Q. I travel often for work and never bother to get forex before I leave. I use my credit card overseas, either to pay directly for purchases or to draw cash. Would it be more cost-effective to get one of those cards one loads with forex? I am with FNB. - F Goosen
A. Most banks offer a type of "travel wallet", cards on which you load your foreign currency before you travel, and which you can use to draw cash at ATMs or to swipe at points of purchase (as you would with Visa or MasterCard) overseas.
Which is more cost effective depends on how often you travel and how much you plan to spend.
First, let's start with the price of using your ordinary cards. When you swipe your credit or debit card in a foreign country, FNB charges you 2.75% of the value of your spend.
When you withdraw cash at an ATM, you pay 2.75% of the value plus R70.The travel-wallet alternative is called the Cash Passport. It is a chip- and pin-enabled card, which allows you to load four currencies (euros, dollars, pounds and Australian dollars). It is available from FNB, Absa (you don't have to have accounts with them to buy one) and some bureaux de change.
The fee for getting the card varies depending on how you order it. With FNB online, it's R85 but if you order it in a branch, it's R210. You need your passport and proof of travel plans.
Fees also apply when you load money. Online, you pay 1.9% of the value of your spend (with a required minimum of R60). In a branch, it's 2.1%, with a minimum of R115.
When you're travelling, it's free to swipe but there is a flat fee for ATM withdrawals, which varies depending on the currency (for example, it's $3 and £1.80).
After your trip, any money left on the card has to be converted back to rands within 30 days, which is free if you put it into an FNB account and 2% if you take cash. The card is valid for five years.
• We can help with your destination dilemmas, visa puzzles and itinerary ideas. E-mail travelmag@sundaytimes.co.za..