Cash Passport Platinum MasterCard. The Fees & Need-to-knows

Roberto Efflandrin

27.09.23

5 minute read

Did you know that currency valuations are constantly changing? This means that it can be difficult to know exactly how much you are spending when using foreign currencies. This is particularly problematic when it comes to card transactions and ATM withdrawals, which often come with unpredictable exchange fees.

Cash Passport Platinum Mastercard is a payment card option for travel and foreign currency spending. In this article, we will break down the features of the card, how to set it up, and other essential information you will need to know before ordering.

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What is the Cash Passport Platinum MasterCard?

The Cash Passport Platinum Mastercard is a payment card designed for navigating the volatility of foreign exchange rates. The card works in a similar way to a debit or top-up card, with owners having to top the card up with cash before being able to access funds. The Cash Passport Platinum Mastercard does not offer a credit card option, meaning only prepaid funds can be spent. ¹

Owners of the card can ‘lock in’ an exchange rate to avoid unexpected currency volatility, using this fixed rate to top up their card with cash. The card supports 11 different currencies and can be used in any international store that accepts Mastercard and one of the 11 supported currencies. ²

Who is this card for?

The Cash Passport Platinum Mastercard is primarily designed for people who frequently spend money internationally. This includes people travelling for vacations, people travelling for business, and people who spend money on international online shops.

What are the main features and benefits of this card?

The core features of the Cash Passport Platinum Mastercard are as follows:

The ability to commit to a fixed foreign exchange rate
Support of 11 different currencies
Accepted anywhere that accepts Mastercard payments
Access to free global WiFi with Boingo ³
Free access to 1000+ LoungeKey airport lounges (in the event that your flight is delayed by more than 2 hours)¹
Online money management platform ⁴
24/7 global assistance
No initial load fee
No card issue fee

The cons of using this card

The core disadvantages of using the Cash Passport Platinum Mastercard are as follows: \

While most major currencies are supported, there are many other currencies that are not available
Paying a fixed exchange rate may or may not be beneficial depending on movements/volatility
Cash loading is subject to a 0.5% transaction fee (unless you use BPAY)
Domestic Australian ATM transactions are subject to a 2.95% withdrawal fee

The limits you get with this card

All Cash Passport Platinum Mastercard holders are limited to holding one card. When topping up a card, there is a minimum payment limit of AUD$100 and a maximum limit of AUD$50,000.

Within any given 12-month period, a maximum balance of AUD$75,000 is allowed across all currencies, with the limit being AUD$50,000 at any given moment.

There are also additional limits when using the card at ATMs. Within a 24-hour period, you can only withdraw a maximum of $AUD3,000, unless an ATM operator states that their limit is lower than this. ⁵

What are the fees for this card vs. the Wise card?

To help you understand the details of the CashPassport Card in comparison to the Wise card, you can use the following table for reference:

	CashPassport Card*⁵	Wise Card* (pricing info here card landing page here) **⁶
Card order fee	Free	$AUD10
Minimum load amount	AUD$100	None
Max limit on card	AUD$50,000	AUD$52,500 AUD (monthly) AUD $7000 monthly withdrawal limit
Monthly/yearly maintenance fee	N/A	N/A
Renewal fee once expired	Free	Free
Digital card available?	Yes	Yes
ATM fees	USD 2.50, EUR 2.50, GBP 2.00, NZD 3.50, THB 80.00, CAD 3.50, HKD 18.00, JPY 260.00, SGD 3.50, AED 10.00, AUD 3.50	2 or less withdrawals: Free up to AUD$350 per month, 1.75% for over AUD$350 per month. 3 or more withdrawals: AUD$1.50 per withdrawal up to AUD$350 per month, $AUD1.50 + 1.75% over AUD$350 per month. Note: ATM service providers may charge additional fees
International payments fee % for spending 100 AUD in GBP	N/A	0.47% to spend Convert 100 AUD spent in GBP
Exchange rate used	User-determined (“locked in” rate)	Mid-market rate

*As seen on DATE

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Where can you get a Cash Passport Platinum MasterCard?

The primary way to get a Cash Passport Platinum MasterCard is through an online order on the Cash Passport website. However, you can also sign up and obtain a Cash Passport card in person at various banks and retail stores. Some of the retail stores that provide this service include: ⁷

Unimoni
BOQ
GreatBank
Heritage Bank
Helloworld Travel

How do you get a Cash Passport Platinum MasterCard?

Whether you choose to order Cash Passport Platinum MasterCard online or at a retail store, you will need to follow the following process: ⁸

Provide basic personal details (including full name and email address)
Choose your currencies and load amounts (minimum AUD$100)
Provide further personal details (including date of birth, a security answer, phone number, and home address)
Verify your identity (through an Australian Passport or Drivers License)
Submit your tax details
Submit your payment details
Complete the initial load payment process

What are the eligibility requirements for getting this card?

In order to be eligible to set up a Cash Passport Platinum Mastercard, you must meet the following requirements: ⁸

You must be an Australian citizen
You must be 16 years of age or older
You must have a physical Australian passport or driver's licence available to be used for verification

How long does it take to get the card?

For online orders, you can expect your Cash Passport Platinum Mastercard to arrive within 5 business days. Alternatively, you can pick up the physical card at a retail store in person. If you choose this option, you will receive an email notifying you when your card is ready to be picked up. ⁹

How to load and use the card?

Loading cash onto a Cash Passport Platinum Mastercard can be achieved in three ways: \

Transfer funds from debit card (instant)
Bank transfer (takes 1 business day)
BPAY (takes up to 2 business days)

If you order a Cash Passport in person at a bank or retail store, you will also be able to reload your card with cash at the original store that you purchased it from.

Once activated and loaded with cash, you can use the Cash Passport Platinum Mastercard just like you would any other Debit or Credit card, through chip-and-pin or contactless.

You can also manage your funds and card, top up, and contact customer support through the Cash Passport website or mobile app at any time. ⁴

What else do I need to know?

When ordering a Cash Passport Platinum Mastercard, it is important to remember that the foreign exchange rate “lock-in” feature does not always guarantee you the best rate.

Currency valuations can be volatile, meaning that after you secure an exchange rate through Mastercard, the real-time rate could increase or decrease. This could be either positive or negative for your finances.

Cash Passport Contact Details

To contact Cash Passport Platinum Mastercard through the telephone, you would have to call one of the following numbers: ¹⁰

Phone (Australia): 1800 098 231
New Zealand - 0800 444 691
Hong Kong - 800 966 321
Japan - 00531 780 221
South Korea - 00798 4434 1279
Thailand - 001800 442 212
UK - 0800 056 0572
USA/Canada - 1 877 465 0085
Other countries - +44 207 649 9404

The Wise Account and Debit Card

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.

Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Sources:

CashPassport Mastercard: CashPassport Mastercard
Australia Post CashPassport Mastercard: Exchange Rates
Australia Post CashPassport Mastercard: Free Global Wi-Fi
CashPassport Mastercard: Managing Your Cash Passport
Australia Post CashPassport Mastercard: Fees and Limits
Wise: What Are My Spending Limit
CashPassport Platinum Mastercard: Where To Buy
CashPassport Platinum Mastercard: Ready To Start?
CashPassport Platinum Mastercard: Help
CashPassport Platinum Mastercard: Contact Us

Sources checked on: 02 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.