A prepaid travel money card has become the travel money product for Australians heading overseas.
ANZ Travel Card
The ANZ Travel Card is a prepaid card that can be loaded with up to 10 foreign currencies to make purchases overseas at over 36 million locations.
- Lock in your exchange rates and know how much money you have to spend
- No transaction fees for electronic purchases in Australia and overseas
- Multiple reload options - online, over the phone or in person
- Manage your money online or over phone 24/7
- Spare card if in case one is lost or stolen
Compare travel cards
Guide to Prepaid Travel Cards
How do prepaid travel cards work?
A travel money card is a convenient way to access your travel cash while you’re on holiday. There are three main types of travel cards available in Australia: prepaid travel cards, credit cards and debit cards. This guide focuses on prepaid travel cards and their benefits.
Prepaid travel cards
How it works: Prepaid travel cards let you lock-in exchange rates before you travel. This type of travel card allows you to budget more effectively, by knowing exactly what exchange rate you have secured and how much money you have on the card.
Why you should consider a prepaid travel card.
- Lock-in exchange rates. Preload and secure your exchange rate before you travel
- Multiple currencies. Load up to 10 popular currencies for with prepaid cards
- Less fees.
- Avoid fees for currency conversion
- Avoid fees for ATM withdrawals
Things to consider when choosing a prepaid travel card.
- Currency availability. If you are travelling to multiple destinations, some of your currencies might not be supported
- Lower exchange rates. Lock-in exchange rate from the bank is lower compared to physical foreign exchange (cash) and credit cards
What additional benefits come with prepaid travel cards?
There are a number of different prepaid travel cards on the market. They can be broken down into the following categories.
Prepaid travel cards with frequent flyer points.
The Qantas Cash travel money card allows you to earn Qantas Points when you use the card to make an eligible purchase. The Global Wallet from Velocity, functions in the same way, only rewarding you with Velocity Points instead of Qantas Points.
Points are reward for eligible purchases, which are your everyday type of transaction, you won’t earn points on cash transactions like ATM withdrawals.
These cards couple the convenience of being able to spend without international fees with rewards points earning. There are other products on the market that offer rewards and frequent flyer points when you spend, but these cards also attract currency conversion fees, which negate any real value of rewards or frequent flyer points.
How to compare prepaid travel money cards
Fees
The main fees to look out for include:
- Initial load fee. Depending on the card, you might be charged a fee (such as a percentage of the loading amount) when you first load funds on the card.
- Reload fees. If the card doesn't charge an initial load fee, it may charge another fee each time you load funds on the card. If this is the case, you might want to reconsider how often you reload the card.
- ATM withdrawal fees. Some cards will charge a different ATM withdrawal fee depending on where you're withdrawing your cash. If the bank provider belongs to an ATM alliance, you might be able to avoid ATM withdrawal fees. It's also important to note that local ATM fees may still apply.
- Inactivity fee. An inactivity fee is charged if you don’t use the card (usually after 12 months) and there’s money remaining on the account.
- Currency conversion fees. Charged when you complete a purchase overseas.
Acceptance
When comparing travel money cards to find the right one for you, check the available currencies on the card. Find a card that will allow you to load the currencies of the places you plan to visit. If you spend on a currency not loaded onto the card, you will be charged for currency conversion. Remember that each type of travel card has its own pros and cons to accessing currencies, so travellers often take a combination of prepaid, credit and debit cards for convenience.
Exchange rate
In terms of receiving the best exchange rate you can either pre-load currency or withdraw when you arrive at your destination.
- Prepaid travel cards. Allow you to pre-load and secure your currency. Whilst the exchange rate may be considerably lower than the market rate, you are safeguarding yourself from receiving a worse exchange rate closer to your trip.
- Credit and debit cards. Provides you with the exchange rate provided by the card network (MasterCard, Visa) when you withdraw. This exchange rate is much closer to the market rate compared to prepaid travel card rates. To find out the exchange rate provided by your network on the day, simply google the "network + exchange rate" e.g. MasterCard exchange rate.
Pros and cons of prepaid travel money cards
Pros
- Spend like a local. Prepaid travel cards allow you to preload multiple foreign currencies onto the card at a time. Spend in a currency loaded onto the card and you avoid a fee for currency conversion.
- Backup card. Designed specifically for travel (and the mishaps that happen when you’re travelling), prepaid travel cards come with a backup in case the first card is lost or stolen.
- Manage your travel budget. Reload the card when you need funds. The exchange rate is locked in. This protects you from movements in the exchange rate and also allows you to budget down to the last dollar.
Cons
- Travel card fees. As convenient as these accounts are, they do come with fees and charges. Fees are charged when the card is first issued, when you first load the account with funds or when you reload the card with funds. Inactivity fees and ATM fees are also common among different travel money cards.
- Exchange rates. It’s worth having a look at the exchange rates offered through travel card products. Often, travel card issuers will have a different exchange rate for travel cards.
- Reloading time. Typically, BPAY is the easiest way to reload your account with funds. BPAY transactions can take up to three business days for the transaction to process. It can take up to six days for the funds to clear in your account when you factor in Australian bank holidays and weekends.
Frequently asked questions about prepaid travel money cards
What's the best travel money card?
This all depends on where you're going and how you plan to spend. In some destinations, you can use your plastic like you would in Australia. In other places, cash is king — so ATM withdrawals fees will factor into your comparison. Compare travel money cards to find the best one for your holiday.
How do I load funds onto my travel card?
This will depend on the card itself, however, BPAY is generally an accepted method for reloading your travel card with funds. Some cards use different systems, however, the card can be reloaded through your online banking facility. Make sure you can get internet access while you’re travelling.
What is a currency conversion fee?
A currency conversion fee is an additional charge (expressed as a percentage of the total value of the transaction — usually about 3.00%) which is applied when you make a purchase or withdrawal in a currency which is not loaded onto the card.
Travel cards have a ‘default currency order’. This is the order available currencies will be debited from your account if you do not have the currency of the transaction.
How do I use my travel money card?
When you want to use your travel money card to make a purchase or withdrawal, press ‘credit’ when you want to complete the transaction. Travel cards use the Visa and MasterCard international payment networks and are accepted in most places where Visa and MasterCard are accepted.
Will an inactivity fee be charged if I do not have any money left on my card?
Some of these accounts will charge you a fee if your account is inactive for a period of time. A monthly charge will deduct the remaining balance on the card until the account has no funds remaining. Inactivity fees are listed within our travel card comparison and reviews.
We will be travelling to Hungry, Czech Rep, Germany and England. Travel cards do not allow you to place Hungry or Czech currency on them. What do you think we should do amount regarding a card?
Hi Moira,
Thanks for your question.
Unfortunately, that’s correct. No Australian travel prepaid cards currently support the Hungarian forint or the Czech Republic Koruna.
If you still want to use a prepaid card, this gives you two options. Firstly, you can use any travel card, load it with Australian dollars and pay the currency conversion fee (which can sit between 3% and 5%) each time you make a purchase in either of these currencies. Otherwise, you can look for a prepaid travel card that doesn’t charge currency conversion fees to avoid this cost when making purchases in unsupported currencies. Prepaid travel cards that don’t charge currency conversion fees include the Commonwealth Bank Travel Money card, the Multi-currency Cash Passport, the STA CashFlex card and the Qantas Cash card.
Please note that the daily exchange rate will apply when your funds are being converted from Australian dollars (or whatever currency you’re using) to the local currencies in Hungary or the Czech Republic.
I hope this has helped.
Cheers,
Sally
Any advice about the 28 degrees travel money card? thanks
Hi Mary,
Thank you for your comment.
If you want to use 28 Degrees MasterCard for your travel, you have the option to load the account and use it as a debit card.
Though please note that when you withdraw cash (your own money) from overseas ATMs, the cash advance interest rate will not be charged to your account, however, the cash advance fee of 3% or $4 will still be charged on any ATM withdrawals. It is important to note local ATM fees may also apply.
To load your account in credit, simply deposit funds from a bank account to your 28 Degrees MasterCard via BPAY. You will need to repay any outstanding credit card debt in order to reach a credit balance. More information about the 28 Degrees can be found here.
Hope this helps.
Cheers,
May
can you buy things online with the travel card?
have a good day :)
Hi Hana,
Yes, you can purchase things online with most travel cards.
Cheers,
Sally
I am travelling to the UK and Canada. What is the best travel cards for these locations please?
Hi Dana K,
Thanks for your question.
As a financial comparison service, we can’t actually recommend any specific products to our users as the best option will depend on your financial situation and travel plans. Currently, all Australian travel money cards support GBP and CAD, meaning you’ll be able to make purchases in the UK and Canada without forking out a foreign currency conversion fee. If you want a travel card that lets you earn rewards points on your prepaid card, consider the Qantas Cash card or Velocity Global Wallet. Otherwise, you might want to consider how you’ll use the card and look out for cards with low or no ATM withdrawal fees, no or low loading and reloading fees and no purchase costs.
You can start comparing prepaid travel money cards here.
For further travel money tips for your holiday, please see our Canada and United Kingdom travel money guides.
I hope this has helped.
Cheers,
Sally
I am travelling to South America – Brazil, Peru, Argentina and Chile. If I get a Travel Card from a bank eg ANZ is it better to have it in Australian dollars and simple get the conversion done in each of the different currencies when used in that particular country?
Regards
Robert
Hi Robert,
Thanks for your question.
Unfortunately, no Australian prepaid travel cards currently support South American currencies. Unfortunately, this means that you’ll be charged a currency conversion fee if you use a prepaid card with Australian dollars on it during your travels through South America.
Instead, you might want to consider a travel card that doesn’t charge a currency conversion fee, such as the Commonwealth Bank Travel Money Card or the Qantas Cash card.
Instead, you might like to consider a debit card or credit card with low or no foreign currency conversion fees.
For more travel money tips, please see our South American Travel Money guide.
I hope this has helped.
Cheers,
Sally
Hi Im travelling to Bali and Dubai? What travel cards can I avail of? Do ANZ offer a card?
Hi Sean,
Thanks for your question.
Unfortunately, no prepaid travel cards (including the ANZ Travel Card) currently support Indonesia rupiah or UAE dirham. Instead, you might want to consider a prepaid card that doesn’t charge currency conversion fees, meaning that you can use your card in a country that uses an unsupported currency without incurring currency conversion fees. Currently, the Commonwealth Bank Travel Money Card and the Qantas Cash card are the only two cards that offer no currency conversion fees.
Otherwise, you could consider a debit or credit card that charges low or no foreign currency conversion fees.
For further travel money tips, please see our Bali Travel Money Guide and UAE Travel Money Guide.
I hope this has helped.
Cheers,
Sally
Good evening,
I am traveling to Vietnam and the research I’ve done states that only CommBank offers VND loaded to their Travel Money Cards.
Just wondering if you could please confirm this as truth or if I am incorrect – if being the case, what other institutions offer VND with their Travel Money Cards?
Thank you.
Hi Pete,
Thanks for your question.
Yes, that’s correct. At the current time, the Commonwealth Bank Travel Money card is the only travel money card that offers VND.
Cheers,
Sally
Hi, we are going to Europe mainly Greece and also travelling to UAE and was wondering what currencies to load up on the prepaid travel card.
Thanks
Hi Marie,
Thanks for your question.
Currently, the currency of Greece is the Euro. Most Australian travel money cards accept Euros, so you should have no trouble getting a card you can use there. Unfortunately, the United States Emirates dirham isn’t supported by any Australian travel cards at the moment. So if you want to use a single travel card for both trips, you might need to consider one that doesn’t charge currency conversion fees if you’re spending in an unsupported currency.
Currently, the Commonwealth Bank Travel Money Card and Qantas Cash card are the only two cards that don’t charge currency conversion fees.
I hope this has helped.
Cheers,
Sally
HI, I AM ASKING FOR A FRIEND WHO IS GOING TO AUSTRALIA IN A FEW DAYS AND IS HAVING TROUBLE GETTING A TRAVEL MONEY CARD AS ALL THE POST OFFICES HERE HAVE NO AUSTRALIAN DOLLAR CARDS,CAN SHE GET A TRAVEL CARD WHEN SHE GETS TO AUSTRALIA AND LOAD IT FROM HER ENGLISH BANK ACCOUNT.
THANKS JEAN
Hi Jean,
Thanks for your question.
You can only load Australian travel money cards with Australian dollars, which you can then transfer to different currencies. So your friend would need to exchange her GBP for AUD which she could then load on to an Australian travel card.
If she’s unable to find a travel money card that supports Australian dollars from a Post Office, your friend might need to contact some local banks and see if there are any UK-based cards travel money cards that will allow her to load GBP and transfer them to AUD for her trip.
I hope this has helped.
Cheers,
Sally
Hi, I was wondering what type of card I can use in the Philippines?
Thanks
Hi Scott,
Thanks for your question.
You can begin comparing your options using our South East Asia Travel Money guide.
The most suitable card to use will depend on your financial situation, your spending habits and travel plans. As no prepaid travel cards support Philippine peso, you might want to consider one that doesn’t charge currency conversion fees. Otherwise, you might want to consider a debit card or credit card that also doesn’t charge foreign transaction or currency conversion fees to save you from those additional costs.
It’s always a good idea to organise more than one travel money option. Whether you want to use a credit card for large or emergency purchases and either a debit card or prepaid card and cash for everyday costs, it’s smart to have a backup.
I hope this has helped.
Cheers,
Sally