What’s the best way to take money overseas?
What plastic do you take on holiday? Do you use a debit card, credit card or travel card?
We’ve rounded up the 28 Degrees MasterCard, the NAB Traveller Card and the Citibank Plus Transaction Account to find the best type of card to take overseas. Read on to find out which travel money option to take with you to your next travel destination.
Compare No Foreign Transaction Fee Credit Cards
Using the 28 Degrees MasterCard for travel and international purchases
Credit cards charge a currency conversion fee when you shop or spend overseas, this fee is typically 3% of the entire transaction which may add up to hundreds of dollars over your trip. Some travel credit cards don’t charge for currency conversion, including the 28 Degrees MasterCard.
Currency conversion fee & ATM withdrawals
Credit cards usually charge 2-3% of the transaction amount for overseas transactions. Outstanding travel credit cards don't charge any fees for currency conversion or overseas ATM withdrawals. The 28 Degrees MasterCard is among a handful of credit cards that don't charge for these transactions. Also receive $0 annual fee, and offers up to 55 interest-free days on purchases.
28 Degrees MasterCard ATM fees & cash advance fees
The 28 Degrees MasterCard doesn’t charge for international ATM withdrawals either, but ATM withdrawals attract a fee of 3% of the cash advance or $4 (whichever is greater). Local ATM operator fees may still apply as well. Most of the time these fees are advised at the time of the transaction.
Using prepaid travel cards overseas - NAB Traveller Card
Travel cards are designed to be used overseas. Secure and preload your funds onto the card before you travel at a set exchange rate and hold multiple foreign currencies on the card at the one time. Preloading your currency can help you save money and organise your travel money before you travel. This feature is only available with prepaid travel cards, making it an option to consider before you head overseas.
These accounts let you hold multiple foreign currencies at once, so you can spend overseas without incurring additional costs for currency conversion. By loading a travel card with US dollars, for instance, and spending in US dollars, you can avoid this fee.
Unlike some credit cards, which charge a fee when an additional card is issued, a second travel card is given to you for free when you open an account. The second card acts as a backup incase the first card is lost or stolen.
Because they are issued by Visa and MasterCard: the usual anti-fraud protections apply to these cards.
Travel cards attract an additional ATM fee for overseas withdrawals. In many cases the fee is less than the flat fee charged by your debit or credit card provider. The NAB Traveller Card, has an ATM fee of $0 per withdrawal on international ATMs and $3.75 per withdrawal at any Australian ATMs.
Moving and transferring funds
NAB call it the ‘NAB Currency to Currency foreign exchange rate’. This rate is used when you load and reload the NAB Traveller Card or move funds between currencies on the account.
The MasterCard exchange rate applies when you spend in a currency not loaded on to the card. It’s a little lower than the NAB travel card rate; however, the NAB currency conversion fee of 4% is charged on top of the exchange rate.
Travel Money Card Comparison
Using debit cards overseas - Citi Plus Transaction Account
It’s easy to take your debit card with you travelling — there’s nothing to sort out and you have access to your bank account. Although this option may be more convenient in the short term, it could be a more expensive option in the long run.
The Citibank Plus Transaction Account doesn’t charge for international transactions, and Citibank’s global ATM presence means you shouldn’t have to venture far to find an ATM where you can withdraw for free.
Unlike travel cards, transaction accounts generally hold the majority of a traveller’s budget. Much like other travel plastic, you’re protected if you’ve been defrauded by the card scheme’s anti-fraud guarantees.
The Citibank Plus Everyday Account has no fees for foreign transactions or ATM withdrawals, making this card a product to consider for your overseas travels.
Compare travel debit cards
Popular questions for using the 28 Degrees MasterCard
- Q: Can you use 28 Degrees MasterCard as a debit card?
Yes. You can transfer money onto the 28 Degrees credit card and use it like a debit card.
If you preload the account with a positive balance you won’t get charged interest on purchases and cash withdrawals as you’re using your own money.
- Q: The 28 Degrees credit card cash advance fee & credit card cash withdrawals
The 28 Degrees credit card cash advance fee is charged every time the MasterCard is used for an ATM withdrawal. A local ATM fee is also charged when you use the 28 Degrees MasterCard to withdraw cash overseas.
By putting the 28 Degrees card into credit, you waive the MasterCard Zero Liability Guarantee. This guarantee protects you if you’re defrauded.
Use a combination of travel money for best results
Each of the products on this page has it’s own advantages and disadvantages and will appeal to different people. It comes down to how you spend and the type of holiday or trip you’re going on. Compare your travel money options here.Back to top