Travel money cards
Advantages of a travel money card
- Pre-load your funds. Depositing your money on the card in advance can help you to stick to a budget, though you can always reload if needed.
- Multiple currencies. You can convert Australian dollars into several supported currencies (great for a multi-country trip) and avoid currency conversion fees.
- Locked-in exchange rates. Funds are converted based on the exchange rate at that time, so you avoid any exchange rate fluctuations while travelling. Caveat: this can be an advantage or a disadvantage.
- Frequent flyer points. The Qantas Travel Money prepaid card means you'll earn frequent flyer points for your spending both overseas and in Australia.
- ATM fees. Many travel money cards don't charge overseas ATM fees.
Disadvantages of a travel money card
- Additional fees. Some card charge additional fees including ATM, reloading, account closure and inactivity fees.
- Reload delay. Some cards may take a few days for the funds to be available.
- Locked-in exchange rates. Funds are converted based on the exchange rate at that time, so you avoid any exchange rate fluctuations while travelling. Caveat: this can be an advantage or a disadvantage.
- Acceptance. Travel money cards are not as widely accepted as debit or credit cards in some countries.
Debit cards
Advantages of debit cards
- Card fraud protection. If you use your debit card, your money will be protected if you are a victim of fraud while you're away.
- Easy access to your own money. Unlike a prepaid card or a credit card with a loaded amount of funds, a debit card gives you direct access to your transaction or savings account when you're in another country. This can save you time loading money on a prepaid card and can help you avoid interest charges that could apply on a credit card.
- ATM availability worldwide. If your debit card is a Visa or Mastercard, you should be able to withdraw money from ATMs around the world.
- Worldwide acceptance. Most countries accept both Visa and Mastercard debit cards.
Disadvantages of debit cards
- Foreign transaction fees. Unless your debit card offers 0% international transaction fees, you could be charged between 1% and 4% for payments made overseas.
- Dynamic currency conversion. Paying in Australian dollars means the transaction will be processed using dynamic currency conversion, which usually adds between 6% and 8% to the transaction cost. Tip: when given the option, choose to pay in local currency to avoid this cost.
- Daily currency exchange rate. You will receive the daily exchange rate for your withdrawal from Mastercard or Visa. Due to the uncertainty of exchange rates, this may be favourable or provide a lower rate than securing a rate with a prepaid travel card before you leave the country.
Credit cards
Advantages of credit cards
- Flexibility. Credit cards allow you to borrow money up to the card's limit. So if you're travelling and don't have all the funds you need in your account, you can put your purchases on credit and pay it back over time.
- Rewards. If you use a credit card you might be eligible for rewards or frequent flyer points such as access to airport lounges or flight upgrades.
- Complimentary travel insurance. Some credit cards come with complimentary travel insurance. This can help you save on paying for additional travel insurance.
- Security. Credit cards come with a range of security features including fraud-monitoring services and zero-liability policies that help protect you if your card is lost, stolen or used for fraudulent transactions.
Disadvantages of credit cards
- Annual fees. Unless you have a $0 annual fee credit card, you'll usually have to pay an annual fee for the account.
- Interest. If you aren't able to pay off your purchases within the interest free period, you'll end up having to pay interest on your balance.
- Currency conversion costs. Make sure to look for a card that doesn't charge currency conversion or foreign transaction fees, otherwise you'll rack up fees every time you use your card for purchases in the local currency.
- Dynamic currency conversion. When you travel overseas with an Australian credit card, you could have the option of paying in the local currency or in Australian dollars. If you (or the merchant) choose Australian dollars, your transaction will be processed using dynamic currency conversion, which usually costs more than paying in the foreign currency.
What are the travel money card fees I should know about?
ATM withdrawal fees: Fees change depending on which card you have and which country you're in.
Initial load and reload fees: Some cards charge you when you first put foreign currency onto the card and/or when you add more money to your balance.
Currency conversion fees: Depending on the card, you can pay up to 5% or more in currency conversion fees. Tip: Qantas Travel Money doesn't charge a currency conversion fee.
I am going to the Uk in 2019. Confusions is supreme. I see there is information about conversation currency fees, however on individual travel card sites they claim 0 fees. If I have a facility with my current domestic bank that charges no fees to transfer money to another facility and I use a travel card that states they have 0 fees for upload and currency conversation fee, am I correct in believing that there will be no cost to me to upload AUD to GBP. I am traveling for about 3 months and with a budget of around AUD 20,000. What cards should I consider compared to using my domestic Credit and Debit cards. I have tried using your search engine for best card for country but it is not uploading.
Hi Kerry,
Thanks for getting in touch.
Sorry to hear about your confusion as to which card you would bring to the UK and apologies as well if you’re having a hard time uploading our page. Nevertheless, to help you narrow down your options, you can refer to our guide on travel money to the UK. From the page, you’d be able to compare your options for pre-paid, debit, and credit cards, and even foreign cash. Just click on the tabs to see the list. Once you have chosen a particular travel card, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with your application or get in touch with their representatives for further assistance.
With regard to the cost, usually, there’s no cost in loading AUD to the prepaid travel cards. If the currency is supported by the card, say GBP, it’s also free.
I hope this has helped.
Cheers,
May
Hello, just wanted to let you know that unless I’m mistaken, the Qantas Cash card has differing information on your website. On one page it says that there is a 1% reload fee and on another that there is 0%. That said, thanks for offering unbiased easy to understand information, much obliged…
Hi Brenda,
Thank you for your inquiry.
There are actually two ways to reload your Qantas Cash Card. The first option is via bank transfer or BPAY which has 0% fee and the second option through Direct Debit that charges 1% of the total amount. As a sample, this is how Direct Debit works:
If you wish to load or reload 200 AUD onto your card using Debit Card Load, you will be charged a fee of 1% of the load amount being AUD 200 x 1% = AUD 2. This means you will be required to pay AUD 202 to complete your Debit Card Load transaction.
Please also note that you may be charged other fees by third parties in relation to the Debit Card reloading transaction like the fees charged by your financial institution.
I hope this information helps.
Cheers,
May
I am traveling to South Africa and wanted to take a prepaid debit card but do not know who to contact for something like that. I talked to Travelex but they do not deal in South African currency. Any suggestions?
Hi Jean,
Thank you for contacting Finder.
Our Travel money guide to South Africa will provide you some options that may suit your needs. On the page, is a comparison table for a list of travel debit cards and prepaid travel money cards. You can use the table to help narrow down your options. Once you have selected one, you may proceed by clicking the green “Go to Site” button.
Before applying, please ensure that you read through the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.
I hope this helps.
Cheers,
Danielle
Can i take english currency to greece or should i take euros
Hello Brenda.
Thank you for reaching out to Finder.
Yes, you may take English currency to Greece and have it changed to Euros there, but you may also take Euros. As to what you should bring is all up to you. Our Travel Money Guide to Greece might help you assess what would be best to bring. Please also note that exchange rates vary on a daily basis, also depending on the travel money provider or exchange bureau.
Alternatively, you also have several other options to choose from aside from taking cash. You may use your debit or credit card, a travel card, or traveller’s cheque. Again, choosing what would best suit you and what you would be comfortable with is all up to you.
Hope this helped.
Cheers,
Gru
Which travel card is best for me – for 3 weeks in England in September
Hi Dorothy,
Thanks for your enquiry.
The best card for you would be the one that best meets your needs, preference, and budget.
To help you compare your options, please check our travel money options for UK trips. There’s a table on that page to help you compare your options. Aside from that, the same page comes with a guide on how you can best spend money in the UK.
I hope this helps.
Cheers,
Danielle