Hi guys,
My daughter will be an exchange student next week! She's going to spend three months living near the France Germany border and I am trying to think of the best method to give her some spending money to take along.
I am guessing that Aussie dollar cash will get an low exchange rate in Europe, so cash is out.
I think I have read here about pre-loaded credit cards? Can't for the life of me remember where the discussion was.
What do you think? Any recommendations?
Best method to give an exchange student Euros to travel with? Preloaded credit cards?
King Tightarse on 17/08/2011 - 22:28
Comments
You left it rather late. She could have applied for a 28degrees CC but she may not get it within a week.
Try a traveller's cash card. They will work in ATMs. Rates are not great but better than cash. The rate is frozen at the date of purchase or recharge. This could be good, or bad. Also there will be a transaction fee so she should minimise the number of withdrawals. You can deposit more money this end, but recharging also carries a cost. Getting a refund of any balance will also cost. Leaving the money there will incur an account-keeping charge until the account is drained. Guess they thought of all the ways to screw customers.
I don't know if she can open a bank account there. If she can, a telegraphic transfer (ancient terminology, probably Internet transfer now) will get good rates.
The other option would have been to organise a NAB gold transaction account, but given that she only has a week left, the card won't arrive on time either.
Yep a travelers cash card, that would probably be the one. I want the type that I can load up with a certain amount and send her off with.
Looking into it now…
Traveller's cash card does have the advantage that they give you a spare card with a different PIN in case the first is lost. You also get a website to check transactions and balances. And that you can recharge it remotely naturally.
Yep, thats what I'm after. Seems like most of (all?) the banks do them. Wonder which one has the least number of gotchas..
I suspect many of the banks are reselling the same product.
Found a choice article but its a little out of date…still doing the comparo..
Hmmm seems the rate are no better than those for when the bank sells Euro notes, with all of the other costs too.
Maybe I'll have to just buy her the cash - always a worry with a teenager!What about a debit card on an account, which you can top up here when needed, she should be able to take funds out at an ATM. Again issue is how soon you can get the card. If she has an account now then that part of the problem is gone.
Yes she has a regular savings account with NAB but I wonder what the rates are like? I look into it this morning.
It seems most of the methods really skim the exchange rate plus add all sorts of fees!Really with exception of teh NAB gold and 28 degrees MC, they all skim you. Generally its $5 a transaction and around 3%. So one way to save is to take a larger withdrawal to save too many transaction fees. (the 3% cant be avoided)
Hi,
28degrees mastercard formerly wizard homeloan mastercard is the only cc with no annual fee and no overseas fee. I just applied to this card an hour ago after doing a lot of research and people's recommendation.