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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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 there, I will be living in south america for a year – in argentina- but also travelling around (where there are different currencies) what do you suggest is the safest/most convenient method of taking my own money. Im tossing up between a travel debit card or credit card -im just not sure what would be the most economical over an extended period of time. Thanks so much
Finder
ShirleyJanuary 5, 2015Finder
Hi Steph,
Thanks for your question.
Please note that we can’t provide personal advice regarding the products we display, however we can give you some considerations to help with your decision. A travel debit card is helpful in the sense that you’re spending you’re own money so you don’t need to worry about paying interest. You’ll need to ensure that you always have sufficient funds in your account and if you pick a suitable product you can minimise fees too.
A credit card is handy for emergencies and it may be helpful having one on the side just in case. Bear in mind that interest could apply, along with cash advance fees and rates if you use it to withdraw money out of ATM. Some credit cards also offer international travel insurance with an eligibility criteria. You may even want to consider bringing both on your trip.
Cheers,
Shirley
janetDecember 11, 2014
I am travelling to Central America and Cuba for 4 weeks.
I don’t think there is a travel card that I can pre-load any of the currencies required. If I just load $AU on it, generally what fees would I be paying when withdrawing money from an ATM or making purchases whilst overseas? Will these be any less than if I was to use my Westpac debit card?
Finder
ShirleyDecember 11, 2014Finder
Hi Janet,
Thanks for your question.
Generally you’ll be paying a currency conversion fee (usually around 3%) of the AUD transaction value and a foreign ATM withdrawal fee (around a few dollars).
It depends on the fees that your Westpac Debit Card charges. To our knowledge there is a Westpac account that has global ATM partners, so you could potentially be saving on the ATM fees.
With both of the cards you’ll need to take into consideration the exchange rates too.
Cheers,
Shirley
BrandonDecember 8, 2014
I am traveling to Egypt (10 days) and Europe (4 weeks) from Australia.
Would I be best off to preload a travel card with American (or AU) and exchange this money at money changers over different areas of my trip? Or would using money exchangers possibly become problematic?
I was considering using the Qantas card.
Thanks,
Brandon
Finder
ShirleyDecember 9, 2014Finder
Hi Brandon,
Thanks for your question.
Please note that if you do decide to preload a travel card with USD/AUD and you intend to withdraw the funds from an ATM overseas, the currency issued to you would likely be the local currency.
Assuming you use the Qantas Cash you’ll be charged the currency conversion fee and international ATM withdrawal fee (also assuming you haven’t preloaded the local currency).
Also note that we can’t comment on exchange rates in Australia or overseas, due to their volatile nature. If you have friends in Europe or Egypt, you may want to get in touch with them and ask what the rates are like there.
A helpful page on our site would be our travel money guide for Europe – it lists a range of suitable travel money products.
Cheers,
Shirley
JohnoNovember 18, 2014
I have a Comm Bank Travel Money Card, which I found convenient and easy to use in Japan and Europe. I will be going to the US next year, and have two concerns:
1. All travel money cards (not just Comm Bank) require electronic processing of credit transactions, and the US (amazingly) seems to trail the rest of the world in this regard, with still-common use of paper-based transactions (click-clack and sign). It’s some years since I was last in the US, do you have a feel for how widely spread electronic processing is now? Will I be able to use the travel money card widely at hotels, restaurants, stores, taxis, visitor centres, etc?
2. I’ve also heard that some US merchants refuse to take the travel money card because it does not have the user’s name written or embossed on it. Again, do you have a feel for how common this is? Wide spread, or just isolated cases?
I do have standard credit cards as backup, but would like to preload $US on the travel money card now, betting that the exchange rate will be less favourable mid next year…
Thanks,
Johno
Finder
ShirleyNovember 19, 2014Finder
Hi Johno,
Thanks for your questions.
Unfortunately we don’t have extensive answers, but I’ve spoken to a few colleagues that recently travelled to San Diego. They’ve mentioned that some diners still use paper-based transactions, though it was more common to transact electronically when it came to cabs, hotels, stores, etc. If an issue ever came up with a travel card, like the problems you’ve described, they would visit an ATM to withdraw cash and pay for their purchases then or have cash just in case.
Cheers,
Shirley
RobertaOctober 24, 2014
I’ll be traveling to UK soon and I would like to know if as I purchase something with my Visa debit card, should I only ever accept charges in the currency of the country I am in or convert it to my original country currency?
What would be the best way to save money?
Thanks,
Roberta
Finder
ShirleyOctober 27, 2014Finder
Hi Roberta,
Thanks for your question.
Both ways would probably work out to be the same, as the funds in your account will need to be processed in the local currency eventually.
Whichever way you decide, it’s likely that you’ll be charged the international transaction fee applicable to your Visa debit card. You’ll need to check the Product Disclosure Statement for what this fee is. Also, you’ll need to consider the exchange rates at the time.
To save money, you may want to consider a card that doesn’t charge these fees, or lets you preload the local currency into the card before your travel.
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 there, I will be living in south america for a year – in argentina- but also travelling around (where there are different currencies) what do you suggest is the safest/most convenient method of taking my own money. Im tossing up between a travel debit card or credit card -im just not sure what would be the most economical over an extended period of time. Thanks so much
Hi Steph,
Thanks for your question.
Please note that we can’t provide personal advice regarding the products we display, however we can give you some considerations to help with your decision. A travel debit card is helpful in the sense that you’re spending you’re own money so you don’t need to worry about paying interest. You’ll need to ensure that you always have sufficient funds in your account and if you pick a suitable product you can minimise fees too.
A credit card is handy for emergencies and it may be helpful having one on the side just in case. Bear in mind that interest could apply, along with cash advance fees and rates if you use it to withdraw money out of ATM. Some credit cards also offer international travel insurance with an eligibility criteria. You may even want to consider bringing both on your trip.
Cheers,
Shirley
I am travelling to Central America and Cuba for 4 weeks.
I don’t think there is a travel card that I can pre-load any of the currencies required. If I just load $AU on it, generally what fees would I be paying when withdrawing money from an ATM or making purchases whilst overseas? Will these be any less than if I was to use my Westpac debit card?
Hi Janet,
Thanks for your question.
Generally you’ll be paying a currency conversion fee (usually around 3%) of the AUD transaction value and a foreign ATM withdrawal fee (around a few dollars).
It depends on the fees that your Westpac Debit Card charges. To our knowledge there is a Westpac account that has global ATM partners, so you could potentially be saving on the ATM fees.
With both of the cards you’ll need to take into consideration the exchange rates too.
Cheers,
Shirley
I am traveling to Egypt (10 days) and Europe (4 weeks) from Australia.
Would I be best off to preload a travel card with American (or AU) and exchange this money at money changers over different areas of my trip? Or would using money exchangers possibly become problematic?
I was considering using the Qantas card.
Thanks,
Brandon
Hi Brandon,
Thanks for your question.
Please note that if you do decide to preload a travel card with USD/AUD and you intend to withdraw the funds from an ATM overseas, the currency issued to you would likely be the local currency.
Assuming you use the Qantas Cash you’ll be charged the currency conversion fee and international ATM withdrawal fee (also assuming you haven’t preloaded the local currency).
Also note that we can’t comment on exchange rates in Australia or overseas, due to their volatile nature. If you have friends in Europe or Egypt, you may want to get in touch with them and ask what the rates are like there.
A helpful page on our site would be our travel money guide for Europe – it lists a range of suitable travel money products.
Cheers,
Shirley
I have a Comm Bank Travel Money Card, which I found convenient and easy to use in Japan and Europe. I will be going to the US next year, and have two concerns:
1. All travel money cards (not just Comm Bank) require electronic processing of credit transactions, and the US (amazingly) seems to trail the rest of the world in this regard, with still-common use of paper-based transactions (click-clack and sign). It’s some years since I was last in the US, do you have a feel for how widely spread electronic processing is now? Will I be able to use the travel money card widely at hotels, restaurants, stores, taxis, visitor centres, etc?
2. I’ve also heard that some US merchants refuse to take the travel money card because it does not have the user’s name written or embossed on it. Again, do you have a feel for how common this is? Wide spread, or just isolated cases?
I do have standard credit cards as backup, but would like to preload $US on the travel money card now, betting that the exchange rate will be less favourable mid next year…
Thanks,
Johno
Hi Johno,
Thanks for your questions.
Unfortunately we don’t have extensive answers, but I’ve spoken to a few colleagues that recently travelled to San Diego. They’ve mentioned that some diners still use paper-based transactions, though it was more common to transact electronically when it came to cabs, hotels, stores, etc. If an issue ever came up with a travel card, like the problems you’ve described, they would visit an ATM to withdraw cash and pay for their purchases then or have cash just in case.
Cheers,
Shirley
I’ll be traveling to UK soon and I would like to know if as I purchase something with my Visa debit card, should I only ever accept charges in the currency of the country I am in or convert it to my original country currency?
What would be the best way to save money?
Thanks,
Roberta
Hi Roberta,
Thanks for your question.
Both ways would probably work out to be the same, as the funds in your account will need to be processed in the local currency eventually.
Whichever way you decide, it’s likely that you’ll be charged the international transaction fee applicable to your Visa debit card. You’ll need to check the Product Disclosure Statement for what this fee is. Also, you’ll need to consider the exchange rates at the time.
To save money, you may want to consider a card that doesn’t charge these fees, or lets you preload the local currency into the card before your travel.
Cheers,
Shirley