Travel Money Card Comparison

What you need to know

• The most important features to compare are the foreign transaction fees, exchange rates and usability.
• If you want to withdraw cash, a prepaid travel card or debit card will likely be cheaper than a credit card.
• It is a good idea to have several travel money options in case of loss, damage or theft.

Travel cards are one option you can take with you overseas. Here, we go through what you need to know about them and how they compare to credit and debit cards, so you know whether it's the right choice for you.

Travel money card comparison

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.

Prepaid travel cards work similarly to debit cards as you can deposit a certain amount of money into the card and only spend what you've got available in the account. However, unlike a standard debit card, a prepaid travel card allows you to lock-in exchange rates before you travel.

You can also avoid some of the fees that you might be subject to if you were to use your normal bank card. Many transaction accounts have international transaction fees or other limitations, so getting a travel money card can save you money there. It can also feel safer to have a travel money card, avoiding the risk of losing your money if something were to happen to your bank card.

The pros and cons of different options

Prepaid travel money cards

Advantages of a travel money card

• 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. Funds are converted based on the exchange rate at that time, so you avoid any exchange rate fluctuations while travelling. Caveat: this can be an advantage or a disadvantage.
• Frequent flyer points. The Qantas Travel Money prepaid card means you'll earn frequent flyer points for your spending both overseas and in Australia.
• ATM fees. Many travel money cards don't charge overseas ATM fees.

Disadvantages of a travel money card

• 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 funds to be available.
• Locked-in exchange rates. Funds are converted based on the exchange rate at that time, so you avoid any exchange rate fluctuations while travelling. Caveat: this can be an advantage or a disadvantage.
• Acceptance. Travel money cards are not as widely accepted as debit or credit cards in some countries.

Debit cards

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.

Disadvantages of debit cards

• Foreign transaction fees. Unless your debit card offers 0% international transaction fees, you could be charged between 1% and 4% for payments made overseas.
• 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.
• Daily currency 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.

Credit cards

Advantages of credit cards

• 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.
• Currency conversion costs. Make sure to look for a card that doesn't charge currency conversion or foreign transaction fees, otherwise you'll rack up fees every time you use your card for purchases in the local currency.
• Dynamic currency conversion. When you travel overseas with an Australian credit card, you could have the option of paying in the local currency or in Australian dollars. If you (or the merchant) choose Australian dollars, your transaction will be processed using dynamic currency conversion, which usually costs more than paying in the foreign currency.

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. Tip: Qantas Travel Money doesn't charge a currency conversion fee.

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.

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How to find the best travel money card

There is no universal best travel money card as your options vary from country to country and person to person. In saying that, some of favourable features of travel cards include:

• No additional fees: including ATM fees, reloading fees and card closure fee
• 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 should also consider exchange rates, conditions, limits and safety.

Top travel money tips

Here are our top travel money tips:

• 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.

FAQs about prepaid travel money cards

• How do you top up 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 Travel Money Card has an instant reload fee of 0.5% while its BPAY and bank transfers are free.

• Can you get your money back if you don't spend it all?

  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.

• What should I do if my travel money card is lost or stolen?

  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.

  • CommBank Travel Money Card: +61 2 9999 3283
  • Cash Passport Platinum Mastercard: +44 207 649 9404
  • Qantas Travel Money Card: +61 1300 825 302
  • Travelex Money Card: 1800 303 297
  • Revolut: +61 1300 281 208

• What are the travel money card exchange rates?

  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.

• What is a cross currency conversion fee?

  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.

• When are inactivity fees charged with prepaid travel cards?

  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.