There are a few different ways to access your money when you are travelling overseas. One method is a travel money card.
A travel money card is a card that you can preload foreign currencies onto. You can then use it like a regular debit card, with most travel money cards issued in partnership with Visa or Mastercard. So what are some of the main benefits?
You can load foreign currencies onto a travel money card and lock in the exchange rates before you travel. This is different to travel credit and debit cards, where the rate you receive will depend on when you make the transaction.
Locking in your rates could give you some certainty over your money. But there is also the risk that exchange rates could improve after you have already locked in your rates.
A good travel money card will allow you to load multiple foreign currencies onto the one card. This could be helpful if you are planning to visit a few different countries with different currencies. Many travel money cards allow you to load up to 10 foreign currencies, but some cards allow you to load even more.
Common currencies include the US dollar (USD), Euro (EUR), British pound (GBP), New Zealand dollar (NZD), Japanese yen (JPY) and the Singapore dollar (SGD). Most travel money cards offer many more currencies than this, so it’s a good idea to check the specific card and ensure the currencies you need are available.
Most of the travel money cards on Canstar’s database charge no currency conversion fees. So this could be a more cost-effective option than using a travel credit or debit card that charges international currency conversion fees on purchases.
But be aware that you can be charged other fees. For example, some travel money cards charge reloading fees in certain circumstances, as well as other fees like monthly inactivity fees and fees to withdraw the remaining balance on your card. It’s a good idea to read the terms and conditions for a card before you sign up.
With a travel money card you can only spend what you have loaded onto the card. This could make it a more budget-friendly option than a travel credit card, where you can borrow money up to your credit limit. If you need access to more money, you also have the option of reloading your card. Many travel money cards allow you to do this via an app.
Travel money cards work in a similar way to debit cards. You can use the card to make purchases with a wide range of retailers and withdraw money from ATMs. But a key difference is that travel money cards are not linked to your bank account and you can only spend what is loaded onto the card. This could provide some peace of mind in the event that your card is lost or stolen. You’ll also usually be able to freeze your card if it is lost or stolen and may be able to access emergency funds.
There are a number of travel money cards on the market in Australia. But remember that not all cards are created equal. That’s where Canstar’s Travel Money Card Star Ratings can help. Our experts have assessed cards and given them a rating between one and five stars. We considered price (such as loading and reloading fees, ATM fees and the exchange rates offered), as well as features (such as the currencies offered, the reloading options and the available spending options) to identify cards that offer great value.
This article was reviewed by our Sub Editor Jacqueline Belesky before it was updated, as part of our fact-checking process.
This advice is general and has not taken into account your objectives, financial situation, or needs. It is not personal advice. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser. For more information, read Canstar’s Financial Services and Credit Guide (FSCG) and our detailed disclosure. Canstar may receive a fee for referring you to a product provider – for further information, see how we get paid.
Canstar is a comparison website, not a product issuer, so it’s important to check any product information directly with the provider. Consider the Product Disclosure Statement (PDS), Target Market Determination (TMD) and other applicable product documentation before making a decision to purchase, acquire, invest in or apply for a financial or credit product. Contact the product issuer directly for a copy of the PDS, TMD and other documentation.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular credit product or loan. If you decide to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar. Rates and product information should be confirmed with the relevant credit provider. For more information, read the credit provider’s key facts sheet and other applicable loan documentation for that product. Read the Comparison Rate Warning.
Canstar may earn a fee for referrals from its website tables, and from Sponsorship or Promotion of certain products. Fees payable by product providers for referrals and Sponsorship or Promotion may vary between providers, website position, and revenue model. Sponsorship or Promotion fees may be higher than referral fees. Sponsored or Promotion products are clearly disclosed as such on website pages. They may appear in a number of areas of the website such as in comparison tables, on hub pages and in articles. Sponsored or Promotion products may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The table position of a Sponsored or Promoted product does not indicate any ranking or rating by Canstar. For more information please see How We Get Paid.
*We are Australia’s Biggest Financial Comparison Site. Click here to learn more
This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement and target market determination before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.