VISA debit cards are similar to Electronic Funds Transfer at Point of Service cards (EFTPOS), in that they let cardholders conveniently access funds at retail shops and ATMs. Unlike credit cards, VISA debit and EFTPOS cards fund transactions using money which is already deposited within the cardholder’s bank account, rather than utilizing a line of credit. Both cards can be used to purchase products and services from nearly every major retailer in Australia, or to withdraw funds from over 200,000 ATMs nationwide.

However, EFTPOS cards also allow cardholders to withdraw funds from more than 60,000 outlets which have EFTPOS machines. In addition, cash withdrawals that are taken from EFTPOS machines do not incur the fees that are typically associated with using VISA debit cards at third-party ATMs, which usually range from $1.50-$2.00, depending on the ATM provider. Another primary difference is that VISA debit cards are accepted around the world, at more than 24 million outlets, while EFTPOS cards are locally popular within Australia and can only be used at about 260,000 locations, including retailers and EFTPOS machines.

While VISA debit cards can be used to make purchases online or over the phone, most companies which are located outside of Australia do not accept EFTPOS cards. Thus, Visa debit cards are a more popular payment solution amongst travelers and international businessmen. Nonetheless, EFTPOS cards are very popular in Australia because they can be used at many retail locations to withdraw cash without incurring any ATM fees. Aside from ATM fees, some companies within Australia also charge customers an additional transaction fee when they use a VISA debit card to pay for products or services.

There is also a notable difference in the type of fraud protection offered, as VISA debit cards offer zero-liability fraud protection services which continually monitor transaction activity and protect cardholders from unauthorized usage. Some Australians, however, consider EFTPOS to be a safer type of card because of the widespread leniency that retailers have towards the use of VISA debit cards.

VISA debit cards and EFTPOS cards also have different withdrawal limitations, and although the exact limits depends on the card issuer/financial institution, most EFTPOS cards allow cardholders to withdraw more from ATMs on a daily basis. Alternatively, many VISA debit cards have a daily ATM cash withdrawal limit which may need to be lifted before more than $500 can be withdrawn from an ATM each day.

VISA debit cards offer more flexibility and are more suitable for tourists and people who frequently visit other countries, while EFTPOS cards are a better solution for Australian citizens who need continual access to funds without having to pay ATM and transaction fees. Ultimately, having a VISA debit card and an EFTPOS card would be optimal, as together they would give the cardholder the simultaneous benefits of both.