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kdn



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Topic # 147102 9-Jun-2014 12:47
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Hi guys,

I am going away for 4 weeks, 2 weeks in Europe and 2 weeks in the states.

I am deciding between two options, the travelex cash passport and the airnz onesmart card.

Would love someone to help me decide based on experience.

here is my findings:

travelex pros:
clearly state the exchange rate
no fee for transferring money from one currency to another currency online
no monthly fee
travelex stores are on every corner worldwide
free ultd atm withdrawals

travelex cons
1% fee to load currency
$10 to withdraw leftover funds once back in NZ
found this in their t&c's: "New Zealand dollars are not available for load or reload onto a Travelex Multi-currency Cash Passport online" -so guess its over the counter only


AirNZ onesmart pros:
no loading fee
$2 fee to withdraw leftover funds

airnz cons:
impossible to see the currency conversion rates without having a card - I suspect they make a profit from the conversion
you must be an airpoints member (no big deal really, you can join for free if you have flown with them previously)
3 free atm international withdrawals per month then its usd 2.50 each (not a huge deal for me either)


So based on around $10k load, Im looking at a $100 fee to get travelex setup. so it really comes down to how good or bad airnz's conversion rates are as it seems like it comes out better in everything else.


Anyone that has a current card, would be aweosme if you could login and tlel me the current EURO and USD rates :p (wishful thinking)

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  Reply # 1061758 9-Jun-2014 13:17
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I can't find it on the OneSmart site when I login, you might have to ring them to find out conversion rates. 0800 ONESMART

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  Reply # 1061760 9-Jun-2014 13:23
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I had a strong dislike to the Travelex card when it replaced the old ANZ travel card (which was a very good product). Part of that dislike however was because of the NZ trustee but this has now changed.

Their rates are far better than the OneSmart rates, which are pretty poor.


 
 
 
 


kdn



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  Reply # 1061764 9-Jun-2014 13:30
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I think you have both eluded me to the same point. I need to ring them and get their "live" conversion rate for both currencys and compare it against travelex. If they fail to give it out then maybe that is for a good reason :p


However on the same note, it needs to work out more than 1% worse, which is a loading fee that travelex has that onesmart does not!

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  Reply # 1061769 9-Jun-2014 13:41
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Onesmart gives you multiple wallets you can update real-time.

Also you get a free email notification immediately after each transaction.

Plus earn airpoints when you spend.

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  Reply # 1061783 9-Jun-2014 14:26
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http://www.airnewzealand.co.nz/onesmart-fees

I pick Onesmart too, j
ust to note though, loading is only free when online, thre is a nominal monthly fee (though it used to be only on NZ dollars, it now charges about $1 if 'funds' need to be transferred TO NZ$ ???) and conversion rates are 'live' so no way to know outside that 1 min time...

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  Reply # 1061786 9-Jun-2014 14:33
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OneSmart conversion rates are shown in realtime on their website.

Right now it's .8214 to US$ and .8793 to the A$

Interestingly as an experiment I purchased something in Japan on my card that had no JPY loaded into the wallet and the conversion rate from the NZ$ wallet was better than it was at the very same time to convert NZ$ to JPY at the very same time.





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  Reply # 1061802 9-Jun-2014 14:52
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sbiddle: OneSmart conversion rates are shown in realtime on their website.

...





Yes, but only if you have an activated card I believe, and you could start incurring fees as soon as you activate it.

In my experience, last time I used the OneSmart (back in October) the difference in rates between OneSmart and what you see on XE.com was about 3.5% (in favour of AirNZ naturally).





kdn



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  Reply # 1061803 9-Jun-2014 14:52
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sbiddle: OneSmart conversion rates are shown in realtime on their website.

Right now it's .8214 to US$ and .8793 to the A$

Interestingly as an experiment I purchased something in Japan on my card that had no JPY loaded into the wallet and the conversion rate from the NZ$ wallet was better than it was at the very same time to convert NZ$ to JPY at the very same time.






perfect thanks for that! are you able to pretty please provide the current euro rate?

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  Reply # 1061830 9-Jun-2014 15:17
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kdn:
sbiddle: OneSmart conversion rates are shown in realtime on their website.

Right now it's .8214 to US$ and .8793 to the A$

Interestingly as an experiment I purchased something in Japan on my card that had no JPY loaded into the wallet and the conversion rate from the NZ$ wallet was better than it was at the very same time to convert NZ$ to JPY at the very same time.


perfect thanks for that! are you able to pretty please provide the current euro rate?


The rate I was offered at 3:17PM today was 0.6020.

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  Reply # 1061835 9-Jun-2014 15:24
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I looked into this reasonably thoroughly a couple of years back when I was travelling to the UK.  While Onesmart don't charge for conversion, their rates seem to build this in so that it's pretty comparable to standard bank exchange rates.  For the kind of money I was dealing with (not far off what you've mentioned), the difference in savings/costs of the rates for the different cards weren't really high enough to get worked up about.  In the end I chose Onesmart because it was simple and convenient for me.  I loaded cash via online banking before I left, and transferred from the NZD wallet to the GBP wallet when the rate was good.  I withdrew cash from ATMs in lumps and minimised my fees.  Overall, I paid hardly any fees over the past few years.  Just looking back over my statements, it works out at about $15NZD since mid-2012 (comprising two overseas trips of about 5 weeks each).

The only issue I've encountered with Onesmart was last year in the States.  I had a problem with AirBnB where I had to change my booking at the last minute.  Refunds needed to be made, and new deposits made which (at the end of the trip) tapped out my available funds.  I had to load more money via online banking which posed a problem for me.  I had left my BNZ Netguard Card behind in NZ (for security reasons), so had to get my wife in NZ (via Skype) to load funds for me, but as it was Friday in the States (Saturday in NZ), and it takes 1 working day for funds to clear, I had to wait until Tuesday morning in the States for the money to be available, which made for a lean weekend in New York.  This isn't really a problem with Onesmart though, more a series of unfortunate incidents; provided you are aware of the time it takes for funds to clear, there shouldn't be any difficulties.

 

kdn



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  Reply # 1061912 9-Jun-2014 16:42
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Well according to my maths. and thanks for the inputs

(based on 10k)

travelex will give me $131 more USD than Onesmart will, and just 3 euro more than one smart.

So now I am sold on the travelex because:

the setup fee and closure fee from travelex is negated by better forex, (even though its a slight margin)
But I also get free ult atm withdrawals, loads of local support agencies should I come into trouble abroad) and no monthly fee or messing around with setting up air points accounts.


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  Reply # 1061979 9-Jun-2014 17:25
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Intersting there is such a big difference with US dollar but not with euro.

If you were going to Europe rather than the US would that change your mind ?

I use Onecard for the cash and visa for the credit card side of things but I'm not dealing with amounts as large as 10k so the difference isnt there.

Main use in the last year of the One card is to pay for my Netflix..

A.

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  Reply # 1062002 9-Jun-2014 17:55
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Is there any particular reason you want to head down the path of prepaid cards rather than simply using a credit card? 

I can (perhaps) see the argument for using these sorts of products for cash withdrawals, but given most places (US especially, and some countries in Europe) it's relatively easy to use plastic everywhere, I don't really see the need for these sorts of products. The additional complexity and the need to lock money up in advance, and them not really being any more cost effective versus the forex-on-the-day-of-transaction by banks, I do wonder what the benefit is.

I'm just back from yet another week in Europe where I used <$100 in cash (and left over cash from past trips at that); everything else happily on plastic - with no headaches.

kdn



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  Reply # 1062165 9-Jun-2014 20:36
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PenultimateHop: Is there any particular reason you want to head down the path of prepaid cards rather than simply using a credit card? 

I can (perhaps) see the argument for using these sorts of products for cash withdrawals, but given most places (US especially, and some countries in Europe) it's relatively easy to use plastic everywhere, I don't really see the need for these sorts of products. The additional complexity and the need to lock money up in advance, and them not really being any more cost effective versus the forex-on-the-day-of-transaction by banks, I do wonder what the benefit is.

I'm just back from yet another week in Europe where I used <$100 in cash (and left over cash from past trips at that); everything else happily on plastic - with no headaches.


Well my bank charges a 2.50% fee on all foreign currency transactions. Plus if you use the wrong ATM its an $8 fee. As far as my research goes there are no foreign currency fee free cards in nz. Plenty in other countries though. Plus you will be at the mercy of the forex for every transaction.

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  Reply # 1062172 9-Jun-2014 20:48
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kdn:
PenultimateHop: Is there any particular reason you want to head down the path of prepaid cards rather than simply using a credit card? 

I can (perhaps) see the argument for using these sorts of products for cash withdrawals, but given most places (US especially, and some countries in Europe) it's relatively easy to use plastic everywhere, I don't really see the need for these sorts of products. The additional complexity and the need to lock money up in advance, and them not really being any more cost effective versus the forex-on-the-day-of-transaction by banks, I do wonder what the benefit is.

I'm just back from yet another week in Europe where I used <$100 in cash (and left over cash from past trips at that); everything else happily on plastic - with no headaches.


Well my bank charges a 2.50% fee on all foreign currency transactions. Plus if you use the wrong ATM its an $8 fee. As far as my research goes there are no foreign currency fee free cards in nz. Plenty in other countries though. Plus you will be at the mercy of the forex for every transaction.


I'm exactly the same as PenultimateHop. I use my NZ credit card for 99% of purchases overseas. I do however have $ on my OneSmart card for when I want to withdraw cash (hasn't yet happened) as in 3 trips to the US in the past year I've probably spent a total of around US$350 in cash in total across those 3 trips which was US$ I took with me, everything else has been on my NZ credit card.

I believe my ANZ rate is around 2.5% as well which is off the standard bank conversion rate at the time. Something like OneSmart is (from my experience) very similar but you just have the advantage of being able to lock it in.

In the grand scheme of things the small fluctuations over the last year are pretty minimal compared to what a holiday actually costs.

 



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