Are you planning on embarking on an overseas trip anytime soon? If so, this is important news for you. After days of intensive research, CANSTAR has finalised the latest batch of star ratings for Travel Money Cards.
How did we pick the winners?
Assessing 12 different cards on price and value, the research team investigated the following:
- Pricing (Exchange rates, ATM fees, load & reload fees, transaction fees etc.)
- Terms & Conditions (e.g. Ability to lock in exchange rate, inclusion of back-up card, emergency card replacement etc.)
- Account Facility (e.g Purchase card online, access account online etc.)
- Convenience (e.g. Ability to use the card for online purchases etc.)
- Reload (e.g. Ability to reload the card.)
- Currencies Available (e.g Single/Multiple currency card, maximum number of currencies at a time etc.)
- Dispute Resolution (e.g. Maximum time for disputes to be resolved, authorisation holds etc.)
- Fees (e.g. Fees for card closure, replacement card fee etc.)
- Limits (e.g. Maximum number of cards a single person can hold, maximum amount you can load/reload etc.)
- Security (e.g. Chip & PIN protected, signature panel on reverse etc.)
- Distribution Outlet (e.g. Ability to purchase through credit unions, travel agents etc.)
This was done to reveal which Travel Money Cards offered ‘outstanding value’ (5 stars) for consumers.
2016 Outstanding Value Winners (5 Stars) – Travel Money Cards
In this year’s rating, the award-winning travel money cards were:
- CANSTAR researchers were impressed by Travelex Cash Passport’s offering, particularly their exchange rates. Over the period of research, this card offered the top average exchange rate across all currencies we consider. For USD, they are a respectable 1.89% above the average rate, which accounts for an extra $48 in your pocket if you put an initial load of $3,500 onto your card. Along with their strong price offering, Travelex’s product is also rich in features. Their Terms and Conditions are very generous, and they allow for all methods of transaction dispute if you have a problem, with a maximum dispute time of 45 days.
- NAB’s Traveller Card had a very strong price offering this year, and their exchange rates have seen a full overhaul since they were last rated by CANSTAR in 2015. They have also changed their fee structure for the better, removing all reload fees and leaving their Traveller Card with just one fee: their currency conversion fee.
For more information on how we do our ratings and judge our awards, read our methodology here (PDF).
For the full star ratings, check out our interactive comparison table.