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.
my husband and I are planning to hire a car for a few weeks in the UK when we go there next May-June. We do not use credit cards, only debit cards with our bank accounts, in Australia but I am under the impression that you have to pay car hire fees with a credit card so they can debit later for extra incurred fees etc. Is this correct?
Finder
ShirleyJuly 8, 2013Finder
Hi Rosemary,
Thanks for your comment.
It is likely that you’ll need a valid credit card in the lead drivers name as most rental companies require this for the security deposit.
Cheers,
Shirley
RosalieJune 28, 2013
Can a Citibank Plus debit card be used in South America and if so at which ATM’s
Finder
JacobJune 28, 2013Finder
HI Rosalie. Thanks for your question. The Citibank Plus Transaction Account operates with a Visa debit card, so you can withdraw money from your account at any ATM that accepts Visa. If you find a Citibank ATM, you can use your card free of charge. If you have a look at the Citibank website, you can use their find an ATM feature to see which of your destinations have Citibank ATMs. I hope this helps. Jacob.
SunilJune 17, 2013
I’m going to Argentina, Uruguay and Brazil in three weeks time and am considering my options for taking money with me. Most of my trip is already prepaid so ill only be needing $AUD 1000 spending money. I will be taking about $AUD100 upfront in local currency. Can you please advise which will be the best option. I will most be withdrawing money from ATMs every 4 days to use a cash.
Finder
JacobJune 18, 2013Finder
Hi Sunil,
Thanks for your question. There are a couple of options available to you.
You can pre-load the funds onto a travel money card, convert AUD to USD, and withdraw USD from a South American ATM. I don’t believe any travel money cards let you convert funds to the Paso or the Real, so USD would be the closest currency.
If you try to get money exchanged to the local currency when you’re abroad, make sure you get your money exchanged somewhere you trust. Avoid exchange cash at the airport or on the side of the street.
If you’re going to be making cash withdrawals from ATMs, you can expect fees. How much you’re charged for a withdrawal will depend on the type of card you’re using. Travel money cards do charge an international ATM withdrawal fee (some don’t), as do credit cards. A local ATM operator fee will also be charged. As a ballpark figure, expect to get charged anywhere between $5 and $10 when you make a withdrawal from an ATM. Add to this the cross currency conversion fee (which can be avoided if you’ve pre-loaded the currency on the card) and you can see that accessing your money overseas can get expensive.
Please let us know if you have any more questions.
Bon voyage!
Jacob
DebraJune 12, 2013
I’m moving to Scotland in mid-September but I leave the country at the end of July to go to Cambodia and the US first. As Cambodia uses US currency also I am contemplating loading a CBA (current bank) Travel Card with my spending money, as well as getting a small amount of USD to help me out when I arrive. Just wondering if you feel this is the smartest option? When I am travelling in Cambodia credit card facilities will be fairly limited (comparatively) – so should I take more cash or look into a different card option that has less cash withdrawal fees instead?
I am also worried about the exchange rate dropping further but don’t want to load up a card now only to have it rise and waste a few hundred.
Any advice would be greatly appreciated!!
Finder
JacobJune 12, 2013Finder
Hi Debra,
Thanks for your question.
Travel money cards allow you to lock in the exchange rate when you load money onto the card. It may be difficult to pick currency fluctuations, so you will need to load the card and lock in a rate at a time you believe is favourable. I have never been to Cambodia, so I can’t comment on the availability of ATMs, however, you’ll need to weigh the trade-off between carrying too much cash by withdrawing from ATMs which can incur a fee of $5-$10 for each transaction depending upon the machine and the card issuer.
There are a few cards with minimal international ATM fees, you can compare these cards and consider how you intend to use your travel card and the fees involved to determine which offers the greatest value for money. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you travel.
I hope this helps.
Cheers,
Jacob
AmyJune 5, 2013
I’m moving to Italy to study for the next couple of months (with a few months traveling around Europe too) – I’m not sure whats the best way for me to pay for things while I’m over there. I’ve heard not to bother opening an account with a local bank but I have to pay for food and rent etc and don’t want to be whacked with all the currency conversion fees, ATM fees and bad exchange rate. What’s your advice on this?
Finder
JacobJune 5, 2013Finder
Hi Amy. Thanks for your question. What were the reasons for not opening an account with a local bank? There are a number of ways you can fund your overseas trip, but as you’ve said, some of these methods of payment can be expensive. About the exchange rate. The only way you can avoid an unfavourable exchange rate offered by your lender is to open a local account and have your Italian salary deposited directly into this account. If you’re moving funds from an Australian account to an Italian account, you’re going to have to have the funds converted at some stage. One way you can avoid this is to open a Citibank Plus Transaction Account. This account lets you transfer funds from your Australian Citibank account to a Citibank account in a foreign country free of charge (exchanged at the set Citibank rate, which includes a margin for the conversion service). Although you can’t transfer to Citibank in Italy, there are other countries within the Euro Zone where you can open a Citibank Account and withdraw Euros on the cheap after doing an electronic funds transfer from your Australian account. Another option is to use a travel money card. These cards let you load AUD on to the card and then convert the funds to a number of different currencies to be used at a later date. These cards do have a ‘reload’ or an ‘initial load fee’, but if you use this card intelligently, these fees can be significantly cheaper than using a debit card to access your money.
The costs associated with using your cards overseas depends on how you use them really. The bulk of the fees and charges come when you use your cards (debit, credit and travel) to withdraw funds from an ATM. There’s international ATM fees and local ATM operator fees, which can add up to $10 per transaction + cash advance fees if you’re using a credit card. Cross currency conversion fees can be avoided and so can interest charges if you’re using a card pre-loaded with your own money.
Let me know if there’s anything else you would like to know.
Jacob.
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my husband and I are planning to hire a car for a few weeks in the UK when we go there next May-June. We do not use credit cards, only debit cards with our bank accounts, in Australia but I am under the impression that you have to pay car hire fees with a credit card so they can debit later for extra incurred fees etc. Is this correct?
Hi Rosemary,
Thanks for your comment.
It is likely that you’ll need a valid credit card in the lead drivers name as most rental companies require this for the security deposit.
Cheers,
Shirley
Can a Citibank Plus debit card be used in South America and if so at which ATM’s
HI Rosalie. Thanks for your question. The Citibank Plus Transaction Account operates with a Visa debit card, so you can withdraw money from your account at any ATM that accepts Visa. If you find a Citibank ATM, you can use your card free of charge. If you have a look at the Citibank website, you can use their find an ATM feature to see which of your destinations have Citibank ATMs. I hope this helps. Jacob.
I’m going to Argentina, Uruguay and Brazil in three weeks time and am considering my options for taking money with me. Most of my trip is already prepaid so ill only be needing $AUD 1000 spending money. I will be taking about $AUD100 upfront in local currency. Can you please advise which will be the best option. I will most be withdrawing money from ATMs every 4 days to use a cash.
Hi Sunil,
Thanks for your question. There are a couple of options available to you.
You can pre-load the funds onto a travel money card, convert AUD to USD, and withdraw USD from a South American ATM. I don’t believe any travel money cards let you convert funds to the Paso or the Real, so USD would be the closest currency.
If you try to get money exchanged to the local currency when you’re abroad, make sure you get your money exchanged somewhere you trust. Avoid exchange cash at the airport or on the side of the street.
If you’re going to be making cash withdrawals from ATMs, you can expect fees. How much you’re charged for a withdrawal will depend on the type of card you’re using. Travel money cards do charge an international ATM withdrawal fee (some don’t), as do credit cards. A local ATM operator fee will also be charged. As a ballpark figure, expect to get charged anywhere between $5 and $10 when you make a withdrawal from an ATM. Add to this the cross currency conversion fee (which can be avoided if you’ve pre-loaded the currency on the card) and you can see that accessing your money overseas can get expensive.
Please let us know if you have any more questions.
Bon voyage!
Jacob
I’m moving to Scotland in mid-September but I leave the country at the end of July to go to Cambodia and the US first. As Cambodia uses US currency also I am contemplating loading a CBA (current bank) Travel Card with my spending money, as well as getting a small amount of USD to help me out when I arrive. Just wondering if you feel this is the smartest option? When I am travelling in Cambodia credit card facilities will be fairly limited (comparatively) – so should I take more cash or look into a different card option that has less cash withdrawal fees instead?
I am also worried about the exchange rate dropping further but don’t want to load up a card now only to have it rise and waste a few hundred.
Any advice would be greatly appreciated!!
Hi Debra,
Thanks for your question.
Travel money cards allow you to lock in the exchange rate when you load money onto the card. It may be difficult to pick currency fluctuations, so you will need to load the card and lock in a rate at a time you believe is favourable. I have never been to Cambodia, so I can’t comment on the availability of ATMs, however, you’ll need to weigh the trade-off between carrying too much cash by withdrawing from ATMs which can incur a fee of $5-$10 for each transaction depending upon the machine and the card issuer.
There are a few cards with minimal international ATM fees, you can compare these cards and consider how you intend to use your travel card and the fees involved to determine which offers the greatest value for money. Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered before you travel.
I hope this helps.
Cheers,
Jacob
I’m moving to Italy to study for the next couple of months (with a few months traveling around Europe too) – I’m not sure whats the best way for me to pay for things while I’m over there. I’ve heard not to bother opening an account with a local bank but I have to pay for food and rent etc and don’t want to be whacked with all the currency conversion fees, ATM fees and bad exchange rate. What’s your advice on this?
Hi Amy. Thanks for your question. What were the reasons for not opening an account with a local bank? There are a number of ways you can fund your overseas trip, but as you’ve said, some of these methods of payment can be expensive. About the exchange rate. The only way you can avoid an unfavourable exchange rate offered by your lender is to open a local account and have your Italian salary deposited directly into this account. If you’re moving funds from an Australian account to an Italian account, you’re going to have to have the funds converted at some stage. One way you can avoid this is to open a Citibank Plus Transaction Account. This account lets you transfer funds from your Australian Citibank account to a Citibank account in a foreign country free of charge (exchanged at the set Citibank rate, which includes a margin for the conversion service). Although you can’t transfer to Citibank in Italy, there are other countries within the Euro Zone where you can open a Citibank Account and withdraw Euros on the cheap after doing an electronic funds transfer from your Australian account. Another option is to use a travel money card. These cards let you load AUD on to the card and then convert the funds to a number of different currencies to be used at a later date. These cards do have a ‘reload’ or an ‘initial load fee’, but if you use this card intelligently, these fees can be significantly cheaper than using a debit card to access your money.
The costs associated with using your cards overseas depends on how you use them really. The bulk of the fees and charges come when you use your cards (debit, credit and travel) to withdraw funds from an ATM. There’s international ATM fees and local ATM operator fees, which can add up to $10 per transaction + cash advance fees if you’re using a credit card. Cross currency conversion fees can be avoided and so can interest charges if you’re using a card pre-loaded with your own money.
Let me know if there’s anything else you would like to know.
Jacob.