Someone told me that Wizard Home Loans have a Clear advantage Mastercard that has no fees for overseas transactions....Sounds too good to be true!!

Checked out there website, rang customer service and emailed them and got the same answer - no fees for overseas cash withdrawals or purchases, no conversion rate fee AND you can put money on it so you are in credit!!!

As it sounds too good to be true, I have pondered over how they make their money ( we are talking about a bank remember)

1. The conversion rate is lower to cover costs

2. They hope that you get into debt and will get interest off a majority of people

3. They hope you will open an account with them.

What do others think????

Karin

Like you say they are a Bank so there WILL be a catch.

Since Banks were deregulated in Oz there is a new meaning to the term "Bank Robbers"

Personally I would rarely pay by card when overseas or draw cash out, but if it is true then I might have to have a look myself to see if I can find the catch.

Hi There
First and foremost they get your custom.Secondly when you come home from your travel you will probably have gave the card a good blattering so then they start raking in the repayments plus interest.
Did you ask what the interest rate would be? Also what is the difference in the rate for purchases as opposed to cash withdrawals?
It's usually very much swings and roundabouts with the banks.
Cheers laurs

Why not just use your own money in O/S EFPOST machines charge is between $3 and $5 per withdrawal.

Den

Works out quite expensive - $4 - $5 per transaction plus 2.5% conversion rate. Last time used this and for every 20000bt ($700) withdrawal it cost $17 in fees.
Have applied for a card and have an email back from Wizard saying no charges and can put money on card which will eep it in credit!
What I intend to do is use it as soon as I get there then go to internet banking and see what exchange rate I got. Will also take cash and commission free travellers cheques as backup.
Will let you know how it goes.....

Karin

We always take cash and just use EFPOST if we run out,I always bring a bit of bt for next time, but this time my friend who lives in Thailand is bringing back $500 worth of bt for me on thursday, he said the rate was about 28.5 but am sure it may have gone up to 29 odd,it will be good not to have to change money up for a while.

just had a look at one of his bank statements and the fee was $18.79 and & $18.94 for non CBA ATM withdrawals for 20,000 bt $696.97,so way too much for small withdrawals.

Den

Hi Den,
yes it does get expensive. It is not worth taking out little amounts, best to take out 20000bt at a time.
As we will be there for 40 days and there will be me and my 2 boys to spend money I do not want to carry all my money in cash. Will let you all know how the card turns out. It may be the solution to saving more money on fees.

Karin

I only did one atm withdrawal on my visacard while in Bangkok. I dont even know which Bank I withdrew at, it was one closest to the Novotel. I asked at my bank here yesterday (Citycoast Credit Union) as to what fee I was charged for this withdrawal and they said it was only $4.00!!! I withdrew 10,000bt, which is about $350AUD. So ... with this in mind, if you are only going to (maybe) do one or 2 withdrawals on your current card, it may not be such an expensive way to go about it. May be much easier than going to all the hassles of opening up a new account with a new Bank etc.

Something for you to ponder on ...

Kitty

Just a quick note on credit cards,My friend had his card number used and maxed out from useing it in Thailand, thats why he now just uses his normal bank ATM card. I Know this can happen anywhere in the world but he was told by visa that it is rife in Asia. The credit wasnt a problem but he had his own money on the card as well which took quite a few months and a lot of phone call ect to get back his money.

Just looked at my ANZ statement and in Noumea in Jan this year I only got charged $2.10 currencey conversion fee plus $5 Cirrus ATM fee, so $7.10 isnt bad for the convenience of using your own card in an ATM overseas.

Asia may have higher Cirrus fees so I will find out from the bank next week.

Den

Yes ... I had been warned about credit card fraud in Asia, especially in Thailand. I think I mite go into bank tomorrow and get a printout of recent transactions on my card ... just to be safe that no extra spending has been done on it!!! I was very wary about using it, but in the final days, it became a necessity ... ie. no money left!!!! I will also check all fees on it, cos yesterday they said there was only a $4.00 fee, but no mention of a conversion fee.

Kitty