Holds 10 types of currencies. Have used in a couple of East Asian countries, including S'pore, Malaysia, Vietnam. No ATM fees either.

    https://www.hsbc.com.au/accounts/products/everyday-global/

    • foxmulder on 28/06/2023 - 14:27
      +3

      Currency rates? I thought they are 2% more expensive.

      • Archi on 29/06/2023 - 09:39

        compared to what?

      • scrimshaw on 29/06/2023 - 12:35
        +1

        Fx rates were not as good as Citibank Global Currency account but unfortunately after NAB takeover, Citibank closed my foreign currency accounts on 18 May 23.. Much of my SGD and USD currency was originally exchanged from Citi (now moved over to HSBC)

        Related discussion talking about the Global account and where people moved their money after that.
        https://www.ozbargain.com.au/node/763988

        If you trust neobanks you can go with Wise.

    • Melencir on 28/06/2023 - 21:56

      Does it hold Malaysia ringgit? I thought it didn't 🤔

    • Pumpkin_rrr on 29/06/2023 - 09:14

      Thanks @scrimshaw. How often do you use your HSBC Global Card in any one trip?

    • unwashed00 on 30/06/2023 - 15:54

      Did HSBC asked you to tell them where you work? Company name and address? I went up till then with the application but found it too intrusive

      • scrimshaw on 30/06/2023 - 16:03

        Well. I had to provide the same sort of information with St George for loans and Citibank Global account. I've also been a long time customer of HSBC (as well as share trading on it) so wasn't really an issue for me.

  • jv on 28/06/2023 - 14:17
    +2

    how much are people really saving by getting another card, instead of using their existing cards?

    Roughly around 5%

    • Pumpkin_rrr on 29/06/2023 - 09:07

      That's it, I've got it!! That magic figure I've been always wondering.
      Thanks @jv, have a great day!

  • eltito on 28/06/2023 - 14:23
    +2

    There are various transactions fees when using a card overseas.

    One of the fees is ATM fees. Basically, when you use an Australian card in an overseas ATM, the local operator of that ATM can charge you a fee. The bank in Australia can also charge you a fee. Back in the days, banks like ING use to not charge a fee from their end, BUT ALSO reimbursed you for any international ATM fees (unlimited). Unfortunately, this isn't a thing anymore.

    EDIT: I noticed someone above mentioned the HSBC card. Just as a FYI, some banks have agreements with international banks, whereby if you cash out at their ATM, you don't pay a fee. Be mindful, that depending on which country you go to, there may be heaps or not many that provide this service. For example, I remember when I went to South America back in 2015ish, I had a Citibank card and they had this mutual fee-free bank withdrawal, HOWEVER, there were so many times, when there was only 1 ATM and literally in the middle of nowhere.

    The second fee is a transaction fee when you use the card at like a terminal. So say you go to Subway in France, when you go pay, it'll be in Euros. When you swipe your card, you'll pay in Euros (sometimes the merchant allows you to pay in your local currency at that very moment - however the exchange is always worse). Local (Australian banks) for example AMEX, will charge you 3% for this.

    Travel cards - usually don't have favourable exchange rates - and there are fees associated with this too.

    In terms of debit/credit cards and which is better (less charges), it can vary - it just depends.

    For me, I use ING debit card because I've been with them forever and my salary goes there etc, therefore I still get international fees (at a terminal - Subway example above) reimbursed and their exchange rates is pretty much the Visa/MC (I forgot which) exchange rate.

    I try to avoid withdrawing from an ATM (although sometimes you can't help it in countries where cash is king, i.e. Thailand).

    The reality is, there is no one card that can do it all nowadays. Back in the days, it was a thing (and an Ozbargain fav, was the ING card), however due to changes in rules/regulations, there is no one card that fits all.

    • Pumpkin_rrr on 29/06/2023 - 09:17

      Thanks @eltito. Just curious how often do you use your Debit Card during a trip?
      Say for a 2-week's trip, would it be more than 5 times? I know everyone is different, just trying to gauge a few responses.
      Our experience with US was it's not too easy to find an ATM while at a landtour. So as soon as we found one, we cash-out as much as we could. So from memory for our 5-week trip, had only used the ATM twice.

      • maximum on 30/06/2023 - 07:07

        I use 28 degrees credit card in Europe. Last trip had/used no cash at all. Only one time I got stuck, tried to buy an ice cream at a lotto agent and couldn't use it at gambling shops. I am tap happy. Coffee, fruit, ice cream, thrift stores, street food. Everywhere accepts card - even the people selling produce from their gardens. Id use it at least 3 times a day.

  • cashless on 28/06/2023 - 15:18
    +12

    Wise

  • Jimmycfc on 28/06/2023 - 15:57
    +1

    Wise +1
    Used it for Bali and synced it up to Grab over there worked a treat.
    Will be using it next week in Japan for ATM withdrawals

    • Pumpkin_rrr on 29/06/2023 - 09:17

      Happy travels!
      In Japan we were able to use the machine in y-aa, pre-Covid.

      • sauce2k on 30/10/2023 - 10:03

        Hey mate, off to Japan next year but my concern for Wise is the ATM withdrawal fee.

        I've gone Japan pre-Covid, so heavily cash society. Not sure if it's the case anymore.

        If it still is, I don't see how Wise is good.

    • zman09 on 30/06/2023 - 07:15

      Do you pre convert to jpy then withdraw it? I see a loading fee but also a conversion fee, guessing only 1 applies?

      • Jimmycfc on 30/06/2023 - 11:10

        I pre converted a huge chunk to lock in what rate i wanted, you could leave it in AUD on the account and use auto conversion (Not sure if this is as efficient or not tbh)
        I converted 3000 and paid a $14 fee which is quite fair & the rate was the best i could find on any other cards.
        I am hoping there will not be a big fee on the ATM's over there with Wise but i am not sure yet (I previously used to use a Citi bank global currency but that has been deprecated)

  • Almost Banned on 28/06/2023 - 16:30
    +7

    For a LONG time the Ozbargain standard was Citibank for ATM withdrawals, 28 Degrees for credit card.
    There are other cards with similar offerings, but that's still the combo I use when I travel.

    • sauce2k on 30/10/2023 - 10:05

      I'm still using Citibank to this date, however, heard good things about Wise…but the withdrawal fee has me wondering why people would use it..

  • We Out Here on 28/06/2023 - 16:50

    im living in vietnam and use my citibank debit card for all my purchases and withdrawals

    • Pumpkin_rrr on 29/06/2023 - 09:18

      No Credit Card?
      I understand Credit Card is required for some transactions… Car hire? Hotel?

    • lang_tu_syd on 30/06/2023 - 07:54

      How much is ATM fee in general? Also, what is the maximum you can withdrawal?

      • FernandoWho on 30/06/2023 - 16:55

        I have used a Citi debit card in South Korea and the withdrwal fee depends on the ATM provider. Nothing came from the Citibank end in terms of fees.

        Some were 3,500-3,600 (~$4) won per withdrawal whilst one looked to be % based at around 18,000 won (~$20) to withdraw close to AUD $990.

        The maximum I could withdraw was AUD $1000 a day, transaction would cancel if you tried to withdraw more than that.

    • drprox on 30/06/2023 - 19:56
      +1

      Citibank fees are absolutely wild

  • c2pv1ru5 on 28/06/2023 - 17:14

    For my travel, my expenses for airfare and hotel only constitute about 30%.

    • Pumpkin_rrr on 29/06/2023 - 09:18

      Oh wow, that's low. You must be very good with Buying Local!

  • orion2013 on 28/06/2023 - 17:15
    +5

    The best credit card for overseas is 28 degrees - no international transaction or currency conversion fees on purchases overseas.
    I have used it many times and have saved big time by avoiding on those pesky fees.

    As for Debit card - that's more tricky. ING used to be amazing for that, but no longer. Taking cash before you go is a good idea and limiting using ATM's while overseas helps.

    • Pumpkin_rrr on 29/06/2023 - 09:19

      Wow, that's a very strong endorsement. Thanks for sharing.

    • md333 on 29/06/2023 - 15:18
      +5

      I wouldn't call it best. Bankwest zero platinum has the same benefits, but also free travel insurance.
      I dumped the 28 degrees when they brought in atm fees.

      • parisian on 30/06/2023 - 10:52

        Yes - best alternative.
        I also saw the new Bengido B Ready - similar product to the Bankwest card.

      • uk3000 on 30/06/2023 - 11:49
        +1

        Can you overpay the Bankwest credit card (to be in positive balance), then use it in an overseas ATM to get cash fee free (i.e., without Bankwest charging any cash advance or ATM fees)?

      • nignucial on 30/06/2023 - 23:50

        …why would you get cash from a credit card?

        • DingoBlue on 01/07/2023 - 18:20

          If you can preload and incur no fees why wouldn’t you?

    • Poor Ass on 30/06/2023 - 20:20

      Wasn't there some issue with it requiring SMS verification for purchases when overseas and people weren't receiving the SMS to verify as their aus number didn't have international roaming

  • poisongodmachine on 28/06/2023 - 17:37
    +3

    I used to use Citibank Plus Account debit card. Not sure if it's still fee-free since NAB purchased them.

    • Pumpkin_rrr on 29/06/2023 - 09:20

      Yes it's free I have one.
      But very hard to contact them and response was slow, at least for me.

      • camr00 on 30/06/2023 - 09:44
        +1

        Why do you have to contact them? Myself and my wife have had Citi cards for 7 years for travel, and I've never once needed to speak to someone - everything is done online or through the app.

        • factor on 01/07/2023 - 19:04
          +1

          Citi plus card gets disabled if there are no transactions for 6 months. Annoying when it is used as a travel card and gets disabled before you travel next. Contacting them to sort that out is problematic.

    • Roney on 30/06/2023 - 00:45
      +1

      Their online site sucks. I couldn't enter notification on my travel destinations. Gave it a hefty flick.

    • AuQld on 30/06/2023 - 13:59

      Ditch, they're rates are nowhere near spot since Nab took over, they also lost the international connection you used to be able to take cash out fee free using Citi ATMs abroad now it's not even connected to the international network. Not sure why people are still recommending it..

  • Wiadro on 28/06/2023 - 17:42

    i used my cba world debit car

    • Baysew on 29/06/2023 - 10:39

      Similar to a Westpac high yield investment vehicle?

  • vorsprung on 28/06/2023 - 19:47
    +8

    I could be wrong but I've spent plenty of time debating this with my friend. This is my opinion from my own understanding on the topic. Happy to be corrected, and please if you think different please let me know.

    I don't think this page https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra… tells the full story.

    A lot of banks have "no international transaction fees". Whilst you might get no fees, you may not get a favourable exchange rate.

    "Often, this allows them to claim that they offer fee-free, or zero commission currency conversions. It sounds like a bargain, but actually their profit is rolled into the marked up exchange rate. As a customer, you’re unable to see clearly what you’re being charged - and often this means you get a poor deal." (https://wise.com/gb/blog/mastercard-exchange-rate)

    I believe Wise to be the best, and that's what I use now. You get the actual exchange rate, plus a transparent fee (e.g. 0.47% for AUD to JPY). No need to convert money in advance.

    It works great when making purchases via card, but ATM withdrawls do incur extra fees above $350 AUD per month so that's something to be aware of.

    • Pumpkin_rrr on 29/06/2023 - 09:23

      Oh I am so with you! At the end of the day, the banks are there to make money.
      I just havent found concrete solid proof that one Card is better than the other.

      Not worried with ATM withdrawals as we wont be making that many transactions, and the fee is small (from $2 to $10?)

    • FirstWizard on 29/06/2023 - 18:02

      Doesn't Wise use the Visa rate if you don't have that currency preloaded?

      EDIT====

      Looks like it doesn't.
      The rate on 25/06 was 150.38 AUD for US$100 with fees, and the rate yesterday for Mastercard was AU$151.64 (say you paid on the 25th and it settled yesterday)

      Say about a ~0.5% better

      • vorsprung on 30/06/2023 - 08:21

        Consider that wise probably charges 0.5% so I think by your example they’re much of a muchness.

        That Mastercard currency converter is confusing. If I convert $100 USD to AUD and back again, I end up with more money. Are the pairs out of sync?

        A number of banks seem to charge 0% but use their own exchange rate (not what is published on Mastercard).

        So perhaps the holy grail is a bank that uses the Mastercard rate - not their own?

        • FirstWizard on 30/06/2023 - 08:50
          +1

          Hmm no I think it's right. Pairs are usually asymmetric with their margin built-in.

          To buy US$100 you need AU$151.67
          But to buy AU$151.67 you need US$100.75. Meaning you have to pay 75¢ more.

          I honestly didn't know about Wise using their own rate. Bulk of the banks use master/visa spot rates and I'm not sure which ones actually use their rate when converting on the spot.

          I have a wise debit card. But rarely use it.
          I prefer using a point earning credit card (>1% point $ value, no OS transaction fees) for a bulk of my payments. So any benefit less than a percent is a meh. I only care about ATM withdrawals with debit, for which I find wise to be too restrictive. Haven't looked at their latest ATM policies yet, but they keep changing rapidly, I find it hard to keep track of.

          • vorsprung on 30/06/2023 - 11:24

            @FirstWizard: Maybe I've just burnt by Commbank.

            I just read this:
            https://www.commbank.com.au/support.credit-cards.explain-cre…

            For Mastercard: A transaction that is made in a foreign currency other than United States dollars is converted into United States dollars before being converted into Australian dollars.

            So making purchases overseas in Japan with this credit card, I end up paying a small margin to convert from JPY to USD, then USD to AUD, then Commbank throw on their 3% fee (yeah, I know most banks don't charge this extra fee).

  • munecito on 29/06/2023 - 07:44

    I just came back from a trip to Europe and Hong Kong.

    We used both a Revolut and one HSBC global cards. We preloaded then with local currencies and used them to pay for everything.

    Not an issue, not extra fees.

    Only fees we paid were in Europe if we used ATMs (only twice) in Europe you have to try many to see which banks charge less fees and always select use local currency.

    • Pumpkin_rrr on 29/06/2023 - 09:25

      Wow, one of the rare few not using Wise or 28-Degrees.
      Will check out Revolut.

      Which part of Europe did you go? Hope you can share your experience (in another thread)

      • munecito on 01/07/2023 - 08:06

        Spain, France and Portugal.

        Revolut works quite well in Europe being an English eBank.

        HSBC was also great to move our US$ straight to Euro without having to convert to Au$.

        We did an OFX straight from USA to our Australian HSBC global in Euro, beating some conversion fees.

  • Motek Benzona on 29/06/2023 - 09:39

    I use my suncorp options card. No need for a credit card. No conversion fees, a decent rate and no withdrawal fees from them if overseas at an atm

    There is almost no way of avoiding local atm fees. You just have to limit cash withdrawals to make it cost effective

    I used to use citibank plus but the suncorp card is linked to my actual acct.

  • Mugsy on 29/06/2023 - 09:39
    +1

    If credit card, look at 28 Degrees (if you still trust Latitude), Bankwest Zero Platinum or Bendigo Ready as that have the better perks for travel. But at the very least, make sure they have no international transaction fees.

    For debit cards, look for ones with no international transaction fees and do not charge you fees for withdrawing from an overseas ATM. Note that you may still incur a fee from the ATM provider which your bank will not have any control over. As mentioned above, the only bank to rebate international ATM withdrawals is ING and they will be stopping this soon.

    I would personally use Macquarie for my travel debit card:

    a) they don't stick your client number on the card itself which is a huge security flaw these days,
    b) they use a separate authenticator app so no need to worry about whether you can receive an SMS code to enable a transaction,
    c) their web banking platform allows you to advise them of the countries you will be visiting and when, meaning you don't need to wait 30-60min on the phone just to advise them of this so that your card doesn't get locked the first time you use it overseas, and
    d) their web banking platform allows you to lock a card if it's gone missing, and report it as stolen and a replacement issued when you are sure you cannot get it back.

    c and d above may be achievable on their banking app. I've never used their app so cannot comment.

    There are no account keeping fees for Macquarie debit cards and it's one of the transaction accounts out there that allows you to earn interest too. I would open up at least two of these in your name… keep the other one activated but locked and tucked away in your luggage with no money on the account. If your main card gets compromised, at least you can report it as stolen and then shift your funds over to the back up card for use. Open up a savings account too… it has no card attached to it so you can keep most of your funds here and move them to your card as you need them further minimising losses if your card gets stolen.

    Regarding the HSBC Global Everyday, I have this but would only use it to load local currency on to use. I wouldn't rely on HSBC's conversion rates which aren't good. This card is better used in AU IMHO due to the 2% cashback on all card swipes under $100.

    • movieman on 30/06/2023 - 12:03

      Great suggestions..

      How do you open up multiple Macquarie accounts to get two cards?

      I already have one account - didn't know I could get an additional account AND card…

      • Mugsy on 30/06/2023 - 14:55
        +1

        Try going into web banking and open up a new transaction account through that and request a card with it if the option shows up. I can't imagine why you wouldn't get two debit cards. I've held multiple transaction accounts with other banks and received a debit card for every transaction account.

  • Waltervp on 29/06/2023 - 09:48

    We use too little cash these days to really worry about that. Plus the forex rates change so much that it's really just a gamble. The other thing with travel cards like the Qantas one, you load it with currency and come back with lots left which costs big money to transfer out. My strategy is bring a few hundred dollars AUD cash and just change a few hundred at airport. Generally that's all i need. Sometimes you may need to go to ATM and use one of your debit cards to get another few hundred dollars. Half the time half your cards won't work. It's worth paying the fee if the transaction is big enough to warrant it. In the end all your saving is a few dollars, 50-100 at best, which is not worth the stress on your holiday and pales in comparison to the holiday cost.

  • Msfrugal on 29/06/2023 - 09:54
    +4

    WISE
    You get a card and can have multiple accounts in different countries.

    My family all over world.
    In my WISE I have AUD bank account (BSB and account number - this also has a payid)

    I also have

    Euro account - IBAN details etc
    GBP bank account
    USA bank account
    Croatian KUNA too from extended stay there.

    The benefits of WISE are many.
    If someone in in EU owes you money, that have EU bank details etc.
    You can convert your AUD to your other currency accounts when you see good rate.

    If you have money in a couple of currencies when you pay with your card WISE will automatically take the best rate from whichever of the currencies you have.

    I also love that I manage card payment options through APP which are

    1. ATM
    2. ONLINE
    3. CHIP AND PIN
    4. MOBILE WALLETS
    5. CONTACTLESS
    6. MAGNETIC STRIPE TRANSACTION

    I set my card to chip and pin as everywhere EU pay with card.
    You get much better rate than any bank card - even if they don’t charge currency fees.
    You won’t have to bring as many physical cards with you (know mobile wallets mean no physical cards but no service, lost/stolen ph means you need physical card)

    Check it out - it’s great. You’re allowed draw cash from atms but a limit before a fee kicks in.
    Get a card each so you’ve got double amount before pay fee. Some of the overseas ATM machines will charge an ATM fee but some don’t. Just like here. Thinking if you use a big bank atm rather than an atm at the bus station/airport for example you shouldn’t have a fee.

    If something happens you suddenly need money anyone can do BSB/payid straight to your AUD account and it takes seconds.
    Just remember to “activate “ card here in Oz before going overseas. Buy a $2 choc bar with chip and pin and it’s activated !

    • eltito on 29/06/2023 - 12:42
      +1

      " Some of the overseas ATM machines will charge an ATM fee but some don’t. Just like here. Thinking if you use a big bank atm rather than an atm at the bus station/airport for example you shouldn’t have a fee"

      Simply not true. I've travelled extensively over the last 15 years (and used various cards), and big bank ATMs were just as bad as smaller. My personal experience, is that the fees were overall generally high (comparing to when it use to be ~$3 for taking money at a different big bank ATM in aus)

      • Msfrugal on 29/06/2023 - 21:22
        +1

        You might be correct but I know in Split I took money out at a large bank branch- used the atm that didn’t charge me - which isurprised me and hence why I mention it.
        I rarely needed cash as all shops etc take card. Except the airport bus - cash only. Hence had to go get cash at Split airport atm - definitely fee charged.

    • whyisave on 30/06/2023 - 10:15
      +1

      Thanks for taking the time, for this write up.

      You have made compelling points for Wise,
      and I guess it works best on the EU continent.

      I'll look into it further, and I'll probably sign up too,
      to take advantage of the multi-country bank "accounts".

      • Msfrugal on 30/06/2023 - 11:45
        +1

        Np! I get SO much help on here very happy to try assist whenever Re I can.
        It’s A Mastercard debit card. So just like any card can be used anywhere in world they accept Mastercard.
        I love the security of it .
        Oh - and they also give you a VIRTUAL card number to use if you want to buy online- so can’t be compromised I understand.
        DM me and I can send screenshots which will help explain just how good it is, you lock in rate for 24/48 hrs if you want to delay converting - so you can cancel if rate gets better think it’s 48 (memory crap)

        FYI I sent my mum in Ireland )10k euro in AUD $16k on 21 June - as she also has 4 “accounts “ but kicking myself that I shouldve sent it in euro as value decline 3.5% on exchange rate when went to send money to her last night to buy my brother a housewarming gift.
        ie. Value of euro 9,650 not 10k ( $560 equivalent)
        They show you comparison’s with other banks….
        I do rave about WISE . Pm me !!

        • Msfrugal on 30/06/2023 - 13:18

          It’s VISA DEBIT - sorry used to be mastercard

        • whyisave on 03/07/2023 - 09:53

          Np! I get SO much help on here very happy to try assist whenever Re I can.

          :thumbsup:

          and they also give you a VIRTUAL card number to use if you want to buy online

          This is the part that I like, but also at the same time,
          I like using the Credit Card for online purchases, as it helps me collect some points :-P
          BUT for security purpose, when physically transacting in Europe,
          it's better to use a a Mastercard/Visa (or Wise?) issued debit card to curb any fraud.
          ( There are unscrupulous restaurants or shops, that double swipe the card to take more ca$h out,
          or they have magnetic card stripe readers, so that they can make a copy of your card that way )

          The thing is, when I travel, I like to diversify my cash,
          eg. carry some cash in different currencies (USD, Euro),
          carry debit card, carry credit card…and there was a time I used to carry traveller's cheques too!

          I also carry the Citibank debit card, which in comparison, actually rivals the Wise card too
          (You can check this in comparison here https://wise.com/au/ and then click on "Compare Savings" )

          Still, this Wise card can come in handy for my Europe trip next month.

          • Msfrugal on 04/07/2023 - 09:56
            +1

            @whyisave: These days you never let them take your card and rarely would you need to. The machine is brought to your table or if it can’t you go and you pay at counter.
            Never letting card out of your hand.

            My credit card for points agree. Use it on sites I trust. The virtual card useful for a first time purchase on a “new” shop in case it fake site.

          • munecito on 19/07/2023 - 07:38
            +1

            @whyisave: With Revolut you can disable magnetic payments so it can't be copied.

            Paywave uses a different form of authentication that makes it harder to clone.

        • OzFrugie on 18/07/2023 - 23:05

          How does Wise compare to Revolut?
          From what I can gather, they are almost the same, but not sure why many people recommend Wise and only few mentioned revolut.
          Already have a revolut account, planning to load some yen for end of year travel

    • kokita on 30/06/2023 - 10:45
      +2

      WISE is highly recommended. Just an addition from me, you can create Digital Debit Cards (yes, multiple!) and use it from your phone. So, if you lost your physical WISE card, you are still have access.

      I have used my WISE card in Asia and Europe for the past 1 year to collect cash from ATM and payment with no issues.

      • Msfrugal on 30/06/2023 - 11:51

        Thanks for adding support!
        Oh and I forgot to mention that in WISE app you can instantly FREEZE card in case you do lose it as FYI

  • Msfrugal on 29/06/2023 - 10:00

    Sorry! Damn it. My long comment re WISE didn’t publish because I’d included a referral link which I didn’t realize broke rules (apologies admin)

    Can you just remove offending link? I can’t find it to amend it ????? It was long !!

    • scrimshaw on 29/06/2023 - 12:37

      I republished it but in future please do not post any referral links anywhere. They will be automatically removed by the system the moment you click Post comment.

      • Msfrugal on 29/06/2023 - 21:12

        @scrimshaw THANK YOU
        Sincere apologies.

        • Msfrugal on 30/06/2023 - 13:08

          Hi. Thanks again.
          I’ve just ordered contacts from Specsavers - EOFY30 gives $30 off $119 order.

          I’ve tried to figure out how to post via safari in iph but can’t( I’ve hovered and think maybe has to be laptop?)

          Here’s link if you’re able to post.
          I k ow it’s last day but someone might benefit.
          I did 2 orders of $155 + and saved $60 ($125 paid)
          My health fund used Financial year so I had eyetest last week, trialed new lens this week and got the all clear this morning and discovered the $30 off $119

          PLUS there’s CASHBACK of $10 per order so saved $80 !
          Thanks for help and apologies I can’t seem to put up myself. Please tell me if I’m just stupid.

          https://www.specsavers.com.au/contact-lenses

          @scrimshaw

          • scrimshaw on 30/06/2023 - 13:53

            @Msfrugal: This is not the right place for that, please use Talk with a moderator forum if you need help posting deals

  • afah0447 on 29/06/2023 - 10:57

    Six credit cards! Ouch.

  • Sandys on 29/06/2023 - 11:30

    I've always used the Citibank debit card for withdrawing cash (which you still need to do on occasion). I also prefer to tip in cash even though you can do it on card.

    As a credit card, 28 degrees (though I'm off Latitude) and the Bankwest CC because it offers travel insurance.

    I hadn't considered Maquarie or Bendigo Ready so may look into that.

    With Citibank now NAB and Latitude being, well, Latitude, I'm on the lookout for alternatives and have seen WISE seeming to be the new preferred choice but when I had a look on their website, there seemed to be fees attached. Am I missing something?

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