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Travel Money Cards Awards – June, 2014

Jun 272013
 
 Posted by on 14/10/2014
IN THIS REPORT We research and rate eight travel money cards from eight different providers, to see what’s on offer for Aussies spending abroad.

We Aussies love to travel, there’s no doubt about that. Whether it’s for a short break, a family holiday or even a longer “staycation”, trips overseas are a part of everyday life for many.
According to Australian Bureau of Statistics figures, April 2014 saw a total of 504,400 movements (departures) through Australia’s international border for the purposes of a holiday – that’s a lot of overseas trips!

Travel money cards are often described as the traveller’s cheques of the 21st century.
Designed to make it more convenient and secure to carry spending money in different currencies abroad, they work much like a debit card, except they need to be pre-loaded with the currencies you want to use while you’re away. Once loaded, they can be used to pay for items at point of sale and online. This preloading means the conversion rate you pay is the conversion rate at the time you pre-load the card, not the rate on the day you make your purchase.

Where did the award go?

This year, the CANSTAR Travel Money Cards Award has become the CANSTAR Travel Money Cards Star Ratings. The market is by no means swamped with travel money cards as yet but, as we predicted in last year’s report, the inclusion of new Qantas and Virgin cards this year, along with Westpac’s Global Currency card, has really shaken things up – and helped increase the products rated by 60%!

These additions plus some highly competitive offerings and the fact that the top three products were very closely matched, meant that a ratings report was more appropriate than just one award.

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