Australia's Best Travel Money Cards

At Mozo, we’re passionate about getting Australians a better deal on their finances and the Experts Choice Awards provide us with a platform to highlight travel money products in the marketplace that we believe offer great value to Australian consumers. See below the prepaid, credit card and debit cards awarded Mozo Experts Choice Travel Money Awards in 2016.

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Best Value Prepaid Travel Card

To find Australia’s best value prepaid travel card, we compared 12 multi-currency prepaid travel cards available for Australian travellers. Our comparison was based on an initial load of USD 690 and Euro 620. We assumed our traveller would make 2 ATM withdrawals in each currency and make purchases that would exhaust the remaining balance. See here for full awards methodology.

To find Australia’s best value prepaid travel card, we Read more...

*Rates updated daily

Best Value ‘Big 4’ Prepaid Travel Card

Using the same analysis performed for the overall category we identified the best value prepaid travel card offered by a Big 4 bank.

Using the same analysis performed for the overall category Read more...

*Rates updated daily

Best Value Travel Credit Card

We compared 173 credit cards to find the best value credit card for people travelling overseas. Awards were based on the foreign exchange fee applicable to an overseas spend of AUD $5000 and the annual fee in the first year of card ownership. See d on an initial load of USD 690 and Euro 620. We assumed our traveller would make 2 ATM withdrawals in each currency and make purchases that would exhaust the remaining balance. See here for full methodology.

We compared 173 credit cards to find the best value credit Read more...

Best Value Travel Debit Card

We compared 99 bank accounts in the Mozo database with debit cards that offer the best value for people travelling overseas. To qualify there must be no monthly account service fee or regular fee for holding a debit card. See full methodology d on an initial load of USD 690 and Euro 620. We assumed our traveller would make 2 ATM withdrawals in each currency and make purchases that would exhaust the remaining balance. See here.

We compared 99 bank accounts in the Mozo database with debit Read more...

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About the Mozo Experts Choice Awards

For the Mozo Experts Choice Travel Money Awards, we considered the 3 primary methods of accessing funds while on an overseas holiday: prepaid cards, credit cards and debit cards.

Mozo has been researching and comparing financial products since 2008, and hundreds of thousands of Australians use our comparison services each month.  Our research team is headed by our Research & Insights Director and our Product Data Manager who have over 50 years of financial services experience and 21 years in online financial comparison.

More information on the methodology and awards criteria can be found here.

Best Travel Money tips

So, now you know the providers that offer the best travel money products, but how do you choose between getting a prepaid travel card, a credit card or a debit card? Well, it all comes down to your travel plans and spending habits.

Here’s how to decide which card will be best for you:

1. Frequent traveler vs annual holiday vacation.

Now, if you’re lucky enough to be able to travel internationally more than a few times a year, being able to reduce the amount of foreign exchange fees you pay should be a big priority. Paying a 4% foreign exchange fee might be passable if are only spending $500 once a year, but if you regularly holiday and spend $5000 each time these fees will add up to a wasted money.

There are a number of credit cards that don’t charge any foreign exchange fees and are worthwhile getting, even if you only use them while you are overseas. Plus, with internet banking you can easily make payments while on the road.

If you’re heading overseas for a one-stop resort holiday or don’t travel overseas regularly, rather than use a standard credit card which is likely to have foreign exchange fees, a prepaid travel card could be your best money bet. Prepaid cards allow you to lock in your exchange rate before you travel so this means you’ll know exactly how much you are spending. They are convenient and can be used wherever Visa or MasterCard are accepted. They also don’t require you to open an account or pass any credit check to get one, you can order them online or visit a bank branch.

2. 3 week holiday or 3 month mega tour

The length of your holiday can also be a factor in deciding which travel money option you choose. If you are going to be visiting an overseas ATM frequently, then you’ll want to ensure you get a travel debit card or prepaid card that doesn’t charge for international ATM withdrawals. Most bank accounts have overseas ATM fees around $5 so if you’re away for 3 months and you make 3 withdrawals a week that’s $180 in fees.

If you are going on a 15 country mega tour and you get a prepaid travel card to take with you be sure that you only use it in the currencies loaded on the card. Most prepaid cards have high cross currency conversion fees, so if you make a purchase say in Hong Kong on your way to Europe but you only have EUROS loaded on the card, it will cost you more.

And if you are going to be away for longer than your credit card statement period, be sure that you set up an automatic repayment before you go so that you don’t forget a payment and get charged a late payment fee or worse, have your card suspended while you’re overseas.

3. Take more than one money option with you

It’s a good idea to pack your wallet with the best value card for your trip but we always recommended that you take more than one money option with you overseas. You just never know if an ATM network goes down, or if your card gets lost or stolen at least you will have a back-up.

If you are looking for more travel tips head on over to our Travel Hub or try our travel insurance comparison tool to get the best value travel insurance for your trip.