OFX's prepaid Travel Card is being withdrawn from November.
- The OzForex Travel Card will no longer be available for applications as this credit card is no longer available to new customers. The information provided and cards cannot be applied for, however, the information on this page has been kept for the benefit of existing customers and for those who are interested.If you would like to compare other cards credit cards: Click here.
If you were planning on funding your next holiday using an OzForex Travel Card, you may need to think again. OFX has revealed that as of 30 November 2016, the prepaid Travel Card will be taken off the market.
The provider has confirmed that new applications and card activations will no longer be accepted as of now (25 August), and cardholders will be unable to reload funds onto their card from 1 September 2016.
If you already have an OzForex Travel Card, we’ve outlined below the steps you’ll need to take to secure your funds before the account is closed for good.
What if I already have an OzForex Travel Card?
If you’re an existing customer, you can continue to use the card until 30 November 2016, but you won't be able to load additional funds on the card after 1 September 2016. You'll want to remove any remaining funds from the card before December.
You can continue viewing your transaction history via the customer portal until the closing date. If you haven’t downloaded a copy before then, you’ll need to contact OFX to get a copy sent to you.
While you can use the card up until 30 November, OFX recommend that cardholders organise for any remaining funds to be withdrawn as soon as possible.
How can I retrieve funds from my card?
If you’re travelling overseas, you can either spend your leftover funds or withdraw them from an ATM.
If you’re in Australia, you’ll need to convert the remaining balance into Australian dollars and do one of three things before November 30 2016:
- Withdraw your balance from an ATM;
- Spend the remaining balance;
- Arrange to have the balance electronically transferred to your chosen Australian bank account. You can do this by contacting the OFX customer service team or complete an EFT request through the customer portal. This will take approximately 7-21 days to appear in your account.
The fees associated with ATM withdrawals in Australia will be waived as of September 1 2016, but keep in mind that local ATM operator fees may still apply.
Once you’ve withdrawn any remaining funds, you can destroy and dispose of the card.
What happens after November 30?
If you have any funds left on your account after the closing date, they will be treated in accordance with the OFX unclaimed monies policy set out in the Product Disclosure Statement. If you need to retrieve your funds after the closure date, you’ll have to contact OFX to organise a transfer into your chosen account.
If you currently own an OzForex prepaid Travel Card, organising your funds, transaction history and any other enquiries before November 30 2016 will save you a lot of hassle in the long run. While the OzForex Travel Card did offer competitive fees and rates for Aussie travellers, there are still plenty of options available.