# Cash Passport Debit Cards



## Muschu (7 April 2011)

Hi
We are going to NZ, Canada and the USA in August.  On previous trips I have taken cash and also used my credit cards.

My local Post Office has brochures on 
- A Cash Passport Debit Card and
- The Amex Express Global Travel Card.

Does anyone have experience with either of these please?  Any comments or advice welcome.

Regards

Rick


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## DB008 (7 April 2011)

NAB has a card that is pretty good for o/s use
http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/5/1/3


> Overseas ATMs
> 
> As a NAB Gold Banking customer, we don't charge fees when you use overseas ATMs (just check for the PLUS sign) or for transactions in foreign currencies.
> 
> The owners of overseas ATMs might charge you directly.





-and-


Wizard 28 Degrees card, all of the frequent travellers use it, including me. *Very good FX rate*. 
http://www.28degreescard.com.au/features.html


> International travel
> 
> * No international transaction fees
> * No currency conversion fees
> ...


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## Muschu (7 April 2011)

Thanks DB.  I'll look into both of these.

However still very interested in views on the Post Office Cash Passport Debit Card if anyone has used it....

Thanks

Rick


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## So_Cynical (7 April 2011)

DB008 said:


> Wizard 28 Degrees card, all of the frequent travellers use it, including me. *Very good FX rate*.
> http://www.28degreescard.com.au/features.html




You forgot to mention the 20.24% annual percentage rate for purchases and cash. 

---------------------------------------------------

Rick what you need is a cheap ATM card to access your own money (i think)...the best i know of is the HSBC online account HSBC Visa Debit Card.


Pays you interest (0.75% p.a on 5K > 20K) no account fees etc
Overseas Transaction Fee - ATM Cash = $4.50
Foreign Currency Transaction Charge (excluding at HSBC Group ATMs) = 2%

http://www.hsbc.com.au/1/2/personal/savings/online-account


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## Muschu (7 April 2011)

I did notice the Wizard interest charge.  

Going back eons I used travellers' cheques.  More recently we have been inclined to take cash in overseas currency and back this up, as needed, with using ATMs or Visa for some larger costs.

Carrying cash is a bit of a pain in terms of security.

So thanks SC - will check out your advice.

Still haven't struck anyone who has used the PO Cash Passport Debit Cards -- which may indicate that this approach has a downside.

Thanks again

Rick


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## albaby (8 April 2011)

Rich, in a recent article in the herald the amex came up trumps in regard to fees,the cash passport as I recall wasn't mentioned,maybe a new product.Al


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## Muschu (8 April 2011)

albaby said:


> Rich, in a recent article in the herald the amex came up trumps in regard to fees,the cash passport as I recall wasn't mentioned,maybe a new product.Al




Thanks Al [and others]

This is the one I went for and the one even the P.O recommended. I loaded A$1000 onto the card in US$ and got US$1003.50 [how times have changed].  There is an initial A$15 load fee and a lesser fee for re-loads.  ATM withdrawals are $2.  Withdrawals in US$ attract no currency conversion fee.  

There's a bit more to it but the brochures are available at the PO.

Thanks again

R


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## grace (9 April 2011)

Muschu said:


> Thanks Al [and others]
> 
> This is the one I went for and the one even the P.O recommended. I loaded A$1000 onto the card in US$ and got US$1003.50 [how times have changed].  There is an initial A$15 load fee and a lesser fee for re-loads.  ATM withdrawals are $2.  Withdrawals in US$ attract no currency conversion fee.
> 
> ...




I did use one last year, but I wouldn't use it again.  The exchange rate is bad (I used a similar one with CBA).  It worked out better to use my credit card with a 3% fee than to use those sort of cards (and I earn points on spend on the c/card).  I guess though it is a question of security when it comes down to it.


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## sw3 (9 April 2011)

I used one (in Euros) earlier this year travelling around Europe and it was pretty good. I only got stung when I used it in Switzerland (Swiss Franc) and had to use their ATM exchange rate. It's good because you carry a back up card and you can add money on to the card by transfer / BPAY (from memory).

I still spent a bucket load of money but have fortunately made much more so far this year on the market!

Cheerio,
sw3


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## Muschu (10 April 2011)

grace said:


> I did use one last year, but I wouldn't use it again.  The exchange rate is bad (I used a similar one with CBA).  It worked out better to use my credit card with a 3% fee than to use those sort of cards (and I earn points on spend on the c/card).  I guess though it is a question of security when it comes down to it.




The exchange rate I got is fixed Grace irrespective of what happens from here on in.  Using my credit card it the US last year, especially on small purchases, incurred more costs than this card.

Will see how we go -- not life-threatening 

Thanks 

Rick


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## DB008 (10 April 2011)

So_Cynical said:


> You forgot to mention the 20.24% annual percentage rate for purchases and cash.





You don't use it as a credit card, you "pre-load" money onto the card (via BPAY from your normal savings account) and use it as an everyday visa (mastercard) debit card when you go overseas or to take out money at ATM's with no fees and very good FX rates. All credit cards have high interest repayments, so it is not limited to this one...


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## white_crane (11 April 2011)

I think there is a thread on this already (or maybe it's at ATF).

The problem I found with these cards is that the cash you can load on is restricted to only the most common currencies used, i.e. USD, GBP, EUR, JPY, NZD, CAD and a few others.  If you then use it in say India, you will pay a cross currency conversion fee.  There is also a currency order, which means that if you run out of one currency then it automatically uses the next available currency - this also incurs a fee.  You also pay ATM withdrawal fees.


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## Country Lad (12 April 2011)

Muschu said:


> My local Post Office has brochures on
> - A Cash Passport Debit Card and
> - The Amex Express Global Travel Card.
> 
> Does anyone have experience with either of these please?  Any comments or advice welcome.




Rick, we first used the Passport card in Europe a few years ago and recently in USA, Alaska and Canada.  Very convenient, no problems.

Cheers


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## Muschu (12 April 2011)

Country Lad said:


> Rick, we first used the Passport card in Europe a few years ago and recently in USA, Alaska and Canada.  Very convenient, no problems.
> 
> Cheers




Thanks - as you will see above we went with a similar Amex card.  Of course no good in India ... but our trip is largely USA and the card is $US.  As someone pointed out there is an ATM fee [$2 I think] but as long as I don't withdraw $2 at a time then all should be fine.

Regards

Rick


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## scruffa (17 May 2011)

*Re: Cash Passport Vs Debit Cards Vs credit Cards*

Hi Guys,
I have read the threads and am still a bit confused. I too am going to the UK and France this year and don't know how to manage the money factor. From what I read with a cash passport your money is exchanged at the current rate. If you were to put money onto a credit card doesn't your money exchange at the rate at the time of withdrawal or even later? I guess I am trying to work out what is the best thing for me given that the Aussie Dollar is pretty strong right now and it may not be when I do my trip. Fees of course are a concern and with the amount of cards and such out there I don't know which is best. Any help would be appreciated.


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