Cash out or transfer rates are the worst
Used Travelex card in US a few years ago - all good and not too bad exchange rates. Around about 3% off mid rates. Two cards - one as back up - online app worked well etc. So was very happy.
So I used them again to go to SE Asia in January. Delivering the cash and cards was on time and very efficient at their branch. Initial load rates were about 4% off mid rate. So reasonable.
But upon return found top up and cash out rates now 10% off daily mid rates for THB and 7% for SGD (giving buy / sell spread of 20% and 14% respectively) which upon co...
Traps withdrawing from overseas ATMs
We discovered that withdrawing from ATMs in Europe and the UK has a trap that does not appear to be in the Travelex information pack nor in their FAQs.
When using an ATM in Europe or the UK (the only places we used the card), there may be a question on screen such as 'use home currency', or similar. It is important to decline this option.
When we first used the card in Holland, we accepted this option, thinking 'home currency' referred to Euros, which we had on our card.
Instead, the ATM appeared to convert the withdrawal from Euros ...on our card to Australian dollars, then back to Euros. We did not have an AUD account or an AUD balance on the card prior to this withdrawal, but an AUD account appeared on our card after the withdrawal, with a residual of zero AUD in it - and the transaction showed in our on line transaction statement as AUD, not Euros. Thus it appears that the card allowed the establishment of an AUD account on our card, and then converted Euro to AUD, and then back to Euro, so we believe we have paid two conversion rates.
Unreliable and expensive
I purchased a Travelex card and loaded it with USD on the understanding the money would be accessible without charge from the mainstream bank ATMs in the US. My 1st attemp was using a Bank of America which cost me US$19.75 for withdrawing US$200 ( they applied an exchange rate even though my money on the card wa# in US$). I found the most efficient way of reducing fees was to maximise the withdrawal amount which was US$800 at Wells Fargo for a fee US$5. Attempts to withdraw US$800 from any bank other than Wells Fargo failed with a referral t...o Travelex. This restricted me to using Wells Fargo banks which was highly inconvenient as they are not as widespread as some other banks. The card was also used to make a payment at Macy’s San Francisco which went through without issue, however the Secondary card did not work for making purchases at Macy’s New York (Manhattan) or at multiple other stores. Overall I found using cash (whic( I got from Travelex as they provide a good exchange rate) and my credit card for payments was the most effective way of working. Using the Travelex card for ATM withdrawals is expensive and very restrictive. The other issue I noticed was that there is no statement for your card use so reconciling your balance relies on you keeping your transaction receipts which isnt ideal. My final grievance with the Travelex card is that the Travelex sales people do not know the product they are selling and provide false information about its capability. I would not have used the card had I known the true details of the card as I now do having travelling across the US and used or attempted to use it in multiple cities.
Was told to exchange inside the gates because they don’t have enough Indian rupees, which is fair enough. Once inside, then asked me how much I needed... then told me there is NO rupees. (What’s the point of asking me how much I need if you had none?). Then apparently they had 2000 still not enough after talking to the person next door... which is fine. I said just give me what you have, but the person sounded like she doesn’t want to. So I just have to do it at Hong Kong airport, with less admin fees and likely to have better exchange rates too...
Stuck with no money
Travelled to Italy, we ran out out cash on the card, so went to top it up, being a Thursday and selecting the one business day option, I thought it would be fine to have cash by the week-end....WRONG, apparently the end of a business day is 2pm, as I loaded the card after 2pm on Thursday, it goes into the Friday, which means no money until Monday, as it has to be one clear business day. BUT it also happened to be a long week-end in Sydney, so no cash till Tuesday. For an INTERNATIONAL card, I expected HEAPS better service than this. We could no...t do the things we wanted to do as most places take cash only. To wait this long for the money is ridiculous, go with a faster service, I will not use this card again. An easy way to earn extra interest Travelex, as the money was taken from my account on the day I did it... ripping off their customers... not good.
Don't bother losing hard-earned dollars!
Myself and 2 friends are travelling to USA in 3 weeks from NZ. We initially loaded $260 NZD as $250 is the minimum load amount and $10 is the fee to first sign up and load. This then converted to $170 USD. (exchange rate for cash passport was way lower than other banks...) 1 of my friends also had major trouble even logging into her account, it was telling her the security answer was wrong. I began reading reviews and freaked out a little so decided to withdraw my money from local ATM rather than cash out card because other reviews were stating...how long it took to get your own money back. So i converted from USD back to NZD and ended up with $213??? HOW DID I LOSE $37 of my NZD money??? Went to an ATM and withdrew $200, cost me $4, so now have $9 left on the card and I'm not too bothered about trying to get it back. We aren't even going to waste our time using these and are just going to take everyone elses word for it and use our own debit and credit cards from our own banks. Basically have lost $50 JUST to sign up to this company i'm counting my blessings i didn't put anymore of my savings onto this.
Worst conversation rate plus fees and charges!!
Travelled to nz and burnt through all my money on this card in a few transactions. Thinking that there must be something wrong with the card I phoned up once home in aus and discovered that it was the outrageous conversation rate and transaction fees that ate up all the money! My husband did try to warn me too.. never again!
Not Happy Jan
I loaded up my multi cash passport days before I left. Only to find after five days still had no money. This company is making even more money by investing card holders money. That must be the reason why it can take up to a week before you have it. Felt very let down and embarrassed having to borrow money. Very poor service. But what are your options.
Beware of monthly inactivity charges
I was quite surprised when logging into my account after two years of non use to find that I had been charged a monthly inactivity fee of $4 AU per month ( this eat up my remaining balance). When I phoned up the call centre to find out what was going on they told me that I was in a negative situation and that I would have to transfer more funds onto my card to enable me to close down my account as it is in a negative situation. This is clearly wrong. I now have a currency card with my personal bank that charges no monthly inactivity fee. My advise to Multi currency cash card is to lift your game if you want to compete in this market. I feel ripped off big time.
Some good point, some bad points
I have used travel cards before and find them a great way to use your money overseas. The major downfall with the cash passport card is that you cannot use it online. Yes, they say it is possible to use online but i tried to multiple times and on many different websites - the issue is that websites do not see it as a secure card as there is no name/address attached to the card. This became every frustrating when traveling and trying to book tickets etc that could only be done online. When i called them, they just said i was doing it wrong or the website was dodgy, but i tried many different times and it would never work. Also to avoid some of their fees, get it through a travel agent as some fee are waived.
Card Not Secure & Wall Of Silence After Claim
This card system would have worked out well for us, except for two important points: security & customer support. Our secondary card was stolen and my first thought was thank goodness they don't have access to the PIN. Well they didn't need the PIN and our account was emptied within half an hour before we were able to put a stop on it. Then having reported the theft, filled out the 'disputed transactions' report and furnishing cash passport with the police report, there was a wall of silence from cash passport. As the weeks went by, I just want...ed to know if our case was progressing and what sort of time frame I could expect before an outcome was decided. I couldn't even get a sense that our claim was even being considered. Emails to cash passport were unanswered and calls to customer support were unfruitful. Phone lines were poor and several of the operators were difficult to understand. They are obviously trained to never admit they do not know the answer to questions, so keep spewing out information I didn't need. Neither can they get someone more senior to call back to help. Exactly 4 weeks after making the claim the stolen money has been credited back into the account. I could well have coped with that duration had I been given an indication the case was actually proceeding and there would eventually be an outcome. For cash passport to admit their card has security issues would have been a bonus.
The card works fine if you have all your money loaded at the purchase of your card. Fat chance of reloading from out of the country. Nobody at the top can fix what was correct at time of purchase. A very sad statement for Master Card holders and users. Don't use this service until they get their act together.
Ok for shopping and ATM usage but that is all
I got this cash passport to use in the USA so had $US dollars loaded. The problem came when the hotels wanted preauthorisation, little did I know that they debit your card. Some took an extra US$50 or $60 per night, others took the whole amount or nearly the whole amount. Now we travelled in August/September 2015 and I am still waiting for my refund from Mid September for four nights accommodation $US570.00. My stay in San Franscisco, our total account was for US952.00 and they debited me US$1152.00 so you would expect a US$200 credit back ...to your account, no I was debited US$952 again. This took over three weeks to be credited with calls to the hotel and emails to Travelex. My advice: DO NOT USE THIS CARD FOR PREAUTHORISTION use another credit card and say you will pay the account with your cash passport. I used it ok for ATM withdrawals but was charged at some banks. The Bank of America does not charge any fee. I used it without any problems in stores.
Cash Passport is an imperfect product
We travelled the UK last year & the card worked well.....until it need a top up during the last 3 days. The money was finally credited 6 days later when back in Australia. Another problem is that the card cannot be used in Australia & cannot be closed at the bank where it was bought from but has to be done online. Mastercard- "lift your game" as it could be a good product.
Finally got a response
My card was not working so after a number of phone calls I did receive a cash advance from a Western union office which was organised by Cashpassport. I had to get new cards which were sent on to a forwarding address. They arrived within 5 days. I rang and had the cards activated but when I tried to use them the cards were rejected, I rang again and was told the cards had not been activated even though I had done this 3 days previously. The following day I was able to use the new cards. I also found that the unsuccessful attempts at using my c...ard had been recorded on my account but was told after ringing again that they were not valid and would be removed from the account. All this when I could just have used my regular card. I still have Euros on my card but am back in Australia so will have to convert them back, or use my card monthly to avoid a fee. It is all too complicated so I am going to close the account.
Questions & Answers
To what email address do I send my AU Travelex cash out form to?
I don't know about the form. I doubt there is such a thing as you need to prove identity and emailing that to someone means they can access your acccount. If someone sent you a form it may be a scam.
You can cash out to a bank account all online or go to a travelex shop location - a good thing about Travelex is they have lots of locations.
With the current ransomware crisis the main website is still down. However, you can use au.travelexmoneycard.com web site. Enter your card, email and password to log on. Go to transfer money tab.
The exchange rate is really bad for most currencies and they even charge a $10 fee on top of that.
If you buy things online - maybe use your travelex card and you may get a better exchange rate - not sure. I am thinking of testing this (expecting to save around 5 to 10% depending on currency conversion).
How do I check account used to load my Travelex card?
I believe amount loaded on to my Travelex card is being taken off one of my credit cards which costs me in fees. How do I change Travel ex instructions so that amount being transferred to my Travelex card is in future deducted from my bank debit card?
Help urgently appreciated
How do I cancel my CashPassport Card and retrieve the little that is left in it?
Get an answer from our members and Travelex representatives
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