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.