Getting the best travel money cards for your trip
Going overseas, whether it's to Europe to experience amazing new cultures or just across the ditch for a ramble in the New Zealand wilderness, is always exciting. There are so many places out there to explore it's hard to know where to start!
Once you've made the big decision of where to go, there's plenty more to be made. Of all the aspects of planning an overseas trip, organising your overseas funds is possibly the most confusing and most likely to occur unexpected fees. But with a little bit of research and planning - and Mozo's expert advice - you can choose the right travel money option for you.
Travel money cards
Travel money cards, also known as cash passports, are a lot like credit cards, except you load money onto them before you spend it overseas, rather than after. Travel money cards have the advantage of being a convenient source of money when you're overseas as you can use them the same as a credit card - they also have credit card-like security with pin number access. Another advantage is you can also choose the best time to purchase foreign currencies to take advantage of great currency exchange rates in the time leading up to your trip. The disadvantage of travel money cards is the associated fees can be quite high and it can be difficult and/or expensive to get back any 'unused' funds at the end of your trip. In summary: they give you globe-trotting ease, but at a price.
Credit cards for travel money
Credit card are many peoples' go-to answer for travel money. Credit cards offer great currency conversation and are widely accepted around the world. Some credit card companies, however, charge a heavy annual fee. It's also easy to go a little spend crazy while you're overseas on food, drinking, shopping, and general adventures, so you need to keep an eye on your spending to make sure you don't return home with a hefty credit card bill as well as all those souvenirs.
To ensure you won't get hit by a large annual fee and have the best interest rate, use Mozo's online travel cards comparison service to look at what various credit card companies are offering. You can also check out what benefits they're offering like frequent flyer miles or other rewards systems.
Travel debit cards
Also known as travel cash cards, a travel debit card is a way of taking your every day account into the big wide world. They share many of the advantages of credit cards, in that they're pin secured and accepted in most places (since they're secured by the same companies). With a travel debit card, you can avoid coming home to a massive amount of debt. Many of the better travel card providers also offer fee-free ATM withdrawals around the world and low currency conversion fees on larger purchases.
The only downsides of travel debit cards is that you won't earn the same rewards that credit cards can offer and if you need addition cash in the case of emergencies (or a really nice pair of jeans) you won't be able to access an overdraft. If you do travel with just a travel debit card, make sure you have someone at home who can transfer you extra funds in the case of a medical or family emergency. You never know when you might face unexpected costs or need to return home in a hurry.
Travel card comparison
With all of these alternatives, it's hard to know what's the best travel money option for you and your holiday. This is where Mozo comes to the rescue! You can compare all of your travel money card options right here on the one sight - no need to waste time trawling through all the different sites. Mozo lists all the fees and hidden costs, you can make an accurate travel cards comparison.
We also have a great foreign exchange calculator which lets you see what rates the Australian currency converters are offering on the five major currencies Australians want to purchase. And all this information is presented in an easy to operate chart, so you can quickly know if today's the day you exchange your mighty Australian dollars for another currency.