we are getting so much conflicting information from people we talk to so id really appreciate input from folk in the know
i quite like the cashpassport
it is a card ( two cards you get) with no information on it at all so if it's stolen theres no signature to forge - no name, nothing
we have used it everywhere in all atms to withdraw cash
it is like a travellers cheque but obviously easier to cash
of course you cant use it as a debit card in a store or restaurant but it is a good alternative to your credit and debit card

in the past i have taken AUD - one trip i obtained a cashpassort card in euros
but now we are heading to scandinavia and russia
what to do?
one travel agent said to buy the cashpassport in USD
or euros
another flight centre girl said to buy in euros - was quite emphatic that the rate would be better in scandinavia - that theyre more accepting of euros

i spoke to an expat swede who suggested that we should just take it in AUD - because thered be fewer conversion rates

any opinions?
we will try to pay cash in russia - have been warned not to expose our credit cards too much
we will pay for all accommodation before we go because we are booking through an agent
but the scandinavian leg we are not so concerned about and will happily use our credit cards there
thanks folks!

Hi Lanejohann,

I've used the cash passport a couple of times and I like it. The first trip was easy because we were using euros so - just loaded up the cards with euros - no problems.

This year we went to Turkey and we took a cash passport with Australian dollars. There were no problems with this and i was happy with the exchange rate they used.

I just like the flat fee and like you, I agree it's good that it isn't a credit card, so if it was stolen it would be useless to anybody else and you do get a spare as well, which can be handy if there are two of you travelling.

I always agonise over what to do with foreign currency but I am no expert I'm afraid. I was happy to have done our last trip with AUD's on the card but others here may know a little more than I about international currency.

thanks for your response Stormbird
the way i see it is that you must be incurring TWO conversion rates if youre trading AUD for EUROS and then to rubles or NOK/SEK
but maybe that's still cheaper than changing AUD for scandinavian currency anyway
it is so frustrating when you cant get your hands on the right advice!
ill still go for the cashpassport in AUD if i cant make sense of the other options!

I'm a bit confused by this. If you're withdrawing money from ATMs, why don't you just take your regular ATM card? The exchange rate will be about the best you can get, and there will be no double transfers. It can't be used without the PIN, so it's plenty secure. If your ATM card is also a debit card, get your bank to issue one that is only an ATM card - mine has my name but no signature.

Hi Lan,

As Thurs notes, if you have an ATM only card you can get cash at the lowest available rate + what your local bank charges.

This is usually less than paying a fee to have an ATM card (which is what your cashpassport is).

If you do buy the CP, they will charge you to get it in foreign currency than if you get it in AUD.

Will they charge a fee if you use a foreign ATM?

I'm not familiar with the cash passport, but as others have said, why would you pay a fee, which I assume you do, to get the same privilege you already have to use an ATM card? Especially since you can't use it as a debit card, which you could with a regular ATM card.

Isn't this like those overpriced Amex cash cards? I bet they make it really hard to get back anything left over on the card too.

As to name signing on the back of a card, I always write "SEE ID" in that space in black, permanent ink.

I don't understand this, either, but maybe banks in Australia are very different than the US. My bank card (ATM card) does have my name on it, but it requires a PIN to use it, so it wouldn't do anyone any good to have it. I do not have a debit card, so my bank card cannot be used without the PIN. That's the way all ATM cards used to be, the whole debit thing is a new phenomenon. Your bank ought to be able to do that. Even people with debit cards need a PIN to withdraw cash from an ATM.

The "See ID" method is problematic.
http://www.museumofhoaxes.com/comments/creditcard.html

Well, I've been doing the "See ID" thing for years. No matter the country or situation, I'm simply asked for my ID.

Granted, about 25% don't even bother to ask, but that would be the same if I had signed it.

If I went somewhere that refused to honor it, well, I just wouldn't buy stuff from that place.



dave

Well, I think the cash passport is cheaper, in some cases, than a credit card or debit card.

If you had AUD on the card you are charged a flat rate of $3.75 per withdrawal. If you had Euros on your card you would be charged 2.20 euros per withdrawal.

My bank for example, with a visa debit card, would charge $5 per withdrawal. To do a charge transaction on the visa debit card would involve a charge of 2.5% foreign currency transaction fee.

The benefit is that you can buy your currency when the price is right and then it is locked in. Cash passport charge 1% of the amount you put on the card and then just those withdrawal fees as mentioned.

My bank charged nothing to withdraw my funds and close the account off on my return. Though I do believe that can vary from bank to bank.

So if lanejohann has a card with AUD she would just pop it into the ATM anywhere in Scandinavia withdraw the local currency, her card is charged $3.75 and her statement will show the amount withdrawn in local currency and then what that converted to in AUD.

I would be very interested to know what you are charged in the US to use
a: a credit card for withdrawing cash
b: a visa/debit card for withdrawing cash

I've never used a credit card to make a bank withdrawal and never would.

I use my debit card all the time. My US bank doesn't charge me; neither does a bank in Scandinavia. I wouldn't want to be paying $3.75 per withdrawal!

And what are your options on the exchange rate? You say you can load up the card when the exchange rate is favorable, but what's the card company's rate on any given day compared to the base rate?

When I first saw this thread I wasn't quite sure what the Cash Passport was, then when I looked it up I saw it is Travelex. I checked this out a few years ago and was pretty sure the exchange rate was insane. It is.

I just did a quick test using the Travelex main site, for the card. The exchange rate USD:Euro was 1.41:1. Even BOA can beat that by about 8 basis points. With today's actual rate at 1.29:1, that is a pretty steep charge.

Use a debit card, you'll save some bucks and head aches.

The cash cards like Cash Passport or the Visa Travelcard that you can load with money are always a bad deal. They charge a fee to load, a fee to withdraw and on top of that give you a lousy exchange rate. It's essentially taken the place of traveler's checks (fees to buy, fees to cash + lousy rate). Perhaps it's not easy to get ATM cards in Australia as I ran into several people using these in Italy in September and all were under the impression it was a good deal (it isn't). One girl was upset that she attmepted to make a withdrawal and it didn't work. She said she would be charged a fee just for attempting even though it didn't go through.

lanejohann - Don't you have an ATM card?

thanks for all your thoughts

i guess i have been thinking of watching what happens and buying some foreign currency and 'locking' it in
surely that would have been wise had i been planning a trip to canada a while back because our AUD was doing very well
i just like having the option of another card just in case i lose the atm card i have or the credit card that i rarely use
i guess the travel agents over here encourage it a bit
the young girl i spoke to last week was adamant that i should put away the equivalent of 1000 euros

as for getting out the balance on return - i make sure i use it all overseas - someone did say today that they returned having not used the cashpassport much and did lose on it

maybe just stick with my atm card
OH has his so we should be ok if one loses theirs

again, thanks for all the responses

"the young girl i spoke to last week was adamant that i should put away the equivalent of 1000 euros" - does make you wonder whether some of the cash raised by the lousy exchange rate goes to commissions! Sounds like yet another reason to say away from travel agents.

<i>Author: daveesl
Date: 12/08/2008, 05:57 pm

Well, I've been doing the &quot;See ID&quot; thing for years. No matter the country or situation, I'm simply asked for my ID.

If I went somewhere that refused to honor it, well, I just wouldn't buy stuff from that place.</i>

Visa Merchant Operating Rules require that customers either present a signed card or sign it in the presence of an employee. The requirement seems more honored in the breach than the observance (<i>Hamlet</i.

http://usa.visa.com/download/merchan..._merchants.pdf

well 'adamant' yes she was but she was from a different travel agent that i walked in for a minute - she didnt have the time to work up a sale spiel but yep you could well be right, thursdaysd!

how i hate not knowing who to trust
!!!

&quot;how i hate not knowing who to trust&quot; - you mean you don't trust us! LOL....

nah

it's the agents....sometimes you just have to use them
but you just never know about the kickbacks