Canstar's 2026 Travel Money Awards

For years, the standard advice before an overseas trip was simple: order some foreign cash or load up a travel money card. That advice is now out of date. For most Aussie travellers, spending overseas is often cheapest and easiest through a debit or credit card, ideally one that costs nothing to get and doesn't charge extra for spending in another currency. The challenge is knowing which cards actually deliver on that, and which ones could quietly clip you on every transaction.

That's what this guide is for. It lays out what overseas spending actually costs, which option can suit which kind of traveller, and where traps may be found. Along the way you'll find the winners of Canstar's Travel Money Awards: the debit cards and credit cards that topped our value benchmarks, out of a field this large.

Every dollar you spend overseas passes through up to three tollgates. Understanding them can help you get the most out of your overseas spending.

Overseas terminals and ATMs will often offer to charge you in Australian dollars ‘for your convenience’. To make your money go further, decline it and choose the local currency. Paying in AUD hands the task of currency conversion to the merchant's bank at a rate that is probably worse than your card's. The screens are built to make AUD look like the safe choice, so the button you want often reads something like "continue without conversion". This one habit is one of the easiest ways to avoid sneaky costs while abroad.

Here’s a breakdown of what you might expect from each of the major options on the table for those looking to spend money overseas.

The simplest money management setup for international travellers is a transaction account with a debit card that doesn't charge fees when you spend outside the country. This approach means your money stays in a regular bank account and money you spend converts the live exchange rate with nothing added.

International fees are an easy thing for a bank to drop when it wants to stand out from the pack, and a growing group is doing exactly that, particularly digital banks and smaller players. So before you open anything, check the card already in your wallet against the winner list below. There's a fair chance you're holding one now.

If you're not, the fix is cheap. Plenty of everyday accounts charge no monthly fee, including most of the winners below, so you can open one purely for travel, load it before you go, spend it down, and let it sit empty between trips. It costs nothing to hold and can keep your main account, and everything in it, out of your travel wallet. Or you might go further and switch your everyday banking across. If you travel regularly, or you're often shopping online in foreign currencies, switching your main bank account could see foreign transaction costs disappear day-to-day, not just trip-by-trip.

Multi-currency accounts are the modern version of the travel money card, without many of their predecessors’ downsides. They're app-based accounts with a debit card attached that can hold dozens of currencies at once. They can see you converting Australian dollars whenever the rate suits you, then spending from that foreign balance while you travel. And if you tap before you've converted but have AUD in your wallet, the card simply converts on the spot at the live rate, so an empty foreign exchange (FX) balance won’t leave you stranded.

Even if a debit card works for your daily spending, a credit card can earn its place in your travel wallet for two reasons.

First, pre-authorisations. Hotels and car hire companies often place a hold on your card when you check in or pick up the keys. On a debit card, that hold freezes your own money, sometimes for days after you've left. On a credit card, it's the bank's money that's frozen, not yours.

Second, protection and perks.  Paying on a credit card generally gives you a stronger position in a dispute, and many travel-oriented cards include complimentary international travel insurance. That insurance can be genuinely valuable, but check the activation rules carefully: many policies only switch on if you've paid for a minimum portion of the trip (often the return airfare) with the card. Read the PDS for cover levels, excesses, age limits, and pre-existing condition rules before you rely on it.

But before we dig into the outcomes of our research, there’s an elephant in the room: Frequent flyer points and lounge access. If these are your primary reasons for looking for a credit card, then this guide might not be for you. These types of premium features often come at a cost, either through higher annual fees or currency conversion fees when using the card overseas. If you’re looking for a card to earn points you plan to put towards your next flight, then head over to our Credit Card comparison tables where you can compare frequent flyer options on our database.