Commonwealth Bank have just launched a new Travel Money Card. It allows you to purchase USD, British pounds, Euros, AUD, NZD or Canadian dollars and fix the exchange rate. The card is accepted anywhere Mastercard works, so unlike the Travelex card, this one will work instore, over the phone or online. Transferring betweeen currencies doesn’t attract a fee and there is only a flat ATM withdrawal fee – ie no fees if you’re transacting instore, online, or over the phone.
Apparently ANZ has a similar product.
The benefit of this for frequent travellers is that it enables you to purchase a currency when the value is low and save money when you’re away. Its also pretty good if you purchase a lot overseas via the internet because those overseas Visa/Mastercard charges can get pretty vicious.
