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yay money question

30 May 2010 Explorer1181467 said

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My canadian bank is generally pretty $hitty and they won't even allow me to have a second atm card for my one account for ''security reasons'' and since I know they offer you zip if you're overseas and one atm decides to eat your card for breakfast, so I was thinking of actually emptying my account here, convert it all to AUD, bring all that cash to Sydney and get one of those travelex account card thingy that everyone talks about...would that work? Is it only for australians or could I get one with just my canadian passport? Are they gonna ask me a gazibillion questions about where's the money coming from and why so much of it?

Also, why is the australia section of the forum so dead? Will I be the only on my tour? lol
  • 30 May 2010 JenShep said

    JenShep

    You only need to declared amounts over 10,000AUD. but there is no limit. if you want to avoid carrying cash use travllers cheques, they should be covered by travel insurance. where as cash isn’t.

  • 30 May 2010 NaHdz said

    NaHdz

    Travellers Cheques are nearly dead i’m afraid…they’re not really used anymore and could cause some problems…you should be fine to bring cash and get a travelex card, just go to a bank or travel Agent when you arrive and load it up. Your passport should be enough ID Smiler<!--graemlin::)-->

  • 2 Jun 2010 cdm115 said

    cdm115

    How long are you going? If it’s just a month or so I would just get a travelex card. Or take some travelers cheques as a back-up incase your atm card gets eaten.

    If you’re going there for an extended period – like 6 months or more then opening a bank account might be a viable option.

  • 2 Jun 2010 ptooma said

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    Open up another checking account and get a second ATM card. Maybe you can link the 2 together.

    - Vic

  • 2 Jun 2010 PinaI said

    PinaI

    I’d go with what Vic said – try to get another cheque account or even just a credit card from another provider, that’ll do it for you.

  • 3 Jun 2010 Explorer1181467 said

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    Unfortunately, opening a second account with my bank will be more costly than the travelex option. Opening an account costs 19.99$, then there’s at least 7.95 a month in fees, it costs 15 to transfer money to anouther accoun, even within the same bank, and it has to be kept open before being closed for at least 12 months. If you close it before that, there’s a 125$ fee. FML srsly

  • 3 Jun 2010 Kelsey said

    Kelsey

    Have you thought of using a different canadian bank because yours has a lot of fees. I am canadian and at my bank I have 2 accounts and it cost nothing to transfer, I have no monthly fees as long as I keep a certain amount in my account and it was free to open another account.

  • 22 Jun 2010 Courtenae said

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    Hi,
    The Travelex cards are a good option as you can load them with AUD before you leave home. You just need to go to any travelex store and they can issue them there and then.
    You also get a free spare card (very handy if an atm takes a liking to your card) and if your cards are stolen, travelex will replace them within 24 hours. There are fees though, there is a (i think) 1.1% commission of the amount you load onto the card, that you pay to convert the money and there is $3.75AUD fee ($2.25USD) to draw money out of the atm, but in saying that, as you have already loaded the AUD onto the card, you won’t have to pay the Visa conversion fee for every transaction. And if you get the Visa Debit cash passport, you can also use it in shops anywhere that Visa is accepted.
    It would be a good idea to go and get a PDS from travelex and have a read through and compare it to your banks overseas fees as well, just to make sure that is the best way to access your money.
    Any other questions PM me Smiler<!--graemlin::)-->

  • 2 Nov 2010 SashaK said

    SashaK

    i am a canadian with td and i plan on using my visa for everything .. i will also have my debit card and some cash, but for the most part will put everything on my visa and then pay it on online banking from the money in my checking account.. this is the advice my bank advisor told me to do..

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