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.
Was this content helpful to you?
Thank you for your feedback!
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 565 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.
Please tell me the current conversion rates from A$ to Euro of various travel cards to nc lauding Citibank
Finder
SallyFebruary 24, 2016Finder
Hi George,
Thanks for your question.
The conversion rate will vary according to the time and date you convert your funds. You can find the various exchange rates for travel money cards on the individual issuer’s websites.
I hope this has helped.
Cheers,
Sally
GregFebruary 18, 2016
what is the best most accepted debit card with respect to fees (reload, conversion rates etc) to use for the UK as seems like its almost impossible to open a bank debit card account in UK unless you have a prescribed (electricity bill, etc) bill with your name and address even if you ave a UK passport?
thanks
Finder
SallyFebruary 19, 2016Finder
Hi Greg,
Thanks for your question.
Just to confirm, are you referring to an Australian debit card that you can use while you’re on holiday in the UK?
If so, you can compare some of the debit cards that are suitable to use in the UK using our UK travel money guide.
Please ensure to read through the relevant product disclosure statement and terms and conditions of the card to ensure that you got everything covered before you travel.
I hope this helps.
Cheers,
Sally
DavidJanuary 31, 2016
We shall be travelling to India late this month. Are there any hints re using credit cards or should we use debit cards?
Finder
SallyFebruary 1, 2016Finder
Hi David,
Thanks for your question.
The travel money option you should use will depend on your travel plans, spending habits and financial situation.
However, our Travel Money India Guide will help you compare your options and make a decision that’s right for you.
You might want to use a combination of travel money options such as a no foreign transaction fee credit card for large purchases or emergencies and then a prepaid or debit card for everyday purchases and ATM withdrawals. You also want to make sure that all of these options have low or no currency conversion, foreign transaction and ATM withdrawal fees. Cash will also come in handy for daily expenses.
Consider your travel plans and spending habits, compare your travel money options and read over the relevant product disclosure statements to determine which combination of cards is best for you.
I hope this helps.
Cheers,
Sally
TamJanuary 28, 2016
Hi there,
I’m heading to South America, therefore visiting a lot of different countries with a lot of different currencies. What is my best option for accessing money?
Finder
SallyJanuary 29, 2016Finder
Hi Tam,
Thanks for your question.
The “best” option will depend on exactly where you are traveling, your financial situation, and your travel spending habits.
Not many Australian prepaid travel cards support many South American currencies, so you might want to either consider a debit, credit card, or prepaid card that doesn’t charge foreign transaction or currency conversion fees. However, some South American currencies accept USD, so in this case, a prepaid travel card could come in handy.
It’s always a good idea to have more than one travel money option. So you might want to consider a credit card that’s designed for overseas expenses for emergencies and big purchases and a debit or prepaid card and cash for everyday expenses. You should never keep all of your money options on you at one time, try to leave one option in a safe place (such as your hotel safe or with your luggage) to ensure that you’re not strapped for cash should you lose your wallet.
For more travel money tips, please see our South America Travel Money guide. Please ensure to read through the relevant product disclosure statement and terms and conditions of the card to ensure that you got everything covered before you travel.
I hope this helps.
Cheers,
Sally
SueDecember 29, 2015
Is it cheaper to take rands to South Africa , I mean is currency exchange cheaper than a debit card?
Thanks Sue
Finder
SallyDecember 29, 2015Finder
Hi Sue,
Thanks for your question.
This would depend on where you exchanged your funds and what type of debit card you’re planning on using. Compare some debit cards (especially currency conversion fees and foreign transaction fees) in comparison with the exchange rate at your local currency exchange to determine which one is of better value to you. Using a combination of travel money options (e.g. a debit card and cash) is also useful to ensure that you have a backup in case of emergencies.
I hope this has helped.
Cheers,
Sally
JakeJanuary 20, 2016
Very helpful guide! Thanks
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Please tell me the current conversion rates from A$ to Euro of various travel cards to nc lauding Citibank
Hi George,
Thanks for your question.
The conversion rate will vary according to the time and date you convert your funds. You can find the various exchange rates for travel money cards on the individual issuer’s websites.
I hope this has helped.
Cheers,
Sally
what is the best most accepted debit card with respect to fees (reload, conversion rates etc) to use for the UK as seems like its almost impossible to open a bank debit card account in UK unless you have a prescribed (electricity bill, etc) bill with your name and address even if you ave a UK passport?
thanks
Hi Greg,
Thanks for your question.
Just to confirm, are you referring to an Australian debit card that you can use while you’re on holiday in the UK?
If so, you can compare some of the debit cards that are suitable to use in the UK using our UK travel money guide.
Please ensure to read through the relevant product disclosure statement and terms and conditions of the card to ensure that you got everything covered before you travel.
I hope this helps.
Cheers,
Sally
We shall be travelling to India late this month. Are there any hints re using credit cards or should we use debit cards?
Hi David,
Thanks for your question.
The travel money option you should use will depend on your travel plans, spending habits and financial situation.
However, our Travel Money India Guide will help you compare your options and make a decision that’s right for you.
You might want to use a combination of travel money options such as a no foreign transaction fee credit card for large purchases or emergencies and then a prepaid or debit card for everyday purchases and ATM withdrawals. You also want to make sure that all of these options have low or no currency conversion, foreign transaction and ATM withdrawal fees. Cash will also come in handy for daily expenses.
Consider your travel plans and spending habits, compare your travel money options and read over the relevant product disclosure statements to determine which combination of cards is best for you.
I hope this helps.
Cheers,
Sally
Hi there,
I’m heading to South America, therefore visiting a lot of different countries with a lot of different currencies. What is my best option for accessing money?
Hi Tam,
Thanks for your question.
The “best” option will depend on exactly where you are traveling, your financial situation, and your travel spending habits.
Not many Australian prepaid travel cards support many South American currencies, so you might want to either consider a debit, credit card, or prepaid card that doesn’t charge foreign transaction or currency conversion fees. However, some South American currencies accept USD, so in this case, a prepaid travel card could come in handy.
It’s always a good idea to have more than one travel money option. So you might want to consider a credit card that’s designed for overseas expenses for emergencies and big purchases and a debit or prepaid card and cash for everyday expenses. You should never keep all of your money options on you at one time, try to leave one option in a safe place (such as your hotel safe or with your luggage) to ensure that you’re not strapped for cash should you lose your wallet.
For more travel money tips, please see our South America Travel Money guide. Please ensure to read through the relevant product disclosure statement and terms and conditions of the card to ensure that you got everything covered before you travel.
I hope this helps.
Cheers,
Sally
Is it cheaper to take rands to South Africa , I mean is currency exchange cheaper than a debit card?
Thanks Sue
Hi Sue,
Thanks for your question.
This would depend on where you exchanged your funds and what type of debit card you’re planning on using. Compare some debit cards (especially currency conversion fees and foreign transaction fees) in comparison with the exchange rate at your local currency exchange to determine which one is of better value to you. Using a combination of travel money options (e.g. a debit card and cash) is also useful to ensure that you have a backup in case of emergencies.
I hope this has helped.
Cheers,
Sally
Very helpful guide! Thanks