Ozforex travel money card review
If you are travelling overseas, having a credit card be invaluable. You can use it to pay for everyday transactions as you travel, you can use it for emergencies, and you can use it as a back-up if you happen to run out of money.
Credit card providers can charge a variety of fees on international transactions. As a one-off, those fees may not seem too bad, but they can certainly add up over time. If you buy stuff online, and the retailer happens to be overseas such as ASOS or Amazonyou may have to pay a fee to your credit card provider to cover the currency conversion.
This is called a foreign transaction fee or a currency conversion fee, and it can be charged when you pay for something overseas — whether online or in person. If you withdraw money from an overseas ATM, you may also have to have to pay a withdrawal fee — to the ATM operator and to your credit card provider. If you want to earn points on your travel spending, check out our monthly update of the Best Frequent Flyer cardsand our list of all Frequent Flyer cards here.
If you want to save money on currency conversion or foreign transaction fees, there are certain cards that allow you to do this. Often, premium credit cards, such as Gold and Platinum cards can charge low or no foreign transaction fees. Other credit card providers offer cards that are marketed specifically to frequent online overseas shoppers. Alternatively, you could consider applying for a prepaid travel card see more about those below.
ANZ Rewards Travel Adventures Credit Card — No overseas transaction fee on purchases, Overseas Travel and Medical Insurance. BankWest Breeze Platinum Card — a low interest rate and no foreign fees. BankWest also waive international fees on their BankWest More Platinum credit card. Credit cards marketed to frequent travellers will often have low or non-existent foreign currency charges.
In particular, a number of Gold and Platinum cards offer this feature for example the BankWest Platinum range. These cards will still have administrative costs, however, and they will tend to have either higher annual fees though the BankWest Zero Platinum card has none or higher interest rates, so work out whether this is actually going to save money on a card-by-card basis.
If you think you need to purchase standalone travel insurance, you should weigh up the costs associated with taking it out, against the costs and benefits that come with the credit card you are considering — and you might be pleasantly surprised by what you discover. There are a few tips to remember though:. Read more about credit card travel insurance here.
Foreign currency prepaid credit cards are pre-loaded with foreign currencies up to a certain value. These cards can allow you to lock in an exchange rate, and can often offer reasonable exchange rates, however, see below for a word of caution about that.
OzForex update! Travel prepaid cards cancelled from November - Mozo
With each option, you can pre-load foreign currencies on to the card, allowing you to lock in an exchange rate nz dollar currency rates each pre-loaded amount.
You can then use the card to make overseas and domestic purchases. This can save you a huge amount in foreign conversion fees often charged by standard credit cards. Qantas Cash and Global Wallet also allow you to earn rewards points on their respective loyalty programs, and can allow for faster check-in and boarding.
To find out more about Qantas Cash and Global Wallet, what each one offers, and how they stack up against each other, read our post here.
If you are choosing a prepaid travel card, be aware of the small print and any fees that may be applicable. So, does it sound like you should be exploring your options when it comes to overseas cash access? For standard credit cards, the foreign currency transaction fees are usually football trading academy system a as a percentage of the purchase amount because that is the amount exchanged in foreign currency on each transaction.
The table above lists the current fees charged by major credit card providers for overseas transactions. Do you have any tips or tricks for saving on fees while travelling overseas? Let us know in the comments section below and we may contact you to be involved in a future story.
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Your Shortlisted Cards Click on to add cards to this list. Home Blog Travel Credit cards with no international fees. Posted March 14,last updated May 8, - by Jules.
Credit Card International Transaction Fees by Issuer Issuer International Transaction Charge Foreign ATM Withdrawal fee? Email will not be published. Subscribe to our newsletter. GARY March 25th, at 8: A lot of benefits in this card. Roland March 26th, at The rip-off with Overseas Transaction Fees July 18th, at 4: There is an article here that lists available credit cards with no international fees, I particularly like the Bankwest Zero [ SUSIE March 13th, at 9: My only worry about the five credit cards you have nominated as having no FX additional charge is do they then make it up at the margin by giving you a slightly worse FX rate on the transaction.
Has anyone looked at this - as of course its up to them what rate they give you. In fact has anyone compared the actual FX rate you get with different cards? The way of avoiding this other 'hidden cost' ie profit taking by the banks on the FX rate charged on the foreign transaction is to go for the pre paid credit card you describe in this article which I am VERY excited about and will look into but tricky to know when you're a girl going shopping on your overseas holiday exactly how much you are going to spend!!!!!!
Roland March 14th, at 9: We think it's very useful information too. The issue of the currency conversion is a tricky one - and we will look into it. You might also have read about the issues Visa had with its 'Dynamic Currency Conversion' and ACCC issues. We covered that when it happened in our weekly news roundupwhich you might also find interesting. Katrina September 4th, at New changes that affect your Frequent Flyer points May 5, Roland read more.
Top 5 frequent flyer credit card deals for June April 2, Roland read more.
NZ Original International Money Transfer Service Online | Telegraphic Transfers for Foreign Exchange
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