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Award-winning travel money cards for holiday finances in 2022
16 June 2022
Whether your bucket list includes hiking or skiing New Zealand’s snow-dappled mountains, tasting a chocolate croissant at a Parisian cafe, visiting friends in the UK or discovering South-East Asian beaches and jungles, choosing an award-winning travel money card may help.
With international borders reopening, many Aussies are feeling more confident about dusting off their passports, packing their bags (face mask included) and heading to the airport.
Many of the cities, countries and wonders that lie beyond our shores are reopening for business, with the latest updates of where you can go, and any precautions to take, available from the federal government.
But, before you swap your “G’day” and “Cheers” for saying “Hi” and “Thanks” in languages abroad, you’ll want to make sure you can manage your finances outside Australia. This is where choosing a suitable travel money card can help. A travel money card enables you to load your own money onto it and have it ready to spend in different currencies while you travel internationally.
As part of our annual Travel Money Card Star Ratings and Awards, Canstar’s expert Research team assesses and compares travel money cards. In our 2022 Awards, we’ve revealed which providers and products offer customers outstanding value, considering factors such as pricing and features across products. So, who came out on top this year?
At a glance:
- Numbers crunched:
- 11 cards rated
- 2 5-Star Rated cards
- 2 Award winners
- Winners list:
- Revolut: Travel Money Card – Standard
- Wise: Wise Travel Money Card.
Why choose a travel money card?
As a specially-designed debit card, travel money cards enable you to spend your own money while travelling overseas. You can load up one card with already-converted foreign currency and take it overseas with you, plus opt to pre-load several currencies if you’re travelling through multiple countries. With the flexibility to buy a pre-paid travel money card whenever you want before you jet off, you can decide when the exchange rate may be more favourable and lock in an exchange rate for your Aussie dollars to be traded in. Different terms, conditions and fees can apply across cards, so it’s a good idea to read the fine print before choosing a travel money card that’s right for you.
2022 travel money card winners
Canstar has recognised two providers in our 2022 Travel Money Cards Star Ratings and Awards for offering great value for Australian consumers through their 5-Star Rated travel money cards.
“Wise and Revolut continue to provide the most cost-competitive options for those looking at travel money cards available in Australia,” said Joshua Sale, Ratings Manager for Canstar.
“Both providers offer exchanges at the interbank rate, potentially saving customers hundreds of dollars in conversion fees that might apply for consumers who select other travel money card options.”
The interbank exchange rate is the rate that banks use when trading foreign currency between each other, with a mid-point used between the buy and sell rates across two currencies.
Mr Sale said Revolut and Wise also stood out in 2022 because they offered low transaction fees and competitive digital platforms to complement their debit cards. He explained having an agile, user-friendly digital platform is important, and a factor consumers may want to be ‘on the lookout’ for when comparing travel money cards.
“If a provider offers a solid digital platform, you’ll be able to log in and manage your travel money card with ease while you are abroad,” he said.
“This could make an important difference in helping you to track and manage your finances, including across different currencies, wherever you are in the world during an overseas holiday.
“Having confidence you can manage your money abroad easily will bring another plus – offering greater peace of mind your money is sorted, so you can focus on enjoying all the sights and adventures you’ve planned.”
Revolut and Wise are both repeat winners for the Canstar Money Cards Star Ratings and Awards, having scooped the top spots in 2021 too.
2022 Canstar travel money card winner: Revolut – Standard account
Revolut is a winner in Canstar’s 2022 Travel Money Card Star Ratings and Awards. Revolut has been recognised in the awards for its Standard account, which can be opened in minutes online and enables exchanging money in more than 27 currencies at the interbank exchange rate. No fee applies in exchanging up to AU$9,000 for every 30-day rolling period, with some exclusions applying.
The Revolut debit card can be used with Apple Pay and Google Pay. It comes with a virtual card feature that enables you to access your account via your mobile phone.
As well as exchanging money across various currencies, Revolut says that customers can spend their cash in over 110 currencies using the interbank exchange rate. The company says unlimited commission-free trades are also offered in 2022 for its Standard account. Terms and conditions apply.
If you use Revolut’s Standard account, you’ll also be able to get no-fee ATM withdrawals for up to AU$350 (equivalent) across rolling 30-day periods.
2022 Canstar travel money card winner: Wise – Wise travel money card
Wise, formerly known as TransferWise, says you can hold more than 50 currencies at once on its account, converting these currencies in real time using its free Wise app. It says that you’ll be able to “avoid hidden fees in the exchange rate while withdrawing from millions of ATMs abroad,” suggesting its card is suitable for tasks like paying for restaurants, buying your accommodation and flights and going shopping overseas.
The Wise debit card can be used with Apple Pay and Google Pay, and is available in more than 30 other countries as well as Australia. It comes with a virtual card feature that enables you to access your account via your mobile phone. You’ll also be able to get instant transaction notifications via your mobile and freeze your card if necessary, such as if it gets lost or stolen abroad.
Wise offers free ATM withdrawals from more than two million ATMs worldwide for up to AU$350 (equivalent) per month.
How were the winners decided?
Canstar’s expert Research team used a sophisticated and unique ratings methodology that compares both price and features across travel money cards on our database as part of these awards. To be eligible, each product needed to enable users to:
- store multiple foreign currencies on one card
- lock in an exchange rate before travelling
- use personal funds, not credit or borrowing facilities
- use an up-to-date exchange rate on the provider’s website.
For the price score, Canstar considered the exchange rates as well as the fees for loading, reloading and using each card overseas (both at a point of sale and through an ATM), plus how much will be available to spend in the purchased foreign currency based on the provider’s exchange rates. Canstar also considered whether the card offered the ability to earn reward points.
For the features score, Canstar considered an array of factors, including the currencies available on the card, the ability to reload the card, the available spending options (such as online as well as internationally) and security.
For more information about the factors we took into account, you can read Canstar’s 2022 Travel Money Card Star Ratings and Award methodology.
What else should you consider before travelling overseas?
If you are planning an overseas trip, travel insurance may also be something you are considering. Canstar has covered which travel insurance providers offer cover for COVID-19. Plus, you can learn more about topics such as travel insurance for cruises, travel insurance for children and under 18s and family travel insurance.
About Canstar’s Research team
Canstar’s Research team provides the expertise that powers our Star Ratings and Awards, designed to help consumers make better-informed financial decisions. As Australia’s biggest financial comparison site, Canstar researches and rates products from more than 775 brands, across more than 30 finance categories. Our expert researchers analyse products we rate by comparing price and features, with the top products being recognised with a 5-Star Rating. Our Star Ratings are made available for consumers to view for free via Canstar’s comparison tables. Providers whose products perform strongly in our Star Ratings may be recognised with an Outstanding Value Award.
→ Discover Canstar’s latest Star Ratings and Award winners
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This article was reviewed by our Sub Editor Tom Letts before it was updated, as part of our fact-checking process.
