Travel money cards are flying high

178981829New entrants to the travel money card market this year are setting the standard for outstanding value!

Between holidays and business trips, Australians head overseas frequently, and travel money cards are fast becoming the traveller′s cheques of the 21st century. New players to the Australian market this year have boosted the competition and increased the value on offer to Aussie travellers.

This year CANSTAR saw three new entrants to the travel money card arena, being Qantas Cash, Virgin′s Velocity Global Wallet and the Westpac Global Currency Card. It′s fair to say that both Qantas and Virgin have burst onto the market in very impressive form, with both providing outstanding value offerings to travellers. Along with last year′s travel money card award winner, Cash Passport, they make up the five star offerings available to Australian consumers.

How do they compare?

CANSTAR has analysed cost and features of the cards on offer. This is how the five star-rated cards compare across some of the main categories.

Qantas Cash

Velocity Global Wallet

Cash Passport

Number of currencies available

11

10

10

Maximum number of currencies able to be loaded onto card at once

11

5

10

Reload fees

Free

Free

Free

Replacement card fee

Free (from July 10)

Free

Free

Secondary Card

Secondary card not available

Free

Free

International ATM withdrawal fee – New Zealand

$NZ 2.50

$NZ 2.50

Free

International ATM withdrawal fee – USA

$US 1.95

$US 1.95

Free

International ATM withdrawal fee – UK

£1.25

£1.25

Free

International ATM withdrawal fee – – EU

€1.50

€1.50

Free

International ATM withdrawal fee – Singapore

$SG 2.50

$SG 2.50

Free

Monthly inactive fee

Free

$1, charged monthly after 12 months of inactivity

$4, charged monthly after 12 months of inactivity

Frequent flyer point earn rate

1 Qantas Frequent Flyer point for every $2 spent in AUD

1 Qantas Frequent Flyer point for every $1 spent in foreign currency

1 Velocity Frequent Flyer point for every $2 spent in AUD

1 Velocity Frequent Flyer point for every $1 spent in foreign currency

None

Source: Canstar Travel Money Cards star ratings report 2014

Travel money cards can be a very convenient and secure way to carry spending money in different currencies abroad. They work much like a debit card, except that you pre-load them with the currencies you want to use while you′re away. Click here for information on how to use a travel money card.

CANSTAR′s travel money cards star ratings is an invaluable starting point for savvy travellers. The complete star ratings report and results can be viewed here.

 

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