Travelling Money

[Olly]

I'm not a seasoned traveller so not 'au fait' with the best way to 'use' money overseas - New Zealand to be precise.

I've been advised to get an EFTPOS card, a money passport (may have the wording a bit wrong there - you load it with your money and use it like a debit card), withdraw from a bank with reciprocal arrangements with the Commonwealth......................
I'm totally confused and looking for advice from people I trust - you guys!

So, in a nutshell, I'll need some actual NZ cash for everyday stuff, but would also like easy to use money, that's not cash, that's accepted everywhere, that won't cost me a bundle in charges.

Help please.

Ta
Olly

 

[BV]

I'd take my credit card and if I need cash I can use the same card to withdraw cash from an ATM.

If you use a card you won't need to Carry a lot of cash.

You do pay a transaction fee when you use your credit card but it's not much and don't forget that the other payment types have fees as well.

 

[Olly]

I'd take my credit card and if I need cash I can use the same card to withdraw cash from an ATM.

If you use a card you won't need to Carry a lot of cash.

You do pay a transaction fee when you use your credit card but it's not much and don't forget that the other payment types have fees as well.

My original plan was to use my credit card but that bought howls from everyone because they said I'd be hit with charges both sides AND exchange rate charges for each withdrawal or charge so I ditched that idea and started looking for an alternative.

What are the charges like then?

Olly

 

[clk0]

I was in Auckland, NZ a few years ago, you can actually use your current CBA transaction card at the ATM at ASB Bank (belongs to CBA), however, there is a charge of $2 or $2.50. If you are using other bank transaction cards, there are ANZ, NAB and Westpac - nothing's changed.

You will feel that you are in Australia.

Hope this helps.
Jas

 

[wylie]

Not sure about the details, but when we went to the US, we opened a Wizard Clear Advantage credit card because the fees were supposed to be very low compared to other cards.

Cannot remember the details, but perhaps worth a call to ask Wizard.

 

[Shazntaj]

I only ever use my atm card at visa plus machines when travelling o/seas. I get a lump sum out when I enter the country to prevent too many fees and charges and then get more out conservatively as I see fit. Cash passport still charges fees whenever you use it anyway so I really don't see the point of it myself.

 

[BV]

My original plan was to use my credit card but that bought howls from everyone because they said I'd be hit with charges both sides AND exchange rate charges for each withdrawal or charge so I ditched that idea and started looking for an alternative.

What are the charges like then?

Olly

The exchange rate would be similar to any other method of payment.

My wife used our visa card in Europe before easter and the fee was approx $1 per transaction. I assume it would be the same in NZ.
We are with the fee bank (StGeorge) so I assume this charge will be less with other banks.

Assuming the bank charges are similar.
If you are only going for a few weeks and also use cash you'll probably have $20 of fees which is not a big deal.

 

[jaycee]

When I went to Europe, and Singapore, I checked with my bank. I could use my normal day to day key card... there was a minimum amount you would get charged, or a flat fee I think... Didn't have to do anything I don't think. Originally I was told by others to put cash into my c/card and use that, bank suggested keycard would be more straightforward.
Made it nice & easy.

 

[Mooze]

On the CommBank FX Card, assuming it hasn't changed in the last two years, the main reasons it was set up were:
-cash transactions - withdraw from ATM
-gifts - send money OS
- security - use it in countries where you're worried about them swiping the card/gaining access to your account
- knowing how much you've got - you charge it before hand, or via internet - means that you know how much you've got in FX rather than AUD, so can be used to negate changes in FX rate (however you can't store large amounts so is useless for FX trading)

It was cheaper than travellers cheques, as well as most of the other fx cash cards (whose charges were in the form of worse FX rates) such as amex or visa. Was also designed to be cheaper than using a standard cba debit card, not sure if this is still true

 

[Y33]

How long are you going for?

The fees aren't really that much too worry about but if you do then try the following.

Withdraw enough money for a week at a time to cut down on withdrawal fees etc.

You may want to open an account in NZ and transfer money into the account and then get a NZ BC if long term travel.

Any trip under 3 months probably isn't worth making an account.

 

[geoffw]

Just one thing to be careful of.

If you have a travel insurance policy (which you should!) if you lose the cash you may not get much (if any) reimbursed you get it stolen. So you may find it better to pay the extra fee to withdraw smaller amounts more often,

Also check with your bank about current fees. Banks are finding more ways of extracting money from you, so what applied two or twelve months ago may not apply now.

 

[GreatPig]

I agree with Bill. I just use my normal credit card and carry a bit of cash. Since I go to NZ fairly regularly, I keep any left-over cash in my drawer for next time. For a short budget trip, I think convenience is a much higher priority than fees.

About the only thing I would say is don't change money at Sydney airport! If you want some NZ cash before you get there, get it from a bank before you leave.

GP

 

[poppy]

Not sure about the details, but when we went to the US, we opened a Wizard Clear Advantage credit card because the fees were supposed to be very low compared to other cards.

Wizard clear advantage is still the number one card by far for using money overseas.

No overseas ATM fees.

No foreign currency conversion fees.

Before you go put your spending money onto the card and you will not incur any interest either as you are using your own money.

 

[Perp]

The GE "Clear" seems to be a good recommendation.

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