Overseas travel is part of our daily lives these days, with some travelling more often than others. Last year, Australians made nine million trips out of the country for holidays, visits to family and friends, or business purposes.This frequency of travel has spawned a popular type of payment method that′s safer than carrying around cash or traveller′s cheques in other, often unfamiliar, countries. Travel money cards offer the ultimate convenience. They are debit cards you load with your currencies of choice before you leave. Spending in the local currency means you′re not paying conversion fees every time. The big advantage though is that you can load up your card at home when the dollar is (hopefully) at its most favourable.

As with any financial product, there are pros and cons to be mindful of. In our comparison this year we put nine travel money cards under the microscope and revealed subtle differences between each one. Just as each traveller is unique, travel money cards differ in certain areas – some offer competitive exchange rates but higher fees while others slice their fees and add a margin to their exchange rates. The end result is often the same but it pays to be aware of the trade-off between fees and currency conversions when looking at the card that will best suit your purpose.

Our annual comparison of travel money cards will arm you with the information you need to make a choice of which travel money card to pack in your suitcase next time you fly out.


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