OzForex Is An Online-Only Prepaid Travel Money Card

Prepaid travel money cards are very handy when travelling overseas. The newly launched multi-currency OzForex prepaid travel card has two obvious advantages: an entirely online application process, and no fees for reloading the card with extra money.

You can store up to nine currencies on the MasterCard-based card, which makes it useful for multi-country trips. You can top up the card in advance of a trip, letting you take advantage of favourable exchange rates for long-planned trips. While there's no fee for topping up the card, there is a one-off initial load fee of $15 when you set it up (and, as with most travel cards, a fee when you use overseas ATMs). Comparison site Mozo, which offers a travel card comparison option, ranks the card highly.

Lifehacker is planning on testing out the OzForex shortly; in the meantime, there's a contest running for the launch offering the chance to win $1000 on a card.

OzForex


Comments

    How long is the card valid? Also, can it be used to purchase online?

      Actually, nevermind. Found all the info on the website :D
      Their exchange rates seem quite competitive too.

    The 28 Degrees card, by GE has been around for some years and is well known as the cheapest way to access money overseas through ATMs - the same exchange rates as other cards but no other fees of any kind at all.

      Agreed, I used this all over the world last year and it was fantastic everywhere I went. I found it had better exchange rates than other cards, and the fact that it had no fees was amazing.

    The AUD/USD rate looks pretty competitive. That's to be expected given this would be the one the majority of people are aware of.
    Not so the AUD/GBP & AUD/EUR, which is where Oz are making a mint. The spread on the GBP & EUR crosses should be much tighter than the USD, but Oz are quoting them twice as wide.
    With any FX conversion, it always pays to at least try and talk to a real person to ask for a better rate. Don't ask, don't get.

    How do these prepaid cards work in relation to who owns the funds? I'm going to the States in 6 months and it's tempting to buy one of these or a similar card to lock in a reasonably good USD rate. However what would happen to the funds if the issuer went out of business? If I put some money on the card now, does Ozforex get the money, releasing it to the merchant as I spend it, or is it held by Mastercard?

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