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20 Feb 2006
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Credit Card Exchange Rate charge
Has anyone done the sums to see which credit card provider has the lowest exchange rate conversion charge for Visa or Master Card etc? We will be travelling in Canada and US later this year.
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Never enough time to fit it all in?
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 Feb 2014, currently travelling the America's on a Tiger 800XC
Live every day like it's your last, one day you'll get it right!!!
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20 Feb 2006
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Have you tried those companies websites? I would expect them to have that sort of information availible there.
Regards
Nigel in NZ
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"The world is a book and those who do not travel read but a page"- St Augustine
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The mouth of a perfectly contented man is filled with  . -- 2200 BC Egyptian inscription
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21 Feb 2006
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If there is no answers in the next couple of days I will make it my mission to find out. For example one Visa transaction the other day had a charge of $10.32 AUD for currency conversion. As you can see this will significantly add to the cost of the 9 week trip I am planning.
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Feb 2014, currently travelling the America's on a Tiger 800XC
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21 Feb 2006
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Quote:
Originally posted by Nigel Marx:
Have you tried those companies websites? I would expect them to have that sort of information availible there.
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Expect? Yes I expect so. But what they have is the charges and interset rates for the local stuff ... but only if they think it is a sales point.
What you'll be charged for stuff charged OS will not be obvious nor explained well. Best to ring them up and talk to 'em. They might get the message that a few are intreested in the information?
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Regards Frank Warner
motorcycles BMW R80 G/S 1981, BMW K11LT 1993, BMW K75 G/S
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21 Feb 2006
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Yes Frank I was hoping to save myself hours sitting on hold talking to each company, but I will wait to see what else turns up. By the way were you at the HU meeting last year at Ulmarra NSW?
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Never enough time to fit it all in?
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Feb 2014, currently travelling the America's on a Tiger 800XC
Live every day like it's your last, one day you'll get it right!!!
Last edited by loxsmith; 2 Jul 2006 at 10:42.
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21 Feb 2006
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It's not only different for the various banks, but also varies between countries. BankDirect in NZ charge 1.8% commission.
Beware of cash withdrawals! You get charged CC interest rates from the day you withdraw until your CC account is back down to zero again. Almost 20% p.a.
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22 Feb 2006
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This is Suncorps official line but I will check out the instant interest for cash withdrawels
Cash Advance fee
$0.60 per transaction at a Suncorp Branch/ATM/Internal Transfer to
another Suncorp Account
$1.50 per transaction at a non-Suncorp Branch/ATM $5.00 per transaction made outside Australia
Foreign Currency Conversion fee
2.00% of the converted Australian Dollar transaction amount of any foreign currency transaction made or charged to your account
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Never enough time to fit it all in?
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Feb 2014, currently travelling the America's on a Tiger 800XC
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7 Mar 2006
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What forms of payment do other travellers use if credit card charges are so high? Is it back to the obvious? cash!
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Never enough time to fit it all in?
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Feb 2014, currently travelling the America's on a Tiger 800XC
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7 Mar 2006
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If you exchange cash you get a worse exchange rate. The banks can't provide the service for free...
If you take cash you take the risk - of loosing it.
However, some cash is always a good idea for emergencies. In Iran cash is your only option, as the Evil Empire have cut them off the international banking system.
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21 Mar 2006
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On the news today I heard that the Australian banks made 50 million dollars last year with the conversion charges alone.
Do others use travellers cheques? Let me know what everybody has found to be the best.
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Never enough time to fit it all in?
Can't beat local knowledge!
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Feb 2014, currently travelling the America's on a Tiger 800XC
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21 Mar 2006
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For Northern Americas - probably travellers cheques would be best. Some cash and card as back up if there is a problem with the cheques.
I carried a bank cheque to Britian once ... about 5 weeks later when I banked it the rates had changed .. I 'made' some money then (lot more than the charges!).
__________________
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Regards Frank Warner
motorcycles BMW R80 G/S 1981, BMW K11LT 1993, BMW K75 G/S
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21 Mar 2006
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Good to hear that you made some money.However personally I have found that for the best exchange rates my bank -issued account card with access to the various systems of international money transfer (Cirrus, Plus,Maestro etc.) are better than the credit cards with respect to service fees.That is, the bank cards used for withdrawals from ATMs around the world will in nearly all cases charge a lower service fee which works out to only a minor percentage if you extract the maximum amount per transaction. A credit card will charge the same ATM fee PLUS an extra fee for using the credit card. The actual exchange rate will be determined by the market and can , and does, change within a matter of minutes. Two items charged consecutively at the same store can have a different rate in the wee decimals.
As for travellers cheques, I think they are a bygone technology, too cumbersome and expensive to use. Most of the small purchases are less than the cheques you are likely to carry and most of the small shops are unable and unwilling to accept them due to the expenses of cashing them. You as a result will have to cash them before use - wait for banks to open , stand in line and pay a comission for cashing. The straw that broke my camel,s back years ago was having to pay a 20Deutschmark fee to cash a $100 cheque , but Swiss banks did it for free.
Carry one or two different bank account cards with such access and you should have enough flexibility, and a credit card as backup for big purchases .
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22 Mar 2006
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The Canadian Imperial Bank of Commerce just recently (last Fall I think) started charging a 2.5% currency exchange fee when withdrawing from out of country banking machines. That is on top of the fee charged by the bank you are withdrawing from and the fee charged by CIBC for withdrawing from another bank.
I think my CIBC Visa is now doing something similar. I guess we'll find out next week when we head to Florida on vacation...
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Ekke Kok
'89 R100GS
'03 R1150GS Adventure
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'89 R100GS 250,000 km (and ready for another continent)
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22 Mar 2006
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Yesterday I went to an Australia Post shop, for those of us not local this is the national postal service within Australia. They are currently offering $0 commission on orders for foreign currency and American Express travellers cheques. I am unsure for how long this offer will apply.
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Never enough time to fit it all in?
Can't beat local knowledge!
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27 Mar 2006
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NAB cash passport
Almost anywhere in the world, you can now enjoy better access to your money
Packed with great features, the Cash Passport Card is the future of travel money. It combines the security of traveller's cheques with the convenience of being able to access funds 24 hours a day.
A Cash Passport Card is a pre-paid, PIN protected travel money card issued by Travelex that enables you to obtain local currency from over a million VISA and PLUS ATMs worldwide, any time of day. It's available in four different currencies - Australian dollars, American dollars, British pounds or Euro.
Your Cash Passport Card allows you to prepay a fixed amount of spending money, making it a convenient product for budgeting your overseas trip.
And because your Cash Passport Card is reloadable, you can easily top up your account using BPAY® (via phone or internet banking) while you're away, or by visiting a National branch in Australia.
What level of security and support can I expect?
The security of a PIN protection system means no one else can use it. Cardholders have 24-hour, 7-day a week access to a support hotline that can answer queries, provide replacement funds, assist with medical emergencies and provide interpreter services.
You also get access to www.cashpassportcard.com - a website that provides you with your card information, such as card balances and statements, along with the location of your nearest VISA and PLUS ATM. When your card is issued, you also get a back up card, free of charge. Your back up card is connected to the same pool of funds, so you can put it in a safe place to use if something should happen to your other card.
For more information download the Cash Passport brochure , call 13 13 12 from 8am - 9pm, 7 days a week or visit your local branch today.
The Cash Passport Card is supplied and supported by Travelex.
The National will receive commission fees from Travelex based on sales of Cash Passport. The National will also receive a commission for reloads made via BPAY.
I will check out any fees that may be involved in this. Has anyone tried this yet?????
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Never enough time to fit it all in?
Can't beat local knowledge!
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Check the RAW segments; Grant, your HU host is on every month!
Episodes below to listen to while you, err, pretend to do something or other...
2020 Edition of Chris Scott's Adventure Motorcycling Handbook.
"Ultimate global guide for red-blooded bikers planning overseas exploration. Covers choice & preparation of best bike, shipping overseas, baggage design, riding techniques, travel health, visas, documentation, safety and useful addresses." Recommended. (Grant)
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(ONLY US RESIDENTS and currently has a limit of 60 days.)
Ripcord Evacuation Insurance is available for ALL nationalities.
What others say about HU...
"This site is the BIBLE for international bike travelers." Greg, Australia
"Thank you! The web site, The travels, The insight, The inspiration, Everything, just thanks." Colin, UK
"My friend and I are planning a trip from Singapore to England... We found (the HU) site invaluable as an aid to planning and have based a lot of our purchases (bikes, riding gear, etc.) on what we have learned from this site." Phil, Australia
"I for one always had an adventurous spirit, but you and Susan lit the fire for my trip and I'll be forever grateful for what you two do to inspire others to just do it." Brent, USA
"Your website is a mecca of valuable information and the (video) series is informative, entertaining, and inspiring!" Jennifer, Canada
"Your worldwide organisation and events are the Go To places to for all serious touring and aspiring touring bikers." Trevor, South Africa
"This is the answer to all my questions." Haydn, Australia
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Lots more comments here!
Every book a diary
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Refreshingly honest and compelling tales: the hights and lows of a life on the road. Solo, unsupported, budget journeys of discovery.
Authentic, engaging and evocative travel memoirs, overland, around the world and through life.
All 8 books available from the author or as eBooks and audio books
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New to Horizons Unlimited?
New to motorcycle travelling? New to the HU site? Confused? Too many options? It's really very simple - just 4 easy steps!
Horizons Unlimited was founded in 1997 by Grant and Susan Johnson following their journey around the world on a BMW R80G/S.
Read more about Grant & Susan's story
Membership - help keep us going!
Horizons Unlimited is not a big multi-national company, just two people who love motorcycle travel and have grown what started as a hobby in 1997 into a full time job (usually 8-10 hours per day and 7 days a week) and a labour of love. To keep it going and a roof over our heads, we run events all over the world with the help of volunteers; we sell inspirational and informative DVDs; we have a few selected advertisers; and we make a small amount from memberships.
You don't have to be a Member to come to an HU meeting, access the website, or ask questions on the HUBB. What you get for your membership contribution is our sincere gratitude, good karma and knowing that you're helping to keep the motorcycle travel dream alive. Contributing Members and Gold Members do get additional features on the HUBB. Here's a list of all the Member benefits on the HUBB.
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helps answer the question - Why Go? Inspirational stories by veteran travellers Greg Frazier (5 times RTW), Peter and Kay Forwood (193 countries), Tiffany Coates (Mongolia Mayhem) and Rene Cormier (University of Gravel Roads).
Get Ready! covers planning, paperwork, medical and many other topics! "Inspirational and Awesome!" See the trailer here!
What stuff do I need - riding gear, clothing, camping gear, first aid kit, tires, maps and GPS? What don't I need? How do I pack it all in? Lots of opinions from over 150 travellers!
break down language barriers, overcome culture shock, ship the bike and deal with breakdowns and emergencies."Just makes me want to pack up and go!" See the trailer here!
Grant demystifies the black art of Tire Changing and Repair to help you STAY on the road! "Very informative and practical." See the trailer here!
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Motorcycle and travel books to inspire and inform you!
The definitive guide to planning your motorcycle adventure! This insanely ambitious 2-year project has produced an informative and entertaining 5-part, 18 hour video series. "The ultimate round the world rider's how-to!" MCN UK.
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