Australian Bank Accounts or Visa Cards for travelling

Replies: 9 - Last Post: 07-May-2007 17:16 Last Post By: jarman_ah

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brydgirl

29-Apr-2007 22:59
Posts: 90

Australian Bank Accounts or Visa Cards for travelling

Hi All,
I'm heading off on a 12 month trip through Sth East Asia and China from August.

I'd like to know if anyone knows what the best way to handle my money is. I am hoping to take a eftpos or visa card from home but dont want to be charged huge fees each time i take out my own money.

Does anyone have any suggestions on what accounts may have very low fees?

I have applied for the Wizard Advantage Mastercard but have been declined, and i've no idea why seeing as i earn good money and don't have a bad credit rating at all!

Any suggestions would be appreciated.

Cheers
Brydie

~When the student is ready, the teacher will appear...~

cammo

29-Apr-2007 23:14
Posts: 34

hi, It may be worth checking with your own bank in Oz as to the fees that they charge. Ensure that you bring a spare
card in the event that one gets damaged or lost. In order to ba able to access pretty well any atms, the card needs to
be a "plus" or "cirrus" card. Hope this helps some.

murwill16

29-Apr-2007 23:37
Posts: 96

Quote
I have applied for the Wizard Advantage Mastercard but have been declined, and i've no idea why seeing as i earn good money and don't have a bad credit rating at all!

I suggest you ask why it was declined, if on the basis of information in a credit report from a credit reporting agency, you can obtain a copy of the report from the credit reporting agency if Wizard does not hold the relevant copy. Presumably now there will be another enquiry recorded on your credit reorting file, every time you apply for credit the credit provider may, and usually does, seek a credit report, this ends up as an enquiry on your file, too many and providers start to question why.

A card where you access your own funds rather than a cash advance is cheapest, however most banks and credit unions will charge for using an ATM owned by a different organisation and charge foreign exchange fees, you need to ask a few local banks and establish an account linked to your card.
Another option is to get a travelex type card which you can load in advance and then withdraw using ATMs.

Emperor_Tud

29-Apr-2007 23:52
Posts: 1,211

I have a Westpac account and I am charged A$5 per withdrawal + a Mastercard fee + 1.5% of the transaction when I withdraw abroad.

For Gun Lover in Thailand

MuzzaB

30-Apr-2007 03:42
Posts: 25

MuzzaB

30-Apr-2007 03:49
Posts: 25

Why not take both an atm and a visa/mastercard(split your funds between them or just transfer from your normal account to your credit to cover a cost) .Sometimes you just cant find an atm,but the place your staying at might take a credit card.Oh yeh i always carry at least 1500baht werever i go just in case(make sure its an assortment of denominations).Catcha:)

nightowl2

30-Apr-2007 08:24
Posts: 27

Hi! I spent two months in Thailand and took my Credit Union which was a visa debit card and I also took a travelex "cash passport". The cost was $3.75 per transaction, I think there was an initial set-up fee but I can't remember how much and then you just put money into it. Basically you get two cards, in case you lose one (different no.s) and can be used at all ATMs. The website is www.cashpassportcard.com or phone 1800889040. I found it useful and you don't need to apply, got mine organised in about 20 mins.

brydgirl

30-Apr-2007 15:49
Posts: 90

Hi and thanks all, for your suggestions and advice.

Nightowl2 the travelex card looks brilliant! Does the card have the visa logo on it and do most ATMS have the visa sign, allowing you to withdraw form them? Also, can you use it as a VISA, being able to book rooms online etc?

Thanks all
Brydie

~When the student is ready, the teacher will appear...~

nightowl2

01-May-2007 08:51
Posts: 27

Hi Brydie! Yes the card does have the visa logo, and I used it at ATM's with no problem. I don,t know if you can use it as a visa, you would have to ask. I just used it for cash withdrawals :) Cheers!

jarman_ah

07-May-2007 17:16
Posts: 187

I really don't know the best answer to this question, because it seems that the odds are always stacked in the banks' favour, no matter what you do, but here is one, just to think about:

Citibank is all over Australia, and it also has branches in Thailand, India, Vietnam, and China... to name just a few. If you transferred your current account over to Citibank, could you then visit all these countries and use the local branches just like you use your branch at home? That way you'd be using local cash every time you withdrew, and all you'd have to worry about was Citibank's conversion rate (which is probably no worse than what the others charge, IN ADDITION TO that notorious $3-plus fee every time you use your card). Or is there something I'm missing?

Alan

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