OzForex launches online prepaid travel card without reload fees
OzForex has launched a new prepaid travel card allowing business travellers to manage nine currencies wholly online, removing the need to visit a bank branch.
The card includes free currency reloads, competitive exchange rates and online accessibility, which OzForex CEO Neil Helm said existing cards aren’t offering to busy travellers.
“Most travel cards are seen as a lucrative product, but poor exchange rates and high or even hidden fees mean that they don’t deliver good value for travellers,” Helm said.
The OzForex prepaid travel card has less fee charges than other providers, including no card issue fee, no reload fees, no monthly fees, no transaction fees for EFTPOS or purchases online and no transfer between currency fees.
“Instead of paying an extra 1-1.1 per cent for every currency reload, customers will be able to recharge the OzForex prepaid travel card as much and as often as they like, paying only the basic exchange rate while enjoying considerable savings,” Helm added.
Users will need to pay a one-off initial load fee of $AU15.00, but the travel card does offer low ATM withdrawal fees and balance enquiry fees. Safety and security is a priority, so OzForex has included a CHIP and PIN security, so if the card is lost or stolen it can be blocked and a free back-up card is issued.
To celebrate the launch of its new pre-paid travel card, OzForex is running a competition in which travellers can win a travel card loaded with $1000 each week, for eight weeks.
To go in the running to win, travellers need to ‘Like’ the OzForex Facebook page and in 25 words or less write how they would spend the money. Travellers will also need to register for a card online.
What a brilliant idea! As an international traveler, I am always wary to use my card, and hate getting dinged on the exchange rates. So there are no other fees aside from the one time initial load fee? Any citizenship restrictions to apply for the card?
Thanks for the post and info,
Ryan
Hi there,
First I would like to say that the Ozforex rate is %4 currency exchange about the best of the other cards. After that, the transaction are handled by MacQuarie Bank. Ozforex themselves are OK to deal with, and its a pity that disputes are not handled by them.
My advice is to tread very carefully with Prepaid Travel cards. Be very very careful about using your Prepaid travel card for Hotels, Flight bookings (Ryanair and Easyjet). Your card will be accessed and your currnency will be converted back to AUD and then converted at an exorbitant rate back into say euros. My Ryanair has cost me an extra 11% on top of the already %4 I have paid to convert AUD to euros to load on the Ozforex card!!! They only have one good use – withdrawing cash. Then hope that you will be able to use that, because MacQuarie Bank will not confirm where they card can be used. Any other transaction, especially online must be treated with caution.
I recently booked a flight with Ryanair, choosing prepaid Master card and currency as euro. The card I have is issued via Ozforex and Macquarie bank. Ryanair was able to access my account and request in AUD, when the card was only loaded with euros. The cost of the booking was 104.98 euros which I was invoiced for by Ryanair, my account was debited 116.79 euros.
I attempted to get the transaction reversed as an illegal deduction to my account, but what I can only describe as beaurocratic incompetence or typical Bank attitude that the customer is wrong no action was taken. I am now going to make sure this dispute is handed to the ACCC and the Financial Regulator ombudsman. MacQuarie Bank sat on its hands and did nothing. MacQuarie Bank has now refused to discuss the transaction details or explain why the transaction was not put on hold while the dispute was assessed. Ideed why they processed an AUD transaction into euros when the loaded currency was euros. Unbelievable.
Mastercard also has a lot of questions to answer in relation to its dealings with traders such as Ryanair who continually abuse the card system with impunity, without offering consumer protection.
Try and get a refund? Advice, avoid prepaid Travel cards and Ryanair. Europe is the home of card scams. So if travelling to Europe be extra careful. Mastercard knows about this and does nothing. Travel money cards are a liability. Your ordinary credit card will work just as well.
Other than that, have a nice trip!