Sunday, 15 September 2013

Commonwealth Bank Travel Money Card

One of my pet hates is all those bank charges I accumulate on my credit card when I'm overseas.

Not so much because I begrudge the bank for charging me for providing a service, but more because I faithfully enter every transaction into my Quicken accounting software when I get home and I hate having to enter, and then reconcile, all those little bank charges.

Yep, laziness generally trumps all in my little world.

So this trip, I got smart and got myself a Commonwealth Bank Travel Money Card, charged it up with €2,500 and said goodbye to all those bank charges.

But then I was checking my account the other day and I noticed that I seemed to have handed over an awful lot of Australian dollars for those euros (the headline exchange rate was just over 0.7 euros to the Australian dollar at the time).

So I got to checking a bit more and I just happened to have the perfect data set to do it with because in the same 24 hours that I had charged up my Travel Card, I had also taken out €1,000 in cash and used my credit card to pay for my accommodation in Rome.

And I did it all with the Commonwealth Bank.

So I did the numbers and here's how it worked out remembering that the headline rate in the news was between 70 and 71 euro cents to the dollar.

Credit Card Purchase: 68.67 cents or more honestly 67.15 cents if you take into account that 2% transaction fee that I was trying to avoid in the first place.

Travel Card: 64.04 cents

Cash: 63.41 cents

I figured that that was quite a range given that they were all from the same bank in the same 24 hour period, and to put it into perspective that lower exchange rate on my Commonwealth Bank Travel Card cost me $180 more than if I had just purchased things on my Credit Card. That's enough for 2 or 3 nights accommodation over here.

So after I've exhausted my Travel Card it will be back to the good old credit card for me and I'll just have to put up with entering those silly transactions.

At least I know that my bank is living up to its slogan though.

Commonwealth Bank ... Yes, they Can.

11 comments:

  1. That appears to be excellent however i am still not too sure that I like it. At any rate will look far more into it and decide personally. Https://www.myehic.org.uk

    ReplyDelete
  2. I can set up my new idea from this post. It gives in depth information. Thanks for this valuable information for all,..
    Company Formation Singapore

    ReplyDelete
  3. Yes, I've already heard about this service, even read several articles, but to be honest I do not really trust this bank, so I decided to find a more suitable option for me. After several hours of searching through the Internet I could find anything, but I was lucky that the banks open on saturday and I was able to solve my question.

    ReplyDelete
  4. This blog does a thing of bridging the gap between reader and writer.
    free tour estocolmo en español

    ReplyDelete
  5. Shrewdly worked by the creator and Stunningly delightful usage of words.
    Kucoin

    ReplyDelete
  6. Inspiring and exceptionally valuable, profoundly prescribed for all bloggers out there.
    http://www.stockholmfreetour.com

    ReplyDelete
  7. It’s appropriate time to make some plans for the future and it is time to be happy. I have read this post and if I could I wish to suggest you few interesting things or advice. Perhaps you could write next articles referring to this article. I desire to read even more things about it! Australia-Eta.com

    ReplyDelete
  8. This comment has been removed by the author.

    ReplyDelete
  9. Indian banking, which was operating in a highly comfortable and protected environment till the beginning of 1990s, has been pushed into the choppy waters of intense competition.
    equipment loan

    ReplyDelete