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  # 2326222 27-Sep-2019 23:05
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sqishy:

 

old3eyes:
lNomNoml:

 

Strange how you can't use it in Aussie, I use my ASB card in South Africa no problem, never use the ATM it's too expensive.

 



I discovered this when I was there in July. Unlike NZ every man and their stall takes a credit card but only Ozzy EFTPOS cards.

 

 

 

Are you chaps sure it was an Eftpos card and not an ASB Visa Debit?

 

 

Not sure what the difference is sorry, it says Visa Debit on it, I thought all bank cards these days were at least Visa Debit? If the OP is talking about your run of the mill normal average bank card then I can see where the problem is.


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  # 2326255 28-Sep-2019 08:16
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rhy7s:
sbiddle: With ANZ for example you only pay 1.8% for credit card transaction fees, and if you have an Airpoints card which is returning 1.3% in Airpoints Dollars as well as Status Points which should be valued at ~$8 each it means you're actually better off using an ANZ credit card than something like a TransferWise card for international purchases. Lots of people have been sucked into the hype of TransferWise based on some pretty misleading claims made by TransferWise.
It depends on your spending habits whether the reward schemes are worth it. e.g. for the ANZ airpoints example above, you have to spend $11,250 on the card to just get back the $150 annual fee, and you've generally got to pay a bit more than you need to to get some place to be getting status points. The exchange rate and fee at TransferWise tends to be a saving over the bank's rates, it is better than ANZ just now, other examples e.g. https://transferwise.com/gb/compare/?sourceCurrency=NZD&targetCurrency=AUD&sendAmount=1000

 

 

 

Sure - but $11,250 is well under  the average spend per person for credit card spend per year for a Platinum card holder.

 

As for the exchange fee conversion the ANZ rate has nothing to do with credit cards. When you buy something on a credit card it is converted at the live Visa / Mastercard rate which will be the midmarket rate or very close to it. Once this is in $NZ your bank then charges it's fee in $NZ which is 1.8% for ANZ.

 

So if you are an average customer with a Platinum card using your bank card (or at least the ANZ card) offers better value than TranferWise.

 

 


 
 
 
 


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  # 2326317 28-Sep-2019 13:48
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sqishy:

 

old3eyes:
lNomNoml:

 

Strange how you can't use it in Aussie, I use my ASB card in South Africa no problem, never use the ATM it's too expensive.

 



I discovered this when I was there in July. Unlike NZ every man and their stall takes a credit card but only Ozzy EFTPOS cards.

 

 

 

Are you chaps sure it was an Eftpos card and not an ASB Visa Debit?

 

 

ASB EFTPOS card.  I first got suspicious when my wife's duel EFTPOS and Visa card only showed credit on transactions  not both options.  I tried to use my ASB EFTPOS card but was declined but OK in a ATM machine.

 

Asked ASB in NZ via Twitter and they said  most Australian merchants will not take foreign EFTPOS cards 





Regards,

Old3eyes


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  # 2329566 4-Oct-2019 12:32
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elpenguino:

 

I also discovered today the KB is getting out of foreign cash in Oct/Nov this year.

 

 

This is correct, I confirmed it with Kiwibank :(

 

From:       Kiwibank - Dan
Subject:   Foreign currency
Received: 4 Oct 2019 at 9:38 a.m.

 

Message:
Hi XXXXXXXXXXX,
Yes the stories are true, please be advised that as of 31 October 2019 we will no longer be offering foreign cash.

Kind regards,

 

 
Francis
International Operations

(emphasis added)

 

 

 

 

 

Edit: format

 

 


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  # 2329646 4-Oct-2019 14:38
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old3eyes:

I discovered this when I was there in July. Unlike NZ every man and their stall takes a credit card but only Ozzy EFTPOS cards.

 

It's a totally different network. eftpos is not EFTPOS. eftpos (Payments Australia Limited) is a consortium owned by the banks, major retailers, and a couple of second-tier payment providers. It charges an interchange fee per transaction of roughly 15c, and has functionality such as online eftpos, contactless and mobile wallets (Apple/Google Pay). EFTPOS (NZ Limited) is a subsidiary of Verifone (the terminal manufacturer) and charges no interchange, but has none of the "extra features" of eftpos.

 

An Australian eftpos terminal simply cannot route a transaction involving an EFTPOS card (and vice-versa).




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  # 2333084 8-Oct-2019 22:09
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I asked some locals who seem to use tap n go type payments quite often. Apparently these transactions are on a visa card and it costs 6 cents each.

 

I'm not sure what the deal with tap n go in NZ is but it would be great to have the convenience of contactless purchases without being milked for (even more) fees.

 

 


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  # 2333130 9-Oct-2019 05:48
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@elpenguino - the issue of the relative cost of contactless payments here vs over the ditch were covered Just two days ago on Newsroom:

https://www.newsroom.co.nz/2019/10/07/846601/banks-on-notice-over-no-paywave-dysfunction-1

 
 
 
 


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  # 2333137 9-Oct-2019 07:07
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elpenguino:

I asked some locals who seem to use tap n go type payments quite often. Apparently these transactions are on a visa card and it costs 6 cents each.


I'm not sure what the deal with tap n go in NZ is but it would be great to have the convenience of contactless purchases without being milked for (even more) fees.


 



You get off looks if you don't tap and go especially at cafes in the morning, everything is tap and go there. Learnt hard way taking cash out of an ATM for the markets 6 bucks to take out 40 AU$

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  # 2333155 9-Oct-2019 07:55
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jonathan18: @elpenguino - the issue of the relative cost of contactless payments here vs over the ditch were covered Just two days ago on Newsroom:

https://www.newsroom.co.nz/2019/10/07/846601/banks-on-notice-over-no-paywave-dysfunction-1

 

Bernard has had a few shockers lately and that's one of them. While the gist of the story is correct, blaming the banks for interchange fees which they have no control over is unfair.

 

Interchange fees need to drop to match Australia. A big review of these and the recommendation that the Govt follow what Australia has done was due before the last election but delayed as a result. The govt have done nothing in the space despite the fact NZers are literally being ripped off in a vicious money go around to the tune of hundreds of millions per year.

 

To add to that some of the assumptions he has made are wrong - retailers typically have a choice of blended vs non blended rates and there are definately plenty of retailers who have selected the best option for their needs.

 

Having said all of that sometimes you have to be careful what you wish for - the legal action taken by the Commerce Commission 10 years ago backfired badly on them and they were own3d badly by the credit card companies. Some of the issues we have today are a direct result of that action.

 

 

 

 


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