AusPost - AMEX pre-paid USD debit card $15 - lets you lock in USD rate forever (upto $30K)

5 November 2010

Have a parity party!


Here you chance to take full advantage of today parity rate, with this card you can lock in the rate.

For $15 buy a **AMEX GlobalTravel Card** in USD and use it anywhere even on the net.

- Main fee that will apply is initial $15 setup fee
- Ongoing fee is 1% reload fee but its capped at $10.
- Card Never expires
- Manage online or over the phone
- Put money on via Auspost or Bpay, so anyone can put money on via net

So effectively $15 for a lifetime USD account debit card.

The only BIG question is what AUD$ rate you get when you buy the USD$ at the start.

Initial setup = $15
Initial commission = 0%
Reload = 1% of amount added but capped at $10
Use card over net = 0%
Take money out at ATM = $2
Use card to buy another currency item = 3%
Replacement card = Free (they give you two to start with)

**Other rules**
Minimum/Max you can put on = $200/$15,000USD
Max ATM withdrawal = $1000
Max load allowed in one year = $30,000

**All the rules and more info**

TOPICS:   Shopping


  • ninkasi
    Could be of use - basically it's the modern version of the ]traveler's cheque. I'd note that you can also get the card at Amex offices. Personally I'd stick with keeping my up to $30k in the bank where it earns interest (or in my case reduces interest on the home loan!). For the overseas gadget buying geek in me, nice to see parity - bought myself a kindle the other day and it cost me probably about $40 less than the one I bought my wife 5 months ago!
  • Rebekah76
    Although it is a great exchange rate now, if you were to forgo interest in your bank account to have it sitting in an amex card you potentially lose any benefit gained in the longterm. Do your calcs - if you have a US holiday coming up - great to load up the card ready to go! Agree - great to see parity - now I have an excuse to buy from all the US sites as it is cheaper!
  • admin EDITOR
    Not a bad idea if your heading over to the US sometime soonish. The prepaid card charges suck though. Good that there is no expiry date on it but I'd be careful as the number of places that take Amex is rapidly diminishing. Some trivia. Assuming you buy the card, drop $1000 on it locked in at 1:1, go on holiday and use the ATM to withdraw the whole lot in 5 transactions the cost to you is $26. This means that the AUD to USD exchange rate would have to be $1 AUD buying $1.025 USD or greater at the time you would have otherwise made the exchange before the prepaid card makes sense. Less than a grand its hard to make it work out especially if your hit with the 3% charge for purchases in currencies other than USD. If you were to do it with $5000 and withdraw it in 10 goes at the ATM your ok from $1.01.

What do you think?

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