The most important features to compare are the foreign transaction fees, exchange rates and usability.
If you want to withdraw cash, a prepaid travel card or debit card will likely be cheaper than a credit card.
It is a good idea to have several travel money options in case of loss, damage or theft.
Travel cards are one option you can take with you overseas. Here, we go through what you need to know about them and how they compare to credit and debit cards, so you know whether it's the right choice for you.
A travel money card is a prepaid card which you can add multiple foreign currencies onto to use while you're travelling overseas. You can use it to make purchases and withdraw cash from ATMs.
Prepaid travel cards work similarly to debit cards as you can deposit a certain amount of money into the card and only spend what you've got available in the account. However, unlike a standard debit card, a prepaid travel card allows you to lock-in exchange rates before you travel.
You can also avoid some of the fees that you might be subject to if you were to use your normal bank card. Many transaction accounts have international transaction fees or other limitations, so getting a travel money card can save you money there. It can also feel safer to have a travel money card, avoiding the risk of losing your money if something were to happen to your bank card.
The pros and cons of different options
Prepaid 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 Pay prepaid card means you'll earn frequent flyer points for your spending both overseas and in Australia.
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.
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.
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 Pay doesn't charge a currency conversion fee.
Finder survey: Would you use a travel card again for a future trip?
Overall, almost all Australians who used a travel money card in the past would use one again in the future.
Response
Yes
96.52%
No
3.48%
Source: Finder survey by Pure Profile of 1009 Australians, December 2023
There is no universal best travel money card as your options vary from country to country and person to person. In saying that, some of favourable features of travel cards include:
No additional fees: including ATM fees, reloading fees and card closure fee
The option to lock in exchange rates before you leave
The option to add multiple currencies onto the one card
Digital wallet compatibility so you can add the card to Apple Pay or Google Pay
Low or no additional cost to convert your left-over money back to AUD
Security, including card pin
You should also consider exchange rates, conditions, limits and safety.
Top travel money tips
Here are our top travel money tips:
Pay for your purchases in the local currency. This will help avoid any currency conversion fees.
Keep an eye on your transactions. It's always a good idea to regularly check your transaction history to make sure there's no unauthorised transactions - and if there are, you should report them to your bank immediately.
Always take more than one travel money option. You don't want to be left stranded if you lose your card or it gets stolen. Consider bringing 2 forms of travel cards to avoid being left cashless in a foreign country.
Keep your travel money in a few different places. Having all your foreign cash and cards in a wallet means you'll have no backup if you lose your wallet. Instead, consider keeping some of your travel money in a separate place. For example, you could keep most of your cash in a hotel safe or a locked part of your luggage.
Inform your bank. If you're using your regular debit or credit card, let your bank know. You wouldn't want your card to be cancelled due to a 'suspicious transaction' while you're overseas because your bank thinks you're still in Australia.
Australian travel statistics
Australia is a nation of travellers. According to the Australian Bureau of Statistics, there were 8,337,080 resident returns from overseas for the year 2022 - 2023. The most popular reason we travel is for a holiday, and the median trip duration is 15 days.
What is the Finder Travel Money Score?
At Finder we make complicated money stuff simple. One way we do this is with the Finder Score.
We crunch the numbers every month for 13 travel money card providers, scoring each product based on the 5 features most customers care about.
In exchange, you get a simple score out of 10 for each travel money card. The higher the better. It makes comparing simple.
We score travel money cards based on ATM withdrawal fees, daily withdrawal limits, inactivity fees, maximum load amount and the number of currencies you can put on the card.
The Finder Score methodology is designed by our insights and editorial team. Commercial partners carry no weight, and all products are reviewed objectively.
The Finder Score is designed to help you make a better financial decision faster, but there is no best product that fits every customer. We encourage you to consider your own financial circumstances when making a financial decision
Finder Scores explained
9+ Excellent - These are the best travel money cards in Finder's database, with low fees, high maximum load amounts and generous withdrawal limits.
7+ Great - Quality cards that offer a good mix of features with reasonable fees, but a bit short of the best in the market.
5+ Satisfactory - These travel money cards get the job done and may be well suited for certain customers, but the fees are higher and the cards have more limited features.
Less than 5 – Basic - These cards have higher fees than most options on the market and limited features.
FAQs about prepaid travel money cards
You can top up your travel money card if you need more money while you're on your trip. Depending on your specific travel money card, you can reload your card online, using BPAY, through your bank's app or via your bank's branch. Look into the card you are topping up because some methods do incur fees e.g. the Qantas Pay Card has an instant reload fee of 0.5% while its BPAY and bank transfers are free.
You can generally get your money back if you don't end up spending it all while overseas. However, you might encounter fees to get the remaining money back into your regular bank account.
The first thing you should do upon discovering that your card is missing is call your card provider. Reporting the theft or loss immediately will help protect the funds on your card.
Most of the card companies provide 24/7 customer service emergency numbers. Some even accept reverse charges, so it can be as simple as dialling the operator to connect your collect call. If you dial the number directly, you may be charged for the call.
Travel credit cards typically use the Mastercard or Visa network and use the daily exchange rates that the networks provide. You can find out the daily exchange rate by going to the Mastercard or Visa website. Prepaid travel cards allow you to lock in the exchange rate beforehand, so if you find a favourable one you can lock it in and not have to worry about fluctuations while you're away.
A cross currency conversion fee is charged when you use your Australian card with Australian dollars to make a purchase in a foreign country. The money is exchanged from Australian dollars into the local currency electronically. You can avoid this fee by choosing to pay in the local currency.
If you have a travel card that charges an inactivity fee (a fee that's charged every month when your account is inactive for a period of time), you will lose any remaining funds on the card, but your account won't go into a negative balance. Once the card has a zero balance, this fee will not be charged.
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To make sure you get accurate and helpful information, this guide has been edited by Joelle Grubb as part of our fact-checking process.
Amy Bradney-George was the senior writer for credit cards at Finder, and editorial lead for Finder Green. She has over 16 years of editorial experience and has been featured in publications including ABC News, Money Magazine and The Sydney Morning Herald. See full bio
Amy's expertise
Amy has written 564 Finder guides across topics including:
The USA has a culture of credit, and it’s a society of card payments, read our travel money guide to find out which travel products to use and which to avoid using in the USA.
Hello,
We will be travelling to Malaysia and Vietnam for 3 weeks in March 2014 and during our time have 4 different hotels that we will need to pay upon check out. They have confirmed our accommodation in USD Dollars. I was wondering how would be best to pay them? Using our MasterCard Debit Card or preload the total amounts in USD on a travel card (ie: Aust Post card) and then use our MasterCard debit card at ATM for spending money? What would you suggest?
I look forward to response.
Thank you in advance.
Finder
MarcJanuary 3, 2014Finder
Hello Andreina,
thanks for the question.
The best way to spend your money overseas is whatever is the cheapest and safest. A travel card loaded with US dollars with a low initial charge and reload fees (if you plan to continue using the card throughout the trip) is one option, but be aware that if the hotel charges a bond or any similar payment these are better paid with using cash. This is because hotels may take a while to refund the bond, leaving you without these funds for what could be a few days or even weeks. Whatever card you use for ATM withdrawals should have no fees for making these withdrawals or any foreign purchases, as these can add up over the course of the trip.
I hope this helps,
Marc.
BTDecember 19, 2013
I used to recommend 28Deg to all my fellow travelers but now they are slapping on a cash advance fee for overseas ATM withdrawals next year, is there another card that offers the same thing as 28 Deg used to?
Finder
MarcDecember 20, 2013Finder
Hello BT,
Thanks for the question.
Unfortunately there are no credit cards which waive both foreign transaction fees and cash advance fees. One way to avoid these fees is by using a fee free debit card such as the Citibank Plus, or a travel money card.
I hope this helps,
Marc.
ClaireDecember 11, 2013
We are travelling to the Phillipines and Hong Kong for three weeks. Which cards would be the best t take?
Finder
ShirleyDecember 11, 2013Finder
Hi Claire,
Thanks for your comment.
Our travel money guide for Hong Kong may help with your decision.
You’ll also want to consider a travel card that allows you to pre-load PHP, if there aren’t any in the market then a card that has minimal currency conversion fees and ATM withdrawal fees could be ideal, depending on how you plan to spend your money while overseas.
Hope this helps,
Shirley
ellenDecember 9, 2013
I am looking to get a travel card to use for a months travel in Europe. It’s interesting to note that you have not mentioned the Australia Post Load and Go Travel Card on this page. This card appears to have no purchase fee, no reload fee or ATM fees. Are you able to shine any light on this card?
Finder
MarcDecember 10, 2013Finder
Hello Ellen,
thanks for the question.
The Australia Post Load and Go Travel card is indeed another option for travellers going overseas. On the plus side as you mention it is free to purchase and reload, and has lower ATM withdrawal fees relative to many of the other travel cards. On the other hand it has a transaction fee for purchases which isn’t usually charged on travel cards. This fee is only $0.09 per transaction, which is capped at $0.99 per 30 days. A basic search on the internet shows that some people have experienced difficulties using this card, although as always it’s up to you to do some research and find out what’s best for you. If you have any other questions about this product please ask.
Cheers,
Marc.
SamDecember 3, 2013
Hi, I am going to USA for a month. I have 5K in USDs and at this stage I am reluctant to get a travel card as exchange rates are poor. Is it possible to obtain a pre-paid credit card in USA (i.e from Wall mart) without being a US citizen? Can someone help me with that? Thanks!
Finder
ShirleyDecember 3, 2013Finder
Hi Sam,
Thanks for your comment.
The terms and conditions of the Walmart Money Card state that you can apply for this card as long as you’re a ‘you are a U.S. citizen or legal alien residing in one of the 50 states, the District of Columbia or Puerto Rico’.
To set one up you’ll need to log onto the Walmart Money Card website (I’ve emailed you the link) and set up an account. In this case, it might be easier to apply through the phone because you’ll need to provide a Social Security Number which we don’t have in Australia.
As a side note, there are other travel money options as well that may be easier for you. Our USA travel money guide may help.
Cheers,
Shirley
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Hello,
We will be travelling to Malaysia and Vietnam for 3 weeks in March 2014 and during our time have 4 different hotels that we will need to pay upon check out. They have confirmed our accommodation in USD Dollars. I was wondering how would be best to pay them? Using our MasterCard Debit Card or preload the total amounts in USD on a travel card (ie: Aust Post card) and then use our MasterCard debit card at ATM for spending money? What would you suggest?
I look forward to response.
Thank you in advance.
Hello Andreina,
thanks for the question.
The best way to spend your money overseas is whatever is the cheapest and safest. A travel card loaded with US dollars with a low initial charge and reload fees (if you plan to continue using the card throughout the trip) is one option, but be aware that if the hotel charges a bond or any similar payment these are better paid with using cash. This is because hotels may take a while to refund the bond, leaving you without these funds for what could be a few days or even weeks. Whatever card you use for ATM withdrawals should have no fees for making these withdrawals or any foreign purchases, as these can add up over the course of the trip.
I hope this helps,
Marc.
I used to recommend 28Deg to all my fellow travelers but now they are slapping on a cash advance fee for overseas ATM withdrawals next year, is there another card that offers the same thing as 28 Deg used to?
Hello BT,
Thanks for the question.
Unfortunately there are no credit cards which waive both foreign transaction fees and cash advance fees. One way to avoid these fees is by using a fee free debit card such as the Citibank Plus, or a travel money card.
I hope this helps,
Marc.
We are travelling to the Phillipines and Hong Kong for three weeks. Which cards would be the best t take?
Hi Claire,
Thanks for your comment.
Our travel money guide for Hong Kong may help with your decision.
You’ll also want to consider a travel card that allows you to pre-load PHP, if there aren’t any in the market then a card that has minimal currency conversion fees and ATM withdrawal fees could be ideal, depending on how you plan to spend your money while overseas.
Hope this helps,
Shirley
I am looking to get a travel card to use for a months travel in Europe. It’s interesting to note that you have not mentioned the Australia Post Load and Go Travel Card on this page. This card appears to have no purchase fee, no reload fee or ATM fees. Are you able to shine any light on this card?
Hello Ellen,
thanks for the question.
The Australia Post Load and Go Travel card is indeed another option for travellers going overseas. On the plus side as you mention it is free to purchase and reload, and has lower ATM withdrawal fees relative to many of the other travel cards. On the other hand it has a transaction fee for purchases which isn’t usually charged on travel cards. This fee is only $0.09 per transaction, which is capped at $0.99 per 30 days. A basic search on the internet shows that some people have experienced difficulties using this card, although as always it’s up to you to do some research and find out what’s best for you. If you have any other questions about this product please ask.
Cheers,
Marc.
Hi, I am going to USA for a month. I have 5K in USDs and at this stage I am reluctant to get a travel card as exchange rates are poor. Is it possible to obtain a pre-paid credit card in USA (i.e from Wall mart) without being a US citizen? Can someone help me with that? Thanks!
Hi Sam,
Thanks for your comment.
The terms and conditions of the Walmart Money Card state that you can apply for this card as long as you’re a ‘you are a U.S. citizen or legal alien residing in one of the 50 states, the District of Columbia or Puerto Rico’.
To set one up you’ll need to log onto the Walmart Money Card website (I’ve emailed you the link) and set up an account. In this case, it might be easier to apply through the phone because you’ll need to provide a Social Security Number which we don’t have in Australia.
As a side note, there are other travel money options as well that may be easier for you. Our USA travel money guide may help.
Cheers,
Shirley