International money transfer limits with Australia banks. An overview
Whether you are sending funds to family abroad, making payments for overseas investments, or managing international business transactions, knowing whether...
Looking to find out about the Australia Post Everyday Mastercard? You’ve come to the right place!
In this article, we’ll give you all the details on this popular card including fees, features/benefits, limitations, eligibility requirements and more.
We’ll also compare the Australia Post Everyday Mastercard with the Wise Card, showing how you can save money on your international transactions¹.
💸 Hold 40+ currencies in your account and spend at the mid-market exchange rate with the Wise Debit card while abroad. |
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Learn more about the
Wise Account and card
The Australia Post Everyday Mastercard is a prepaid card designed to help you keep on top of day-to-day spending. It can be used to shop both in-store and online and can be topped up online, in-app or at a participating Post Office.²
You can also use this card to shop internationally, with over 11 currencies available including USD, EUR, GBP, NZD, THB, CAD, HKD, JPY, SGD, AED and AUD.³
This card is useful for fraud protection, with Mastercard’s Zero Liability protection and cashless spending.³
If you do lots of transferring between accounts, or want to spend only what you have reloaded, this card could be for you. It’s also useful if shopping online or overseas is important to you, although the exchange rates are a factor to consider — more on this later.³
This card has several features and benefits that you’ll find useful when spending money day-to-day.
Here are the main features and benefits that you should look at before signing up³:
With pros there, of course, comes cons - here’s a list of points to bear in mind before signing up to an Australia Post Everyday Mastercard:
There are limits to every card, and this one has a few you should be aware of⁶:
Read more: Prepaid Debit/Credit Card Australia Compared |
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We’ve put together some information below detailing a few key points on the fees for the Australia Post Everyday Mastercard, in comparison to the Wise card.
This should help when comparing these two cards, with information displayed side-by-side:
Australia Post everyday⁵ | Wise Card¹ | |
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Card purchase price | $7.95 AUD | $10 AUD |
Minimum load amount | $20 AUD or foreign currency equivalent | N/A |
Max available balance | $25,000 AUD or foreign currency equivalent | Free holding allowance up to following amounts⁹:
|
Card management fee | $2 AUD per annum | Free |
Renewal fee once expired | $7.95 | Free |
Digital card available? | Yes | Yes |
ATM fees |
|
|
International payments fee % for spending 100 AUD in GBP | No fee (Spend Rate will apply to foreign exchange transactions. These will be in compliance with the Terms and Conditions) | 0.44% Variable fee to spend or convert in foreign currency. For example, see a 100 AUD spent in GBP test¹⁰ |
Exchange rate used | The exchange rate that applies is set by Mastercard Prepaid Management Services. This applies upon loading of funds onto the card(or when transferring funds between currencies). Exchange rates will be shown before the transaction is confirmed. Please note that merchants may add a margin to the exchange rate used.⁸ | Mid-market rate |
*As seen on 27/02/2023
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Regarding the exchange rate used when you spend on foreign currency, the AUSpost Product Disclosure Statement document states that⁸:
Accepting the offer to settle in another currency may result in unnecessary conversion costs as the merchant may apply a foreign exchange margin to convert the transaction currency into another currency.
This means that the rate you eventually get may be different from the mid market exchange rate.
With Wise, you get the mid-market exchange rate. This is the same rate you’d see on Google if you did a currency conversion search.
To get an Australia Post Everyday Mastercard, simply follow the below steps:
There are a few eligibility requirements when applying for this card.
These are pretty standard when it comes to opening most Australian bank accounts; we’ve listed these below just in case you need to check:
As this is a prepaid card you can purchase at the post office, you get it right away.
To load and use the card, you’ll need to make sure you’ve registered it if bought at the Post Office, or activated it if bought online.
You can then use the Australia Post Everyday Mastercard app to load money onto the card, or pop into the Post Office to top it up. Your card can then be used in-store or online.
We’d advise being extra vigilant when filling out your details with Australian Post, as the name you use to sign-up needs to match the ID you provide. One to bear in mind if you’ve recently changed your name after getting married for example - best to get this sorted first to save yourself a headache when signing up for your new card. As long as you have a valid Australian ID, you’ll be good to go.
If there’s anything you want to double-check directly with Australia Post, you can use the following details to contact them:
Online form via the Australia Post website
Chatbot via the Australia Post website
Phone:
Australia: 13 POST (13 7678), 8am - 6pm (local time) Mon-Fri
Overseas: +61 3 8847 9045, 7am - 6pm (AEST) Mon-Fri
If you’d prefer mid-market rates when spending money internationally, rather than being tied to a preset rate, and require accounts in multiple currencies, open a Wise Account so you can apply for a Wise debit card instead.
With a Wise Account and card, you can hold 40+ currencies all in one place. When you spend money using your Wise debit card, money will be withdrawn from the money available in your wise account.
Wise’s smart technology ensures that the Wise card only spends from the balance that’ll be fee-free, otherwise it uses the one with the cheapest fee.
Join over 13 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.
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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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Sources:
Sources checked on: 10 March 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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