When you travel, you have 4 options for currency: exchange cash, use a credit card, your debit card, or a pre-paid travel money card.
Travel money cards let you pre-load money in a local currency and start spending when you arrive. You can often get better exchange rates this way and there are no transaction fees.
But some credit and debit cards offer 0% foreign transaction fees. Just check the exchange rate. And in some countries, cash is still king. But it's good to have a backup card.
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What is a travel money card?
A travel money card is a prepaid card which you can add multiple foreign currencies onto to use while you're travelling overseas. You can use it to make purchases and withdraw cash from ATMs.
You can lock in your exchange rate before you travel and then top up the card via your bank account if you need more cash.
Unlike most credit and debit cards, travel money cards don't have an international or foreign transaction fee when you use the card overseas.
How to find the best travel money card
The best travel money card gives you:
Minimal fees: including ATM fees, reloading fees and card closure fee
Better conversion rates in your local currency
The option to lock in exchange rates before you leave
The option to add multiple currencies onto the one card
Digital wallet compatibility so you can add the card to Apple Pay or Google Pay
Low or no additional cost to convert your left-over money back to AUD
Security, including card pin
You can use the Finder Score as a quick way to figure out which travel money cards offer more value for money. We score each card out of 10. The higher the score, the better the card.
What are the travel money card fees I should know about?
ATM withdrawal fees: Fees change depending on which card you have and which country you're in.
Initial load and reload fees: Some cards charge you when you first put foreign currency onto the card and/or when you add more money to your balance.
Currency conversion fees: Depending on the card, you can pay up to 5% or more in currency conversion fees.
Are there any fee-free travel money cards?
There are plenty of travel money cards that don't charge an initial loading fee or a reload fee. This means loading up the card with cash is fee-free.
Some of these cards even give you a limited amount of fee-free ATM withdrawals. But most will charge you some kind of ATM fee depending on how many withdrawals you make.
The Finder Score for travel money cards gives higher scores to cards with lower fees.
Finder survey: Would you use a travel card again for a future trip?
Overall, almost all Australians who used a travel money card in the past would use one again in the future.
Response
Yes
96.52%
No
3.48%
Source: Finder survey by Pure Profile of 1009 Australians, December 2023
The pros and cons of travel money cards
Advantages of travel money cards
Pre-load your funds. Depositing your money on the card in advance can help you to stick to a budget, though you can always reload if needed.
Multiple currencies. You can convert Australian dollars into several supported currencies (great for a multi-country trip) and avoid currency conversion fees.
Locked-in exchange rates. When you put money on the card it's converted to the local currency based on the exchange rate at that time. This means you don't have to worry about a sudden spike in exchange rates costing you more money.
Frequent flyer points. The Qantas Pay prepaid card means you'll earn frequent flyer points for your spending both overseas and in Australia.
Additional fees. Some card charge additional fees including ATM, reloading, account closure and inactivity fees.
Reload delay. Some cards may take a few days for the money to be available on the card.
Acceptance. Travel money cards are not as widely accepted as debit or credit cards in some countries.
But you have other options aside from prepaid travel money cards.
Using a credit card overseas
Most credit cards hit you with a fee of 1–3.5% for each overseas transaction you make. This gets expensive fast. If you spent $4,000 on your credit card while travelling, a 3.5% transaction fee would you cost you $140.
But there are several credit cards with a 0% foreign transaction fee. These can save you money in fees like a prepaid travel money card.
Unlike a travel money card, you have to pay the bank or card provider's exchange rate each time you use the card. These rates tend to be higher than the most popular travel money cards like Wise and Revolut.
Advantages of using a credit card
Flexibility. Credit cards allow you to borrow money up to the card's limit. So if you're travelling and don't have all the funds you need in your account, you can put your purchases on credit and pay it back over time.
Rewards. If you use a credit card you might be eligible for rewards or frequent flyer points such as access to airport lounges or flight upgrades.
Complimentary travel insurance. Some credit cards come with complimentary travel insurance. This can help you save on paying for additional travel insurance.
Security. Credit cards come with a range of security features including fraud-monitoring services and zero-liability policies that help protect you if your card is lost, stolen or used for fraudulent transactions.
Disadvantages of credit cards
Annual fees. Unless you have a $0 annual fee credit card, you'll usually have to pay an annual fee for the account.
Interest. If you aren't able to pay off your purchases within the interest free period, you'll end up having to pay interest on your balance.
Exchange rates. When you travel overseas with an Australian credit card, your Australian dollars convert to the local currency. The exchange rate depends on your bank or card provider but is often higher than a travel money card's rate.
Compare 0% foreign transaction fee credit cards
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We currently don't have that product, but here are others to consider:
How we picked these
Using a debit card overseas
There's even a few debit cards (the ones attached to your everyday bank account) that offer a 0% foreign transaction fee. This makes life easy because you can just use your debit card. All you need to do is make sure you have money in your account.
Like with credit cards, you can't lock in your exchange rate in advance. And your bank probably offers a less competitive exchange rate than a travel money card.
Advantages of debit cards
Card fraud protection. If you use your debit card, your money will be protected if you are a victim of fraud while you're away.
Easy access to your own money. Unlike a prepaid card or a credit card with a loaded amount of funds, a debit card gives you direct access to your transaction or savings account when you're in another country. This can save you time loading money on a prepaid card and can help you avoid interest charges that could apply on a credit card.
ATM availability worldwide. If your debit card is a Visa or Mastercard, you should be able to withdraw money from ATMs around the world.
Worldwide acceptance. Most countries accept both Visa and Mastercard debit cards.
Dynamic currency conversion. Paying in Australian dollars means the transaction will be processed using dynamic currency conversion, which usually adds between 6% and 8% to the transaction cost. Tip: when given the option, choose to pay in local currency to avoid this cost.
Exchange rate. You will receive the daily exchange rate for your withdrawal from Mastercard or Visa. Due to the uncertainty of exchange rates, this may be favourable or provide a lower rate than securing a rate with a prepaid travel card before you leave the country.
We currently don't have that product, but here are others to consider:
How we picked these
Can I just use cash overseas?
You could just travel with a whole bunch of cash. You could exchange money before you travel, but you might not get the best exchange rate (check your local bank and also money exchange services).
If you wait until you arrive at your destination you might not find a money exchange place immediately, leaving you without any cash.
Depending where you travel, cash might be widely accepted or rarely used at all. There's also a security aspect to consider: it's easier to lose a bunch of physical cash than money secured on a card.
Our expert says: I still don't know what happened to my wallet
"Many years ago while backpacking in Cambodia I lost my wallet. Along with $500 USD in cash. There was zero chance I was ever getting that money back. Nowadays I travel with a prepaid travel money card and a backup credit card. But I always bring a little bit of local cash just in case."
Pay for your purchases in the local currency. This will help avoid any currency conversion fees.
Keep an eye on your transactions. It's always a good idea to regularly check your transaction history to make sure there's no unauthorised transactions - and if there are, you should report them to your bank immediately.
Always take more than one travel money option. You don't want to be left stranded if you lose your card or it gets stolen. Consider bringing 2 forms of travel cards to avoid being left cashless in a foreign country.
Keep your travel money in a few different places. Having all your foreign cash and cards in a wallet means you'll have no backup if you lose your wallet. Instead, consider keeping some of your travel money in a separate place. For example, you could keep most of your cash in a hotel safe or a locked part of your luggage.
Inform your bank. If you're using your regular debit or credit card, let your bank know. You wouldn't want your card to be cancelled due to a 'suspicious transaction' while you're overseas because your bank thinks you're still in Australia.
Australian travel statistics
Australia is a nation of travellers. According to the Australian Bureau of Statistics, there were 8,337,080 resident returns from overseas for the year 2022 - 2023. The most popular reason we travel is for a holiday, and the median trip duration is 15 days.
What is the Finder Travel Money Score?
At Finder we make complicated money stuff simple. One way we do this is with the Finder Score.
We crunch the numbers every month for 13 travel money card providers, scoring each product based on the 5 features most customers care about.
In exchange, you get a simple score out of 10 for each travel money card. The higher the better. It makes comparing simple.
We score travel money cards based on ATM withdrawal fees, daily withdrawal limits, inactivity fees, maximum load amount and the number of currencies you can put on the card.
The Finder Score methodology is designed by our insights and editorial team. Commercial partners carry no weight, and all products are reviewed objectively.
The Finder Score is designed to help you make a better financial decision faster, but there is no best product that fits every customer. We encourage you to consider your own financial circumstances when making a financial decision
Finder Scores explained
9+ Excellent - These are the best travel money cards in Finder's database, with low fees, high maximum load amounts and generous withdrawal limits.
7+ Great - Quality cards that offer a good mix of features with reasonable fees, but a bit short of the best in the market.
5+ Satisfactory - These travel money cards get the job done and may be well suited for certain customers, but the fees are higher and the cards have more limited features.
Less than 5 – Basic - These cards have higher fees than most options on the market and limited features.
FAQs about prepaid travel money cards
You can top up your travel money card if you need more money while you're on your trip. Depending on your specific travel money card, you can reload your card online, using BPAY, through your bank's app or via your bank's branch. Look into the card you are topping up because some methods do incur fees e.g. the Qantas Pay Card has an instant reload fee of 0.5% while its BPAY and bank transfers are free.
You can generally get your money back if you don't end up spending it all while overseas. However, you might encounter fees to get the remaining money back into your regular bank account.
The first thing you should do upon discovering that your card is missing is call your card provider. Reporting the theft or loss immediately will help protect the funds on your card.
Most of the card companies provide 24/7 customer service emergency numbers. Some even accept reverse charges, so it can be as simple as dialling the operator to connect your collect call. If you dial the number directly, you may be charged for the call.
Travel credit cards typically use the Mastercard or Visa network and use the daily exchange rates that the networks provide. You can find out the daily exchange rate by going to the Mastercard or Visa website. Prepaid travel cards allow you to lock in the exchange rate beforehand, so if you find a favourable one you can lock it in and not have to worry about fluctuations while you're away.
A cross currency conversion fee is charged when you use your Australian card with Australian dollars to make a purchase in a foreign country. The money is exchanged from Australian dollars into the local currency electronically. You can avoid this fee by choosing to pay in the local currency.
If you have a travel card that charges an inactivity fee (a fee that's charged every month when your account is inactive for a period of time), you will lose any remaining funds on the card, but your account won't go into a negative balance. Once the card has a zero balance, this fee will not be charged.
Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University.
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Hi
Is it more financially favourable to withdraw cash from ATMs using your Australian bankcard, or to get the cash before you leave?
Thanks
Finder
ShirleyMarch 20, 2015Finder
Hi Fiona,
Thanks for your question.
If you withdraw cash overseas using your Australian bank card, you could be subject to currency conversion fees, foreign ATM fees and local operators fees.
If you take out the cash in Australia before you leave, you could avoid these fees but there is the risk of carrying large amounts of cash around.
Cheers,
Shirley
TanyaMarch 19, 2015
Hi
I am travelling to Hawaii in May for a week and wanted a card that did not carry the currency conversion fee or ATM withdrawal fees etc. What card and type would you recommend?
Finder
ShirleyMarch 19, 2015Finder
Hi Tanya,
Thanks for your question.
You may refer to our USA travel money guide for a range of suitable products that you may want to consider taking with you to Hawaii.
If you would like to compare debit cards that do not charge currency conversion fees, you may compare debit cards for overseas travel from our guide. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you travel.
Cheers,
Shirley
MaddiMarch 18, 2015
I have some travellers’ cheques issued in the 80’s by commonwealth trading bank of Australia, not american express.
Would they still be able to be used. They are in British pounds
Finder
ShirleyMarch 18, 2015Finder
Hi Maddi,
Thanks for your question.
According to the Commonwealth Bank website, there is no expiry date. Just remember to sign them, record and save the serial numbers.
Cheers,
Shirley
RosieMarch 18, 2015
Greetings,
My niece will be travelling to Europe in June and is looking for the most convenient and cost effective way to bring currency with her. She was looking at her own ATM card but I think that would have too many fees associated with it. She’s used a Multicurrency card before but says that she felt she was always losing money with them, so it sounds like she’s reluctant to use it again.
Are there any other suggestions as to what she might take with her? Thank you.
Finder
ShirleyMarch 18, 2015Finder
Hi Rosie,
Thanks for your question.
You might want to have a look at our travel money guide to Europe where we list a range of suitable products that your niece may want to take. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Cheers,
Shirley
BekMarch 17, 2015
Hi,I’m just looking at the Citibank plus acc as i’m traveling to europe in may and wondering what the currency conversion fee is on that type of acc
Finder
ShirleyMarch 18, 2015Finder
Hi Bek,
Thanks for your question.
There are no currency conversion fees for the Citibank Plus. Your transaction will be subject to exchange rates.
The USA has a culture of credit, and it’s a society of card payments, read our travel money guide to find out which travel products to use and which to avoid using in the USA.
Spend in up to 16 major currencies, lock in exchange rates and manage your account with the CommBank app when you use the Commonwealth Bank Travel Money Card.
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Hi
Is it more financially favourable to withdraw cash from ATMs using your Australian bankcard, or to get the cash before you leave?
Thanks
Hi Fiona,
Thanks for your question.
If you withdraw cash overseas using your Australian bank card, you could be subject to currency conversion fees, foreign ATM fees and local operators fees.
If you take out the cash in Australia before you leave, you could avoid these fees but there is the risk of carrying large amounts of cash around.
Cheers,
Shirley
Hi
I am travelling to Hawaii in May for a week and wanted a card that did not carry the currency conversion fee or ATM withdrawal fees etc. What card and type would you recommend?
Hi Tanya,
Thanks for your question.
You may refer to our USA travel money guide for a range of suitable products that you may want to consider taking with you to Hawaii.
If you would like to compare debit cards that do not charge currency conversion fees, you may compare debit cards for overseas travel from our guide. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you travel.
Cheers,
Shirley
I have some travellers’ cheques issued in the 80’s by commonwealth trading bank of Australia, not american express.
Would they still be able to be used. They are in British pounds
Hi Maddi,
Thanks for your question.
According to the Commonwealth Bank website, there is no expiry date. Just remember to sign them, record and save the serial numbers.
Cheers,
Shirley
Greetings,
My niece will be travelling to Europe in June and is looking for the most convenient and cost effective way to bring currency with her. She was looking at her own ATM card but I think that would have too many fees associated with it. She’s used a Multicurrency card before but says that she felt she was always losing money with them, so it sounds like she’s reluctant to use it again.
Are there any other suggestions as to what she might take with her? Thank you.
Hi Rosie,
Thanks for your question.
You might want to have a look at our travel money guide to Europe where we list a range of suitable products that your niece may want to take. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Cheers,
Shirley
Hi,I’m just looking at the Citibank plus acc as i’m traveling to europe in may and wondering what the currency conversion fee is on that type of acc
Hi Bek,
Thanks for your question.
There are no currency conversion fees for the Citibank Plus. Your transaction will be subject to exchange rates.
Cheers,
Shirley