The OzForex Travel Card offers some of the most competitive foreign exchange rates with one of the lowest forex margins in the market
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.
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The OzForex Travel Money Card is a convenient way to access your money while you're travelling overseas. This travel money card combines the world-wide acceptance and security of a Mastercard with the market leading retail foreign exchange rates offered through OFX. This article will review the OzForex Travel Card and highlight some of the distinguishing points and the areas where it doesn't stand up as well as other cards in the market.
This review will cover:
- How to use the OzForex Travel Card
- How to load money onto the OzForex Travel Card
- Exchanging Australian Dollars to a Foreign Currency
- Travel Card Security
- OzForex Travel Card Fees and Charges
- How to apply for the OzForex Travel Card
Travel money cards work by allowing you to convert funds to a number of foreign currencies, so you can spend like a local when you're travelling overseas. You load Australian Dollars (AUD) onto the card and convert the funds to an accepted currency wallet of your choosing.
You can transfer AUD to eight currencies with the OzForex Travel Card. And one of the great points about this card is that you don't have to exchange currencies when you first deposit Aussie Dollars, you can wait till you think the exchange rate is favourable. Once you convert the funds to a foreign currency, the exchange rate is locked in. So you're protected against negative currency fluctuations too.
You can transfer money between wallets, view your account balance and monitor your transactions through the OzForex Travel Card website - it makes the whole process easy to manage.
How to use the OzForex Travel Card
When you want to make a purchase, even though you're using your own money, press 'credit'
The OzForex Travel Card works the same way as any other Mastercard. You can use it wherever Mastercard is accepted, both at ATMs and over the counter. There are some places where you can't use the card though. This travel card can not be used to make a purchase over the phone.
A multi-currency travel money card
The OzForex Travel Money Card currently allows you to transfer to the maximum number of currencies currently offered by any travel money card. You can convert Australian Dollars to:
- United States Dollars
- Great British Pounds
- New Zealand Dollars
- Hong Kong Dollars
- Singapore Dollars
- Canadian Dollars
- Japanese Yen;
It's worth mentioning that between these accounts, you can only have the AUD equivalent of $25,000 on the card at any one time. So big spenders may want to consider an alternate card.
Chris Minehan: Head of Marketing OFX talks about the OzForex Travel Card
How to load money onto the OzForex Travel Card
Funds are loaded onto the card using BPAY. To load funds onto the card, you will need to log into your current financial institution's online banking facility and choose to send funds to another Australian account via BPAY. BPAY transactions take up to two business days to process, so be sure to time the transfer for when there are no Australian public or bank holidays or weekends.
BPAY is the way
Unlike some other travel money providers, OFX do not charge for topping up your card via BPAY; however, there is a charge of AUD$15 the first time you load funds onto the card.
The OzForex Travel Card Biller Code is 667 220 and the customer reference number is your card number.
You can set up SMS Alerts so you're notified when funds have been loaded onto the card. You can also set up SMS Alerts to give you your card balance on a daily, weekly monthly basis. This is a handy feature for managing your card if you're away from an Internet connection. It's worth mentioning that these notifications don't factor in time zone difference, so it might be worth putting your phone on silent when you go to bed.
Exchanging Australian Dollars to a foreign currency
Once you've loaded Australian Dollars onto the card, you then have the option of converting the funds to an accepted foreign currency. This is done through the OFX Prepaid website online portal. You will be able to see the retail foreign exchange rates before you transfer the funds loaded on your card to another currency.
Accept the quote to spend like a local
If you're happy with the rates offered by OFX, accept the quote and the funds will be converted into the accepted foreign currency of your choosing and become available in that currency wallet.
This travel money card comes with both a CHIP and a PIN.
One of the great advantages of a travel card is that you get two cards for the price of one. Cards are easily lost or stolen when you're abroad, so the addition of a backup card makes sense.
If the primary card is lost or stolen, contact OFX and they will block or cancel the card for you. In the same breath they should be able to activate the backup card too. Just make sure you don't keep both cards in the same place - don't keep both in your wallet. When you apply for this product you can choose whether both cards have the same PIN or different PINs.
Another good point is that you're not liable for any fraudulent transactions if you're ripped off. You need to make sure that you made sure you kept your information private and it's clear to the provider that you did not contribute to the loss.
OzForex Travel Card Fees and Charges
The OzForex Travel Card does not charge a reload fee, monthly inactivity fee, a fee to withdraw cash over the counter or a fee to close the account; however, there are a number of fees and charges you need to be aware of when using this card.
Beware of spending in a currency not loaded onto the card
This is great card to use if you plan your spending correctly. But if you end up spending in a currency wallet that's not loaded on your card, you can expect to get hit with some hefty fees and charges - like trying to shop in France when you only have British Pounds loaded onto the card. If the currency you wish to spend in is not available on your card, the card will automatically debit funds from the next currency wallet to pay for the transaction.
There is an order the funds will be debited from the card if you can't pay in the local dough.
- Australian Dollars;
- United States Dollars;
- Great British Pounds;
- New Zealand Dollars;
- Hong Kong Dollars;
- Singapore Dollars;
- Canadian Dollars; and
- Japanese Yen.
If you spend in an accepted OFX currency wallet that does not have enough money to complete the transaction, you won't be advised of the exchange rate when the funds are transferred between wallets, so you may end up paying more on foreign exchange in addition to a currency conversion fee of 3% of the value of the transaction.
On another note, if you spend in a currency that is not offered by OFX as a 'currency wallet' - say South African Rand or the Mexican peso - the foreign exchange rate will be converted by Mastercard at their own rate.
ATM withdrawal fees
These fees are a pain, but there's only one card in the market that currently doesn't charge for ATM withdrawals. This doesn't include local ATM operator fees though. Please note that on top of the fees listed below, you may also be charged a fee by the owner of the ATM machine.AUD 2.95, CAD 2.95, EUR 2.00, GBP 2.00, HKD 15.00, JPY 210, NZD 4.25, SGD 3.50, USD 2.25
OzFoex Travel Card Limits
There are some limits you should be aware of when using this card. The maximum and minimum load and spend limits are listed in the following table. If there is a field missing from the below table then there is no restriction on the number of transactions or total value of the transactions.
|Maximum balance on the card at any one time:||AUD$25,000 or the foreign currency equivalent|
|Total amount that can be loaded in a 12 month period:||AUD$50,000|
|Maximum value of EFTPOS transactions in any 24 hour period:||AUDNone or the foreign currency equivalent|
|Maximum amount that can be withdrawn from an ATM in a 24 hour period:||AUD$1,500 or the foreign currency equivalent|
How to apply for the OzForex Travel Card
As this is not a credit card and you're using your own money, there are no credit checks and people 16 years and over are able to apply for this card. The card is only open to people 16 and above because OFX will need to verify your identity before you can start using the card.
If you're approved the cards will be sent out to you in the mail, so you'll need an Australian residential address. Once you receive the cards in the mail, sign them immediately. You will then need to activate the cards before you can start using them. This can be done online and only takes a minute.
To apply for this card follow the application links on this page. You will be directed to a secure OFX application page where you will be asked to enter you personal details and to verify your identity. And the application can be done completely online and should only take ten to fifteen minutes to complete.Back to top