
Travel Money 101 - the Mozo guide to jetset spending

Almost as exciting as booking your idyllic holiday, high-flyer biz trip or irritatingly long stay in some exotic location is the exciting world of currency conversion. Hold on to your hats, as Mozo cruises through the four basic ways to spend money overseas.
Looking for a travel credit card? Check out below.
Travel Credit Card Comparison Table - rates updated daily
American Express Qantas Ultimate Card
Receive 60,000 bonus Qantas Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months of your approval date. T&Cs apply. Available to new American Express Card Members only.
purchase rate
annual fee
balance transfer rate
23.99% p.a.$450No current offerQantas Ultimate Card
Receive 60,000 bonus Qantas Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Ultimate Card within the first 3 months of your approval date. T&Cs apply. Available to new American Express Card Members only.
- purchase rate
- 23.99% p.a.
- annual fee
- $450
- balance transfer rate
- No current offer
- Points per $ spent
- 1.25 points per dollar on Amex, uncapped
- Spend req Syd-Mel flight*
- Spend $6,400 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 44
- Rewards program
- Qantas Frequent Flyer
- Bonus points
- Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2.25 Qantas Points per $1 spend on selected Qantas products and services. Exclusions apply
- Flight options
- All rewards can be redeemed via the Qantas Store.
- Expiry
- Never
- Points earning
- 1.25 points per dollar on Amex, uncapped
- Points required
- 8000 points buys a Qantas Sydney-Melbourne flight
110400 points buys a Qantas Sydney-London flight
20010 points buys a $100 Gift Card
- Interest rate on cash withdrawals
- -
Read our Mozo Review to learn more about the Qantas Ultimate Card
American Express Velocity Platinum Card
Receive 60,000 bonus Velocity Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Card within the first 3 months. T&Cs apply. Available to new Card Members only.
purchase rate
annual fee
balance transfer rate
23.99% p.a.$375No current offerVelocity Platinum Card
Receive 60,000 bonus Velocity Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Card within the first 3 months. T&Cs apply. Available to new Card Members only.
- purchase rate
- 23.99% p.a.
- annual fee
- $375
- balance transfer rate
- No current offer
- Points per $ spent
- 1.25 points per dollar on Amex, uncapped
- Spend req Syd-Mel flight*
- Spend $6,240 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 55
- Rewards program
- Velocity Frequent Flyer
- Bonus points
- Earn 0.5 Velocity Points per $1 spent at government bodies, earn 2.25 Velocity Points per $1 spend on selected Virgin Australia products and services.
- Flight options
- Redeem Velocity Points with Virgin, Air New Zealand, Etihad Airways, Singapore Airlines and other partners.
- Expiry
- Never
- Points earning
- 1.25 points per dollar on Amex, uncapped
- Points required
- 7800 points buys a Virgin Australia Sydney-Melbourne flight
119600 points buys a Velocity partner Sydney-London flight
19500 points buys a Myer $100 Gift Card
- Interest rate on cash withdrawals
- -
Read our Mozo Review to learn more about the Velocity Platinum Card
American Express Qantas Discovery Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
purchase rate
annual fee
balance transfer rate
23.99% p.a.$0No current offerQantas Discovery Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
- purchase rate
- 23.99% p.a.
- annual fee
- $0
- balance transfer rate
- No current offer
- Points per $ spent
- 0.75 points per dollar on Amex, uncapped
- Spend req Syd-Mel flight*
- Spend $10,667 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 44
- Rewards program
- Qantas Frequent Flyer
- Bonus points
- Earn 0.5 Qantas Points per $1 spent at government bodies, earn 1.75 Qantas Points per $1 spend on selected Qantas products and services.
- Flight options
- All rewards can be redeemed via the Qantas Store.
- Expiry
- Never
- Points earning
- 0.75 points per dollar on Amex, uncapped
- Points required
- 8000 points buys a Qantas Sydney-Melbourne flight
110400 points buys a Qantas Sydney-London flight
20010 points buys a $100 Gift Card
- Interest rate on cash withdrawals
- -
Read our Mozo Review to learn more about the Qantas Discovery Card
- Apply By 30 April 2024
Westpac Altitude Platinum
Select Qantas Frequent Flyer rewards to receive 70,000 bonus Qantas Points ($4k min. spend in the first 90 days on eligible purchases). $99 First Year Annual fee and Rewards fee. (T&C's apply).
purchase rate
annual fee
balance transfer rate
19.99% p.a.$250 $174 in the first yearNo current offerAltitude Platinum
Select Qantas Frequent Flyer rewards to receive 70,000 bonus Qantas Points ($4k min. spend in the first 90 days on eligible purchases). $99 First Year Annual fee and Rewards fee. (T&C's apply).
- purchase rate
- 19.99% p.a.
- annual fee
- $250 $174 in the first year
- balance transfer rate
- No current offer
- Points per $ spent
- 0.5 points per dollar on Mastercard, up to $100,000 per year
- Spend req Syd-Mel flight*
- Spend $16,000 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 45
- Rewards program
- Qantas Frequent Flyer
- Bonus points
- Bonus points on selected Qantas products and services.
- Flight options
- All rewards are redeemed via Qantas Frequent Flyer.
- Expiry
- Never
- Points earning
- 0.5 points per dollar on Mastercard, up to $100,000 per year
- Points required
- 8000 points buys a Qantas Sydney-Melbourne flight
110400 points buys a Qantas Sydney-London flight
20010 points buys a $100 Gift Card
- Interest rate on cash withdrawals
- 21.49% p.a.
Read our Mozo Review to learn more about the Altitude Platinum
NAB Qantas Rewards Signature Card
Earn up to 120,000 Bonus Qantas Points on a new NAB Qantas Signature Card. Min $3,000 spend on everyday purchases in first 60 days and keep your card open for 12 months.
purchase rate
annual fee
balance transfer rate
19.99% p.a.$395 $295 in the first year0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)Qantas Rewards Signature Card
Earn up to 120,000 Bonus Qantas Points on a new NAB Qantas Signature Card. Min $3,000 spend on everyday purchases in first 60 days and keep your card open for 12 months.
- purchase rate
- 19.99% p.a.
- annual fee
- $395 $295 in the first year
- balance transfer rate
- 0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)
- Points per $ spent
- 1 point per dollar on Visa, up to $5,000 per month, then
0.5 points per dollar on Visa, up to $20,000 per month
- Spend req Syd-Mel flight*
- Spend $8,000 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 44
- Rewards program
- Qantas Frequent Flyer
- Bonus points
- Bonus points on selected Qantas products and services, including eligible Qantas flights.
- Flight options
- All rewards are redeemed via Qantas Frequent Flyer.
- Expiry
- Never
- Points earning
- 1 point per dollar on Visa, up to $5,000 per month, then
0.5 points per dollar on Visa, up to $20,000 per month
- Points required
- 8000 points buys a Qantas Sydney-Melbourne flight
110400 points buys a Qantas Sydney-London flight
20010 points buys a $100 Gift Card
- Interest rate on cash withdrawals
- 21.74% p.a.
Read our Mozo Review to learn more about the Qantas Rewards Signature Card
Foreign exchange
Also known as:
- forex
- FX
- currency conversion
- exchanging your almighty Aussie dollars for handfuls of lesser currencies
In a nutshell: Banks, foreign exchange sorts (or 'bureaux de change'), and various other finance types such as Travelex and American Express will take your Aussie dollars and convert them into another currency. Most major currencies are available including US Dollars, Euros, Pounds, Yen, Hong Kong Dollar, Yuan, New Zealand Dollars.
The pros:
- Forex is as quick and simple as currency conversion gets
- Many institutions offer highly competitive foreign exchange rates and low fees
The cons:
- Carrying large amounts of cash is not always the savviest travel-money tactic
- Many institutions offer highly uncompetitive foreign currency rates and/or big, hidden fees
The final word: It's always handy to have local currency before you touch down in a foreign country, and forex can be great for that first few hundred dollars.
Compare foreign exchange rates now.
Travel money cards
Also known as:
- cash passports
- pre-paid travel cards
- pre-paid travel money cards
- international plastic
In a nutshell: You load up the cash passport with the currency (or currencies) of your choice such as USD, Pounds, Euro, NZD, and then take it out to restaurants, shops, and exotic, foreign ATMs to make purchases and withdraw cash.
The pros:
- Travel money cards are as convenient as foreign currency gets
- You enjoy all the security of pin-number protection
The cons:
- There's an irritating charge to recover remaining funds after your holiday
- A sneaky foreign exchange margin can make it expensive convenience
The final word: You'll want to balance the cost of loading the prepaid card up - including the margin - as well as withdrawals and closing the card against the convenience of having a local card anywhere in the world.
Travel credit cards
Also known as:
- globe-trotting plastic
In a nutshell: Some credit cards sting you with massive overseas transaction fees and miserable forex rates. You want the best travel credit cards that are accepted everywhere yet don't have the international price tag - and all those lovely rewards points and bonuses.
The pros:
- Travel credit cards can offer great currency conversion and global flexibility
- Many rewards credit cards offer frequent flyer bonuses such as free insurance and purchase warranties
The cons:
- A hefty annual fee attached to some of the best travel credit cards
- You might return home to a pile of jetset debt
The final word: Regular travellers are most likely to benefit from a travel credit card deal, while occasional holidaymakers should weigh up the cost of a frequent flyer credit card against the benefits they'll get to enjoy.
Travel debit cards
Also known as:
- travel cash cards
- travel transaction accounts
- your everyday account facing the big wide world
In a nutshell: These days, travel debit cards are accepted everywhere their credit-card cousins are, plus you don't need to worry about spending foreign money you don't have.
The pros:
- The best travel debit cards offer fee-free overseas ATM withdrawals and low currency conversion margins on purchases
- Avoid the horrors of holiday debt
The cons:
- You don't earn those lovely frequent flyer rewards points
- Sometimes you just want to mortgage the future for another poolside mango daiquiri
The final word: All the convenience of your everyday debit card meets low fees and great forex margins - but be sure to check that your transaction account is nice and full, and that those fees and margins are indeed travel-happy.
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