There is nowhere on the website that tells that the exchange rates provided for the pre-paid credit card are different to the rates shown on their website. Moreover, you can only find out the actual rates when you transfer the money to the pre-paid credit card and when you want to convert that to the foreign currency.
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Other than losing your money, you are gaining nothing from this card. When you lure customers by showing incorrect exchange rates on the website, this is what I call as a dishonest business.
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The Golden Lesson learned — use your normal credit card when traveling overseas. Other than losing money, I did not get anything. Mid-market rates are derived from mid-point between the buy and sell rates of large-value transactions in the global currency markets. The buy or sell rate you would receive from OzForex would be close to the mid-market rate but would include our margin that reflects the size of your transfer. OzForex does not guarantee the accuracy of the rate or currency calculations. Please read the terms of use".
On the website, the rate they quoted was 1. This is the midrate. You are never going to get that rate from anyone. It looks like you got around 3.
It isn't as good as a post-paid card, but I'd say it isn't that bad compared with other prepaid travel cards. The only benefit I can see for these prepaid cards is if you want to lock in an exchange rate.
It is all part of the risk vs convenience vs cost tradeoff. You just need to do these things with your eyes open. The issue that you can't know the actual exchange rate is an issue with other credit cards as well. If you use a Mastercard, you can't find the rate they will use on their website for another 48 hours after you make the payment. I usually use my normal credit card for all overseas trips. This was the first time I went for a pre-paid credit card big mistake. Prepaid "travel money" cards are a premium product in the AU market.
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They supply you with an additional card, the associated security, and a locked in exchange rate. However, you don't get the credit card provided rate, and there are often additional fees to withdraw your money, top-up, or use your card in your home country, or even to leave a card unused. Cash exchange operates in a competitive market of quite complex fees and commissions. In your case you've had a go at the Ozforex card, but from the information you've supplied it is certainly no worse than any other cards in the "prepaid travel money" category, in fact from what you have said it may well be better.
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Post Office Travel Money Card is issuing a warning to users about the fees and charges How prepaid cards stack up to debit and credit cards. McCoy Gift Card. These cards can be swiped at merchant outlets and also used to withdraw cash at ATMs. Updated February Successful applicant can get Circle K welcome coupons.
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A Simon Giftcard is backed by a name you trust and accepted almost everywhere. Our award-winning Travel Money Card can be used abroad as a prepaid travel card Available in branch, simply bring a valid UK passport or driving. Activate and manage your prepaid accounts from one convenient place. Choose from our selection of gift card designs or customize your own.
Looking for the exchange rate of the Euro to a foreign currency? The Global Exchange currency converter gives you the daily rates of over 70 currencies. Former Fed. Warsh argues for immediate, globally coordinated rate cut Live dollar to pound exchange rates, quick and easy to use exchange calculator for converting Dollars Log in to your Historical Currency Converter account to access and download currencies, commodities, and precious metals and over currency Calculate live currency and foreign exchange rates with this free currency converter.
You can convert currencies and precious metals with this The OzForex Travel Card gives you the opportunity to load selected currencies onto it