Don’t wait till the last minute to sort your travel money.
A handy product if you’re planning on travelling or transacting in a foreign currency, the OzForex Travel card allows you to preload and hold multiple foreign currencies on the card at the same time. The exchange rate is locked in when the card is loaded with value. The OzForex Travel Card supports all major international currencies, including Australian dollars. And unlike other travel cards, the OzForex Travel Card is free to reload. However, you will pay an initial load fee of $15.
- 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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OzForex Travel Card Review
Travel cards are growing in popularity among overseas holiday-makers looking for a convenient way to manage their travel budget. These accounts offer a separate travel only account that is topped up from your everyday transaction account when you need more money, a back-up card is issued with the account in case the first is lost or stolen, you get the ability to load and hold multiple foreign currencies at a set exchange rate and you get access to the Visa or MasterCard payment and ATM networks. The OzForex Travel Card is a MasterCard can be used to make purchases and withdraw money wherever MasterCard is accepted — worldwide.
As convenient as travel cards are to take away on holiday, they do come with fees — and the OzForex Travel Card is no exception. Most travel cards will charge for a reload fee, the OzForex Travel Card does not. The card issue fee is $0 But there is an initial load fee of $15.
Benefits of the OzForex Travel Card
Preload multiple currencies
- Available currencies. Although some of the more ‘exotic’ currencies, like Emirati Dirham (AED), are not an available currency on this account, The OzForex Travel Card allows you to hold all of the major foreign currencies.AUD, CAD, EUR, HKD, GBP, JPY, NZD, SGD, USD
- Lock in the exchange rate. Load the account using BPAY. Value is loaded onto the account in Australian dollars. You’re then able to transfer the money between currencies at a time of your choosing, allowing you to lock in the exchange rate when you want.
- First load / reload fees. It’s common to incur a fee either when you first load a travel card with funds or every time you load card with funds. The OzForex Travel Card charges $0 to reload, but there is an initial load fee of $15 on your first load.
Spend in a currency not loaded onto the card and you’ll incur a fee for currency conversion. This is a fee of 3%% of the value of the transaction. Load up your card before you spend and manage your account through the OFX online portal to make sure you don’t get charged for currency conversion.
The default currency order
If you do spend in a currency not loaded onto the card, you will incur a currency conversion fee. The available currencies on the OzForex Travel Card will be debited in the following order: AUD, CAD, EUR, HKD, GBP, JPY, NZD, SGD, USD
A MasterCard account
- Use it anywhere MasterCard is accepted. As this is a MasterCard, you can use it wherever MasterCard is accepted. This is at millions of ATMS and point of sale terminals around the world.Press ‘CREDIT’ when asked at the ATM or over the counter to complete a transaction.
- Comes with a backup MasterCard. The beauty of a travel card is that the account actually comes with two cards. The backup card can be activated by calling OFX if the first card is lost or stolen.
- Manage the account online. Reload via BPAY from your transaction account and conveniently manage your account online through the OFX customer portal.
MasterCard Zero Liability Guarantee
All MasterCard products are protected under the MasterCard Zero Liability Guarantee. This covers you if you’re account is defrauded while using the MasterCard payment network (over the phone, over the counter or contactless transactions).
OzForex Travel Card limits
- Load limits. Load as little as and as much as $25,000 on the OzForex Travel Card. You can load up to $50,000 on the card in a 12 month period.
- Transaction limits. You can withdraw up to $1,500 from an ATM in a 24 hour period using the OzForex Travel Card.
- ATM limits. Different ATM machine operators may also impose their own limits on the size of ATM withdrawals.
Watch out for travel card ATM fees if you’re withdrawing cash overseas. OFX charge a fee when you make a withdrawal. The charge varies depending on the foreign currency you’re withdrawing.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
SMS Alert fee
SMS alerts are a feature of the OzForex Travel Card. You can elect to get an SMS when you load the card, to confirm how much money you’ve got left on the card and you can also get one off SMSs, which let you know things like ‘last five transactions’. It will cost you 50 cents per SMS. You can get all this information through the OzForex Travel Card online customer portal.
Features of the OzForex Travel Card
The OzForex Travel Card offers the following features:
- Pay $0 to get the card. The OzForex Travel Card has a $0 card issue fee.
- Load up to nine multiple foreign currencies onto the card and lock in the exchange rate. Available currencies:AUD, CAD, EUR, HKD, GBP, JPY, NZD, SGD, USD
- Comes with a backup in the case the first card is lost or stolen.
- You’re covered under the MasterCard Zero Liability Guarantee if you’re the victim of credit card fraud, and your card is protected by chip and PIN security.
Chris Minehan: Head of Marketing OFX talks about the OzForex Travel Card
*Click here for video transcript and Disclaimer:
Hi, I’m Chris Minehan. I’m the head of marketing at OFX. I’m here today to tell you all about the OzForex travel card and why it’s the best travel card on the market.
The OzForex travel card is a safe and secure way to access your funds when you’re overseas. It’s a modern version of the old traveller’s cheques. The main benefit of the card is the industry bidding right. It’s 2.99% over the wholesale rate, and that’s the best rate in the market. A lot of the other travel cards are between 4% and 8% margin. There are also no reload fees on the OzForex travel card. It’s the only card in Australia that has no reload fees, and that will save you 1% of the money you’re loading every time. So every time you put $1,000 on the card, that’s saving you $10.
You get a secondary card with the travel card, so you can keep one in your spare suitcase or somewhere else. If you lose it, you don’t have to wait the 48 hours for MasterCard or the card provider to send you a new card. You have a second card that you can access online. And finally, you can lock in a rate at the time of your choosing. So when the currency is high
or when you want to send over the funds, you can choose when to do that.
There are two considerations when using the card. Firstly, it doesn’t offer travel insurance. If you’re looking to purchase your international flights, you’re better off using your existing credit card. Also, when putting funds onto the card, we ask that you allow two to three days for the funds to arrive. We accept funds via BPAY, but sometimes it can take two to three days for the funds to be available on your card.
The OFX card has some limits for security. The maximum funds allowed to be loaded on the card is $25,000 Australian dollars. We also have a minimum $100 load amount on there. So you can’t load less than $100 onto the card at any one time.
The OzForex travel card is available with nine separate currencies, or what we call Wallets. It’s available in Australian dollars, US dollars, Canadian dollars, New Zealand dollars, Hong Kong dollars, Singaporean dollars, Japanese yen, Euro, and Great British pound.
You can spend on the card if you’re travelling outside of those nine major countries or where those nine currencies are accepted, and it will move the money from your Australian wallet into the local currency that you’re travelling in.
You can monitor your funds overseas by SMS alerts. We also have an online portal where you can go in and access your card details. We can send an alert when you have low balances, and you’ll get an SMS alert on your phone to let you know to load up with plenty of time to get your funds onto your OzForex travel card.
One thing to consider when getting a travel card is the exchange rate that you’ll get. All banks and travel card providers will charge a mark-up over what we call the interbank rate, and that’s the rate you see when you look at the nightly news. OFX has a 2.99% markup on that interbank rate, and many other providers have between 4% and 8%.
Your OzForex Travel Card is valid for three years after application. If you wanted to renew that, three months prior to the card expiring we’ll send you an e-mail, and you can choose to renew your card at that time.
If you have cash left on your card at the end of the three year period and you choose not to renew it, you can access those funds through EFTPOS, an ATM, or we can send it to an account of your choosing.
The OzForex Travel Card is issued by Macquarie Bank Limited ABN 46 008 583 542, AFSL No. 237502 (MBL). This information is for general information purposes only. It does not take into account any of your potential personal objectives, financial situation or needs. Before acting on this information, you must consider its appropriateness having regard to your own objectives, financial situation and needs and obtain your own independent advice about whether to obtain or continue to hold a Card. You should read and consider the current Product Disclosure Statement (“PDS”) available at www.ozforex.com.au/travel-card (which you agree to be provided by accessing this link) before making any decision about whether to acquire or continue to hold a Card. Full terms and conditions are set out in the PDS. Fees and charges may apply if you obtain or continue to hold a Card. OzForex Pty Ltd’s (ABN 65 092 375 703, AFSL No. 226 484) Financial Services Guide is available at www.ozforex.com.au/travel-card and you agree to its provision to you by accessing this link. MasterCard® and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated. BPAY® Registered to BPAY Pty Ltd ABN 69 079 137 518. Rates mentioned and compared are based on rates stated on travel card provider websites as at [xx] date. Fees and charges apply for non supported currencies, please refer to PDS. SMS fee of 0.50c per SMS applies.
How to apply for the OzForex Travel Card
Click on ‘find out more’ or ‘enquire now’ to be directed to a secure OzForex Travel Card application page.
You must meet the following requirements if you want to apply for the OzForex Travel Card:
- Be over 16 years of age
You can use the following sources to complete the online identification process:
- Driver’s licence number
- Phone book
- Electoral Role
- Foreign passport (employment visa)
- Credit history
- Tenancy file
Manual identity verification fee
If you’re unable to complete the online identification process, you will be required to verify your identity at an Australia Post retail outlet. A fee of $25 will be charged for this service in addition to the initial load fee.Back to top