How the travel money card you pick could save you hundreds of dollars overseas
If you’re gearing up for overseas travel, adding a cost effective payment method to your itinerary is essential.
From booking last-minute accommodation in the local currency, paying for public transport and museum entries, and finding an ATM to get cash out, being away from home can get expensive. This is why it’s important to pack the right travel money card.
A lot of us simply fall into the habit of using our standard debit and credit card when overseas but this can cost you hundreds in extra fees and charges.
The foreign exchange commission on purchases and ATM withdrawals on debit card and credi cards can be as high as 3.65% according to our database, so if you’re spending $6,000 on a month-long trip, that works out to be a fee of $219, which I’m sure you’d much rather spend on cocktails by the pool or at local markets. Overseas ATM withdrawal fees can also be up to $5 a pop, so if you are planning on using cash, consider withdrawing larger amounts so that you’ll limit the fees you’ll need to pay.
An alternative payment that many travellers are now choosing are foreign currency travel cards. These cards (which also have digital wallets) allow you to load up your account and transfer money into multiple currencies depending on where you are going. It’s convenient, fast and generally the exchange rates are typically based on the mid-market exchange rates which can make them more competitive than standard bank exchange rates.
Earlier this year, for our Travel Money Experts Choice Awards our team compared 186 travel money cards from 81 financial institutions and here’s some of cards that made our winners list:
Travel debit card fee finder
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Featured Award-Winning Travel Debit Cards
AMP Bank GO - Everyday Account
- No monthly fees or minimum balance or deposits
- Card controls - lock, block or cancel your card
- No fees on international transactions
- Earn Qantas Points
The new AMP Bank GO experience is smart, fast and intuitive. It offers a shiny new app and fresh features designed to make your personal and business banking easier. There are no fees on international transactions and international ATM fees charged by AMP Bank GO. The Everyday Transaction Account also has $0 monthly fees and 24/7 real human support. Plus, you can turn your everyday banking into Qantas Points. Link your Qantas Frequent Flyer account on AMP Bank GO and earn 1 Qantas Point for every $10 on your average monthly balance.
Suncorp Everyday Options
- 9 sub accounts to help you spend, budget and save
- Double Winner Mozo Experts Choice Awards 2024^
- No account-keeping fees
Suncorp’s Everyday Options account scooped two Mozo Experts Choice Awards in 2024 - Exceptional Everyday Account and Travel Debit Card making it a top account to have here in Australia and while you are travelling. This account lets you create up to nine sub accounts to manage your spending buckets. These are all accessible online, have no account-keeping fees and have unlimited withdrawals to and from the main account. There are no monthly account fees and when overseas travellers won’t need to worry about being charged overseas ATM fees or foreign exchange fees by Suncorp.
Featured award-winning travel card
Wise Travel Card
- Pay online and in stores in over 40 currencies and 160 countries and territories
- Save with low conversion fees and the mid-market rate
- Digital card and a physical card option ($10 fee applies)
With the Wise travel card you’ll have access to over 40 currencies. Convert currencies in the app at real exchange rates and pay low fees. You can spend instantly with Google Wallet and Apple Pay with a free digital card and you can also get a physical card for $10 . Get cash from more than 3 million ATMs worldwide (free from Wise fees, up to 350 AUD per month).
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