Cancel Cash Passport: Step-by-Step Guide

How to cancel your Cash Passport card and retrieve your balance in australia

What is Cash Passport and why cancellation matters

Cash Passport is a multi-currency prepaid travel card that let you load money in foreign currencies onto a single card for overseas spending. The card was originally distributed in Australia but has since been replaced by newer products like the Travelex Money Card. If your Cash Passport sits unused, you've switched to another travel card provider, or you want to access your remaining balance, understanding your cancellation rights and the process saves you both time and money.

At Tocancel, we help Australian consumers navigate cancellation with confidence. Whether you're closing your card because of poor exchange rates, inactivity, or a desire to consolidate your payment methods, this guide walks you through your rights, the exact steps to take, and what to expect when your account closes.

When you should cancel your Cash Passport

You may want to cancel if the card remains unused, you've moved to a competitor's travel card, you want to retrieve your remaining balance before it expires, or you're frustrated with currency conversion fees. Legacy Cash Passport cards no longer receive active customer support through main sales channels in Australia, which means finding help becomes harder over time.

How Cash Passport operates differently from subscriptions

Cash Passport is a prepaid card product, not a subscription service. This distinction is crucial for cancellation and refunds. Money you load onto the card is yours until you spend it or close the account; you are not locked into ongoing charges. However, closure itself typically attracts a fee, and any remaining balance may be subject to currency conversion costs when you withdraw it. Understanding this structure helps you predict your final outcome when you submit your cancellation request.

Your consumer rights under australian law

Australian Consumer Law protects you when you cancel prepaid financial products and demand refunds of unused funds.

What australian consumer law says about prepaid cards

Under the Australian Consumer Law (part of the Competition and Consumer Act 2010), you have the right to clear communication about fees, the right to access your funds, and protection against unfair contract terms. If a company charges excessive closure fees or makes it deliberately difficult for you to access your balance, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA). Your legal position is straightforward: the money you loaded onto your Cash Passport belongs to you, and the issuer must allow you to retrieve it on reasonable terms.

Your right to closure and balance retrieval

You have the unconditional right to close a prepaid card account at any time. The issuer cannot force you to keep the card active or spend your remaining balance. They may charge a closure fee (which must be disclosed upfront), but they cannot refuse to return your funds. If Heritage Bank or EML Payments (the underlying issuer) refuses to process your closure or claims your balance has expired, contact AFCA immediately; this is a breach of your consumer protections. Tocancel's resources explain how to escalate complaints when a company blocks your cancellation.

Fees, charges and the true cost of closure

Cash Passport charged several fees throughout its lifetime, and understanding each one helps you decide whether closure is worth the cost right now.

Before you submit your cancellation request, check your current balance and calculate what you will receive after all fees are deducted. If closure fees are high and your remaining balance is low, delaying closure may not help - but leaving money on an unused card carries its own risks if the product is eventually discontinued or your balance expires.

How to cancel your Cash Passport account

The cancellation process for Cash Passport requires you to contact the card issuer directly by mail, as the original distributor no longer manages the product in Australia.

Step-by-step cancellation process

1. Check your remaining balance and note the card number
   • Log into any online portal linked to your card, or check your last statement
   • Verify the currency breakdown if funds are held in multiple currencies
2. Write a formal letter requesting account closure
   • Include your full name, card number, and date of birth
   • State clearly: "I request closure of my Cash Passport account and transfer of my remaining balance"
   • Include today's date and your contact phone number and email
3. Post your letter to the issuer's address
   • Send to: Heritage Bank / EML Payments, PO Box 190, Toowoomba QLD 4350, Australia
   • Use registered mail or a tracked courier service so you have proof of delivery
   • Keep a copy of your letter for your records
4. Wait for written confirmation of closure
   • Expect a response within 10 to 15 business days
   • The issuer will confirm your final balance and advise how funds will be returned (usually to your nominated bank account)
5. Confirm receipt of your refund
   • Check your nominated bank account for the transferred balance
   • If funds do not arrive within 5 business days of the issuer's confirmation, contact them in writing again

What to include in your cancellation letter

Your letter is your formal record of cancellation, so clarity matters. Address it to "Customer Service" or "Accounts Team" at the issuer. State the reason for closure briefly (optional, but helpful), include your card number exactly as it appears on the card, and specify which bank account should receive your refund. Sign the letter and keep a photograph or scan of both your letter and the envelope before posting. Tocancel recommends using registered mail or a tracked service; Australia Post's Registered Mail service costs around AUD $15 but gives you a receipt and tracking number, which protects you if the letter goes missing.

What happens after you submit your cancellation request

Once the issuer receives your closure request, a clear timeline unfolds, and you should know what to expect at each stage.

Timeline from submission to refund

The issuer typically acknowledges your request within 5 business days. Processing takes a further 10 to 15 business days, during which they calculate your final balance (accounting for any outstanding fees or currency conversion adjustments). They then send you written confirmation of closure and the exact amount to be refunded. The transfer to your nominated bank account usually occurs within 5 business days of that confirmation, meaning you should expect to see funds within 25 to 30 business days from the date you post your letter. If you have not heard from the issuer within 20 business days, send a follow-up email or letter citing your original submission date and requesting a status update.

Accessing your funds if the card is lost or expired

If your physical card is lost, expired, or damaged, you can still cancel the account and retrieve your balance via the closure process described above. The issuer does not require you to return the physical card; your written request is sufficient. If the card itself has expired, the account may still be active and accessible by phone or mail, so do not assume expiry prevents closure. Ring the issuer's customer service line (usually printed on your last statement) to confirm the account status before posting your cancellation letter.

Your refund: what you will receive and when

Understanding exactly what you will receive back is essential to managing your expectations and spotting any errors.

Calculating your refund amount

Your final refund equals your remaining card balance, minus the closure fee, minus any currency conversion adjustments if funds are held in multiple currencies. If you have AUD $500 remaining, but the closure fee is AUD $15 and currency conversion costs AUD $10, you will receive AUD $475. The issuer will detail this calculation in their closure confirmation letter; read it carefully and question any deduction you do not understand. Tocancel users report that some issuers have failed to itemise fees clearly, so ask for a full breakdown if the figure seems wrong.

How refunds are transferred and payment methods

The issuer will transfer your refund to the bank account you nominate in your cancellation letter. This must be an Australian bank account in your name; you cannot request the refund be sent to a third-party account. The transfer is made via electronic bank transfer (EFT), so funds should appear within 5 business days of the issuer's confirmation. If you nominate an account at a different bank, allow an extra 1 to 2 business days for the transfer to clear. There is no option to receive a cheque or physical cash unless the issuer offers it as an alternative; confirm the refund method in your closure confirmation letter.

Common mistakes to avoid when cancelling

Cancelling a prepaid card feels straightforward, but many people overlook critical steps that delay their refund or reduce the amount they receive.

Not using registered mail or proof of delivery

Sending your cancellation letter by standard post is risky; if it is lost in transit, the issuer will have no record of your request, and your account will remain open while months pass. Always use Australia Post's Registered Mail service or a private courier (such as StarTrack or DHL) that provides tracking. Cost is minimal (AUD $15 to $20), and the protection is invaluable. Keep your tracking number and the delivery receipt until your refund has been processed.

Failing to specify your refund bank account clearly

If your cancellation letter does not include your nominated bank account details (account name, BSB, and account number), the issuer may delay processing or send the refund to an incorrect account. Write your bank details legibly, and double-check them before posting. If you are not sure of your BSB and account number, check your latest bank statement or log into your online banking; many people write the wrong BSB and then never receive their refund.

Ignoring currency conversion loss

If your Cash Passport held funds in multiple currencies (for example, GBP and USD), the issuer will convert them to AUD before sending your refund. Currency conversion is subject to their exchange rate and a spread (markup), which can cost 2 to 4 percent of your balance. Some users withdraw their funds in local currency while overseas and lose significantly to conversion fees; others wait until closure and lose the same way. There is no perfect solution, but knowing this loss is inevitable helps you accept it.

Not following up if your refund does not arrive

Expect your refund within 30 business days. If it does not arrive, do not assume it will come eventually; contact the issuer immediately with your closure confirmation letter and ask for a trace. Provide them with the exact date you posted your cancellation request, your tracking number, and the date of their closure confirmation. If they cannot locate your funds within 5 business days, lodge a complaint with AFCA and share your evidence. Tocancel's complaint escalation guide explains how to file with AFCA and what documentation you need.

When to escalate to the australian financial complaints authority

If the issuer refuses to close your account, fails to process your closure request, or cannot explain deductions from your refund, escalate your complaint.

Grounds for an AFCA complaint

You can lodge a complaint with AFCA if the issuer (1) refuses to close your account, (2) fails to refund your balance, (3) charges excessive or undisclosed fees, or (4) takes longer than 30 business days to process your closure without a valid reason. AFCA is Australia's free dispute resolution service for banking and financial complaints, and they have the power to order the issuer to pay compensation if they have acted wrongly. You do not need a lawyer; AFCA staff guide you through the process.

How to lodge an AFCA complaint

Visit www.afca.org.au and complete their online complaint form, or call 1300 931 441. Provide your name, the issuer's name, your card number, and a clear explanation of what went wrong. Attach copies of your cancellation letter, the issuer's responses (if any), and any evidence of fees or balance discrepancies. AFCA will contact the issuer and ask them to respond within 21 days. If they cannot resolve it, AFCA will investigate and make a binding decision. Most complaints are resolved within 30 days.

Checklist for cancelling your Cash Passport account

Use this checklist to ensure you complete every step correctly and protect yourself throughout the process.

• Check your current card balance and note the exact amount
• Verify the card number and expiry date from the physical card
• Write a formal cancellation letter with your full name, date of birth, and card number
• Include your nominated bank account details (account name, BSB, and account number)
• Sign and date the letter
• Make a copy or photograph of the letter before posting
• Send the letter via registered mail or a tracked courier service
• Keep the tracking number and delivery receipt
• Wait for written confirmation of closure (expect 10 to 15 business days)
• Check the closure confirmation letter for the final refund amount and itemised fees
• Confirm receipt of your refund in your nominated bank account (expect 5 business days after confirmation)
• If no refund arrives within 30 business days, contact the issuer in writing and request a trace
• If the issuer refuses or delays further, lodge a complaint with AFCA

Why tocancel helps thousands of australians cancel with confidence

Cancelling a prepaid card or financial product should not be a battle. At Tocancel, we provide clear, step-by-step guidance grounded in Australian Consumer Law and your rights. We have helped thousands of consumers navigate closure, recover their funds, and escalate complaints when companies try to delay or refuse. Whether you are closing a Cash Passport card, a subscription service, or any other recurring product, Tocancel gives you the knowledge and confidence to act.

Contact details for Cash Passport closure

Post your cancellation letter to:

Heritage Bank / EML Payments
PO Box 190
Toowoomba QLD 4350
Australia

Use registered mail or a tracked courier. Include your full name, card number, date of birth, nominated bank account details, and a clear request for account closure and balance refund. Keep your tracking number and proof of delivery. If you need further support navigating cancellation or lodging a complaint, visit Tocancel.com, where we provide templates, escalation advice, and links to AFCA. Your money is yours to retrieve - act now, and claim it with confidence.