Commbank large amount transfers. How do they work
If you wish to send very high amounts with Commbank, you may need additional assistance of transfer approvals. Let’s see how large transfers work with this bank
Looking for a way to spend money without the fuss of having to open a bank account? A prepaid debit card could be the solution.
This article is going to let you know a little bit more about what a prepaid debit card is before delving into six of the options currently available to Australians.
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A reloadable prepaid card is a form of payment card that can be used to make purchases without being linked to a bank account. You simply add money to the balance, spend and then reload it when the balance gets low.
There are a few potential advantages to using a prepaid debit card over other types of card.
There are a variety of prepaid debit cards available in Australia so to help get you started we’re going to take a look at these six.
The Wise Card is a debit card that’s backed by a Wise Account and powered by Visa. It can be used in Australia as well as abroad, and works almost anywhere a Visa card is accepted.
These are just a few of the benefits of having a Wise Card.
The first step to getting a Wise Card is to sign up for a Wise Account. Don’t worry, it’s free and can be done in minutes. Once that’s out of the way you can order the card which costs $10 AUD to have sent out.
Reloading your Wise card is pretty simple as it just involves sending money to your Wise Account. You can do this through the app by hitting ‘Add’, or by sending money via direct deposit or bank transfer.
As the name suggests, the Australia Post Everyday Mastercard is offered by our national postal service, Australia Post, and is backed by Mastercard.¹ It can be used to make purchases online and instore, and supports contactless payments.
Here’s some of the features of this prepaid debit card.
To order the Australia Post Everyday Mastercard just visit their website and follow the prompts to complete the online buying process. The purchase price to receive a card is $7.95.
As you spend you can top the balance up online, using the app, at participating Australia Post outlets or by bank transfer. Keep in mind the minimum balance you can have is $20 AUD and the maximum is $15,000 AUD.
While Cash Passport may not be as well known as some of the other companies on this list, they do offer a prepaid Mastercard debit card in Australia.² This is done in conjunction with Heritage Bank who are registered under Australian Financial Services Licence 244310.
Here’s a look at some of the main features you might like.
Ordering the card is relatively simple as it can all be done online. There’s no card issue fee or initial load fee to worry about which is a bonus.
When it comes time to top up the debit card you generally have three options; an instant transfer from another debit card, bank transfer or BPAY. If you bought the card in-store it’s also possible to reload in person, as long as you go back to the store you purchased it from.
A multi award winner in Mozo’s “Best Prepaid Travel Card” category, the Travelex Travel Card is predominantly for international travelling, however it can be used in Australia too.³ It’s powered by Mastercard and is accepted at retailers around the world..
Let’s take a look at some of the benefits of the Travelex card.
You can order a card online, through the Travelex Money App or in-store. There’s no initial card purchase fee if you do the process online or through the app, but there’s a fee if you order one in-store and load AUD as the currency. You also need to load the minimum amount which is equivalent to $350 AUD online or $100 AUD in-store.
Travelex cards can be topped up online, using the app, in-store or with BPAY. The minimum amount for an online or app top up is $50 AUD, which is quite a bit higher than some of the other options on this list.
As well as being our nation's flagship carrier, Qantas offers a prepaid debit card that’s powered by Mastercard.⁴ Dubbed the Qantas Travel Money card, it can be loaded up with AUD and used at home and abroad.
Here’s some of the main features for this card.
To sign up for a Qantas Travel Money card you need to become a Qantas Frequent Flyer member first. This usually costs $99.50 but sometimes it’s possible to join for free. Once that’s done you can go to the website and request a card.
If you need to top up, start by logging into the website or Qantas Money app. From there you need to choose the currency you want to load and whether you want to pay by bank transfer, BPAY or instant load using another card.
The Travel Money Oz Currency Pass is another prepaid Mastercard debit card that’s predominantly designed for travel but like the others we’ve mentioned it can be used in Australia too.⁵ It’s accepted almost Mastercard is, including online, in-store and at ATM’s.
These are some of the key features for the Currency Pass card.
To get a Travel Money Oz Currency Pass you can order it online or visit a store. It’s free to buy but keep in mind that online orders can take up to 14 business days to be delivered.
When you need to reload the card it can be done online, through the Travel Money Oz app or instore. Depending on the reload method you can pay by card, cash, BPAY or bank transfer. The minimum reload is $20 AUD while the maximum is $10,000 AUD.
If you’re looking for a flexible account that is great for daily spending in Australia and overseas, the Wise Account is worth a look.
The Wise Account can be opened for free and allows you to hold money in over 40 currencies and send money to 160 countries. You can also order local account details for 10 world currencies including AUD.
You can also use the Wise Debit card to spend money in 150+ countries without markups and hidden transaction fees. The mid-market rate is used when switching between currencies, helping to keep costs low when sending money internationally. It’s the rate you see on a Google conversion search.
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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: 20 October 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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