Aussie dollar climb to US75 cents a win for those travelling overseas
While the dollar has been kicking goals this week, RBA board member Phillip Lowe said the Aussie is depreciating overall.
Lowe made a keynote speech on the resilience of the Australian economy and said that the country’s growth is finding balance partially thanks to exchange rate movements.
“The effect of the exchange rate depreciation is evident in the improved conditions and prospects for a number of industries, including tourism, education, agriculture and parts of manufacturing.”
“Just as the earlier appreciation helped the economy avoid overheating during the resources boom, the depreciation is now helping the economy adjust to lower commodity prices and lower investment in the resources sector,” said Lowe in the speech.
The Commonwealth Bank seemed to agree in a report this morning which noted the Australian dollar would struggle to stay high due to “disappointing trade data out of China.”
Currency analysts at the Commonwealth Bank forecasted earlier this year that the AU dollar will drop to US65 cents by the end of March before recovering to around US70 cents by the end of 2016.
How Aussies can take advantage of the AU dollar surge
For Australians planning a winter escape abroad, this could be the perfect time to lock in a competitive exchange rate on a prepaid travel card, before the Aussie dollar drops, as predicted.
Scenario: Travel money outcome for a US holiday
Say you’re going to enjoy a mid-winter break in the states with a friend. Given the strong AU dollar might not last, loading AUD$8,000 into the Cash Passport Prepaid Currency Card with a high exchange rate of 0.71, at the time of writing would secure you a tidy sum of US$5,680 for your travels.
That rate combined with the travel card benefit of having no ATM withdrawal fees while you’re there could give you just the confidence you need for a budget-friendly vacay.
But if you waited until the end of the month and the Aussie dropped to 65 cents against the US dollar as predicted by CommBank currency analysts, you would only get $5,200 out of your $8,000 Australian dollars in US currency. The $480 you missed out on for not locking in your dollar sooner could have been put towards shopping up a storm on Rodeo Drive!
Do you have a serious case of wanderlust and want to remedy it by locking your funds into a prepaid travel card now? Visit the Mozo prepaid travel card hub to compare features and rates from a range of providers.Prepaid travel card comparisons on Mozo - last updated March 01, 2021
Platinum Prepaid Currency Mastercard
Today's rates
Purchase fee
Overseas ATM withdrawal
USD: 0.7556
GBP: 0.5300
EUR: 0.6146
NZD: 1.0129$0 online (greater of 1.1% of initial load amount or $15 in-store)2.50 USDGet Free Global Wi-Fi when you travel with Cash Passport. The Platinum card has many beneficial attributes, including free global WiFi.
Platinum Prepaid Currency Mastercard
Get Free Global Wi-Fi when you travel with Cash Passport. The Platinum card has many beneficial attributes, including free global WiFi.
- Currencies available
AUD, USD, NZD, EUR, GBP, SGD, HKD, JPY, CAD, THB, AED
- Reload fee
- $0 online (1% using BPay, $5 per transaction using debit card)
- Closure fee
- $0
- Cross currency conversion fee
- 0%
- Other benefits
- Free global Wi-Fi at millions of Boingo hotspots, complimentary access to LoungeKey airport lounges worldwide upon a flight delay, and instantly transfer money from one Cash Passport account to another with Card to Card.
- Other restrictions
- -
Read our Mozo Review to learn more about the Platinum Prepaid Currency Mastercard
Just Go Visa Prepaid Travel Card
Today's rates
Purchase fee
Overseas ATM withdrawal
USD: 0.7600
GBP: 0.5350
EUR: 0.6240
NZD: 1.0340$00 AUDJust Go Visa Prepaid Travel Card
- Currencies available
AUD, USD, GBP, EUR, NZD
- Reload fee
- $0
- Closure fee
- $0
- Cross currency conversion fee
- 0%
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about the Just Go Visa Prepaid Travel Card
Qantas Travel Money Card
Today's rates
Purchase fee
Overseas ATM withdrawal
USD: 0.7592
GBP: 0.5322
EUR: 0.6185
NZD: 1.0119$01.95 USDLoad multiple world currencies, and lock in your exchange rate to stay in control of your spending. Earn 1.5 points for every dollar spent on eligible purchases overseas.
Qantas Travel Money Card
Load multiple world currencies, and lock in your exchange rate to stay in control of your spending. Earn 1.5 points for every dollar spent on eligible purchases overseas.
- Currencies available
AUD, USD, NZD, EUR, GBP, SGD, HKD, JPY, CAD, THB, AED.
- Reload fee
- $0 (0.5% using debit card)
- Closure fee
- $0
- Cross currency conversion fee
- 0%
- Other benefits
- Earn 1.5 Qantas Points per AUD $1 equivalent spent internationally and 1 point per $4 spent in Australia.
- Other restrictions
- -
Read our Mozo Review to learn more about the Qantas Travel Money Card
Travel Money Card
Today's rates
Purchase fee
Overseas ATM withdrawal
USD: 0.7627
GBP: 0.5368
EUR: 0.6236
NZD: 1.0190$03.50 AUDTravel Money Card
- Currencies available
AUD, USD, NZD, EUR, GBP, SGD, HKD, JPY, CAD, THB, AED, VND, CNY
- Reload fee
- $0
- Closure fee
- $0
- Cross currency conversion fee
- 4.00%
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about the Travel Money Card
Travel Platinum Mastercard
Today's rates
Purchase fee
Overseas ATM withdrawal
USD: 0.7520
GBP: 0.5272
EUR: 0.6093
NZD: 1.0071$0 when loaded at Australia Post or online. (1.1% when loading AUD)3.50 AUDTravel Platinum Mastercard
- Currencies available
AUD, USD, NZD, EUR, GBP, SGD, HKD, JPY, CAD, THB, AED
- Reload fee
- $0 online (1% using BPay, $5 using debit card)
- Closure fee
- $0
- Cross currency conversion fee
- 0%
- Other benefits
- -
- Other restrictions
- -
Read our Mozo Review to learn more about the Travel Platinum Mastercard
^See information about the Mozo Experts Choice Prepaid Travel Cards Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.