OneSmart fees changed

Old May 23, 13, 9:16 pm
  #1  
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OneSmart fees changed

Hi,

I've not used my one smart card since for some time. I used it for a month or two just after they released it, and have not used it since.

As I will soon be traveling to Europe I thought I would check it out again, as the free overseas ATM withdrawls would be quite handy.

However I see that many of the fees charged seem to have changed considerably from when it started.

For example, now you are only allowed 3 free per month overseas ATM withdrawals. And they are changing to charge a monthly account fee even when you have $0 in your NZD wallet.

The list of fees and charges at http://www.airnewzealand.co.nz/onesmart-fees seems to be two pages long.

Is there a better option than onesmart? I also have ANZ Airpoints Visa Plat + ASB Visa Classic. I dont want to have to carry many euros in my pocket.
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Old May 23, 13, 9:37 pm
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You are not wrong. Apparently they last updated the fees on 21 May 2013 and a bunches of changes will take place on 23 July 2013.

And they want to charge you monthly fee even when you have no funds in any of your currency wallets. They have introduced Auto Wallet Transfer. Not sure how that will work. Will they deduct your Airpoints balance? Looks like I will be calling to deactivate my OneSmart.
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Old May 23, 13, 9:53 pm
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Originally Posted by Xiaotung View Post
You are not wrong. Apparently they last updated the fees on 21 May 2013 and a bunches of changes will take place on 23 July 2013.

And they want to charge you monthly fee even when you have no funds in any of your currency wallets. They have introduced Auto Wallet Transfer. Not sure how that will work. Will they deduct your Airpoints balance? Looks like I will be calling to deactivate my OneSmart.
According to the T&C's, Auto Wallet Transfer simply deducts from other currency wallets the fee (at the OneSmart exchange rate) if your NZD wallet is empty. They cannot (surely?) have access to your Airpoints Dollar balance. Note the following on the OneSmart website (in the footnotes):

Originally Posted by OneSmart
If your Available Balance is less than any applicable fee, only the remaining Available Balance will be deducted, i.e. your OneSmart Account will not go negative to effect a fee payment.
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Old May 23, 13, 9:55 pm
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Originally Posted by NZSportsTech View Post
Hi,

I've not used my one smart card since for some time. I used it for a month or two just after they released it, and have not used it since.

As I will soon be traveling to Europe I thought I would check it out again, as the free overseas ATM withdrawls would be quite handy.

However I see that many of the fees charged seem to have changed considerably from when it started.

For example, now you are only allowed 3 free per month overseas ATM withdrawals. And they are changing to charge a monthly account fee even when you have $0 in your NZD wallet.

The list of fees and charges at http://www.airnewzealand.co.nz/onesmart-fees seems to be two pages long.

Is there a better option than onesmart? I also have ANZ Airpoints Visa Plat + ASB Visa Classic. I dont want to have to carry many euros in my pocket.
I would just use your ANZ Visa. I do not use debit cards internationally except to withdraw cash from ATMs.
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Old May 23, 13, 9:59 pm
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Originally Posted by pbl22 View Post
According to the T&C's, Auto Wallet Transfer simply deducts from other currency wallets the fee (at the OneSmart exchange rate) if your NZD wallet is empty. They cannot (surely?) have access to your Airpoints Dollar balance. Note the following on the OneSmart website (in the footnotes):
Thanks for clearing that up. I will just make sure all my wallets are empty.
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Old May 23, 13, 10:17 pm
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Originally Posted by pbl22 View Post
According to the T&C's, Auto Wallet Transfer simply deducts from other currency wallets the fee (at the OneSmart exchange rate) if your NZD wallet is empty. They cannot (surely?) have access to your Airpoints Dollar balance. Note the following on the OneSmart website (in the footnotes):
I think they're doing this because people are deliberately keeping a zero balance in the NZD account. I know I would if I didn't think multi-currency debit cards are pointless.
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Old May 25, 13, 6:48 pm
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Agreed. I think the OneSmart is a transaction based cash generator for NZ. Not a consumer priority-driven initiative. Fees, meagre exchange rates, and you give your own money upfront to use it at less value.

Even with a 2% overseas currency fee, using my Visa card to buy things and doing the odd (weekly) cash withdrawal on my BNZ accounts is better deal--and more transparent.
Originally Posted by Saxphile View Post
I would just use your ANZ Visa. I do not use debit cards internationally except to withdraw cash from ATMs.
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Old May 26, 13, 12:39 am
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I use a BankDirect visa card for making cash withdrawals since there are no fees for using your own funds. There are the offshore margins which you would get charged for making transactions anyway and it is the Visa exchange rates.
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Old May 26, 13, 1:24 am
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Originally Posted by TheRealBrendo View Post
I use a BankDirect visa card for making cash withdrawals since there are no fees for using your own funds. There are the offshore margins which you would get charged for making transactions anyway and it is the Visa exchange rates.
The BankDirect Visa card is just a Visa card with your checking account details loaded onto it so you can use it as an ATM card as well. Westpac can do the same with its credit cards.

Are you sure you don't pay transaction fees for withdrawing at overseas ATMs? I use HSBC, and as a Premier customer you can withdraw money at any HSBC ATM in the world without fees and no ForEx commission. I know that Citibank has the same arrangement for its Personal Banking customers. It would be quite unusual (and attractive) for BankDirect to offer it for any ATM.
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Old May 26, 13, 2:52 am
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Originally Posted by Saxphile View Post
The BankDirect Visa card is just a Visa card with your checking account details loaded onto it so you can use it as an ATM card as well. Westpac can do the same with its credit cards.

Are you sure you don't pay transaction fees for withdrawing at overseas ATMs? I use HSBC, and as a Premier customer you can withdraw money at any HSBC ATM in the world without fees and no ForEx commission. I know that Citibank has the same arrangement for its Personal Banking customers. It would be quite unusual (and attractive) for BankDirect to offer it for any ATM.
ASB used to waive any withdrawal fees as long as the card account was in credit both before and after the transaction. BankDirect is an ASB product so I wouldn't be surprised.
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Old May 26, 13, 4:10 am
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Originally Posted by Xiaotung View Post
ASB used to waive any withdrawal fees as long as the card account was in credit both before and after the transaction. BankDirect is an ASB product so I wouldn't be surprised.
Oh I see. No fee on withdrawing from CC that carries a positive balance. Very interesting. You learn something every day.
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Old May 26, 13, 9:02 pm
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I agree with what has been said that onesmart, now that the initial gimmickry has worn off, seems like a waste of time and money

Given that, how does one go about closing a onesmart account? Presumably all the rest of the functionality as an airpoints card only remains unaffected?
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Old May 26, 13, 11:10 pm
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This is a real pity. I have used my OneSmart Card a lot. I'll look into these new charges, but if what is posted here is the case, then I think i will be looking at deactivating my account.
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Old May 26, 13, 11:36 pm
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Originally Posted by oranjemakker View Post

Given that, how does one go about closing a onesmart account? Presumably all the rest of the functionality as an airpoints card only remains unaffected?
NZ can issue a standard Airpoints card separate from Onesmart. If you don't use Onesmart, the good thing about the standard card is you don't have to carry the Star Alliance Gold Lounge card around. It has the same design as those NZ issues to non New Zealand residents.
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Old May 27, 13, 1:41 am
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Thanks i'll be ringing them tomorrow to request a card that doesnt have One Smart...
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