Travel money cards with the lowest fees

Prepaid travel money cards are offered by major banks, airlines and foreign exchange retailers like Travelex. Before travelling overseas, you load money into the card account, which locks in the exchange rate for foreign currencies at that time. 

You can then use the card for purchases and cash withdrawals just like a debit or credit card, usually wherever Visa and Mastercard are accepted. 

You can reload money on-the-go via an app or website, and if the card is lost or stolen, it can be replaced (usually at no cost to you).

Prepaid travel money cards also give you assurance that you’re not handing the details of your everyday banking account to merchants you’re not familiar with, and they provide easy access to cash when you want some, says Peter Marshall, head of research at money comparison website Mozo.

Travel money card fees

A major difference between prepaid travel cards and debit or credit cards is their fees. Some costs aren’t immediately apparent, such as hefty margins built into the exchange rates.

And although fees have come down since we looked at these cards two years ago, you still need to watch out for:

• fees to load the card – either a percentage of the total or a flat fee
• ATM withdrawal fees
• a cross currency fee or margin when you use the card in a currency you haven’t preloaded
• further fees if you close the account or haven’t used the card for a period of time.

Travel money card with the lowest fees and best exchange rate

Westpac Worldwide Wallet

Westpac closed its Global Currency Card in July 2021 and offers its new card in partnership with Mastercard. It’s also available from Bank of Melbourne and BankSA.

Currencies: AUD, USD, NZD, EUR, GBP, SGD, THB, JPY, HKD, CAD, ZAR.

Key features:

• No loading, reloading, closing or inactivity fees.
• Free to use it in network ATMs in Australia and partner ATMs overseas in a range of countries including the UK, US and New Zealand.
• A charge applies at non-Westpac and non-partner ATMs in Australia and overseas.
• Best exchange rates for the US dollar, the Euro and GBP in our comparison.*
• The only card that lets you preload the South African rand.

* Rates checked for $3000 on 5 December 2022 using mozo.com.au.

Other travel money cards

Australia Post Travel Platinum Mastercard

Available online or at post offices.

Currencies: AUD, USD, NZD, EUR, GBP, SGD, THB, JPY, HKD, CAD, AED.

Fees:

• Fee to reload the card via
  BPay, debit card or instore, but free
  via online bank transfer.
• Closure
  fee.
• Fees for ATM withdrawals in Australia and overseas.

Cash Passport Platinum Mastercard

It’s issued by Heritage Bank and is available online and from a number of
smaller banks and credit unions (like Bendigo Bank and Bank of Queensland) as well as travel agents. 

Currencies: AUD, USD, NZD, EUR, GBP, SGD, THB, JPY, HKD, CAD, AED.

Fees:

• Fee to reload with a debit card or instore, but free via BPay.
• Fees for ATM withdrawals in Australia and overseas.

CommBank Travel Money Card (Visa)

As NAB and ANZ have closed their travel money cards, this is the only other
travel money card available from a major bank. This card has the largest variety of
currencies that can be preloaded.

Currencies: AUD, USD, NZD, EUR, GBP, SGD, THB, JPY, HKD, CAD, AED, VND, CNY.

Fees:

• Fee if you make a purchase with currencies not preloaded.
• Fee for withdrawals at overseas ATMs.

Qantas Travel Money Card (Mastercard)

The only travel money card offering from an airline. It can be added as a feature to your Qantas Frequent Flyer card, so you don’t need a dedicated card, and you can earn points using it.

Currencies: AUD, USD, NZD, EUR, GBP, SGD, THB, JPY, HKD, CAD, AED.

Fees:

• Free to reload via bank transfer or BPay, but there’s a reload fee if using debit card.
• Fee for withdrawals at overseas ATMs.

Travelex Money Card (Mastercard)

Travelex is an international foreign exchange retailer. In Australia, it operates more than 140 stores at major airports and shopping centres, across CBDs and in the suburbs. It was the card with the best exchange rate for New Zealand dollars.*

Currencies: AUD, USD, NZD, EUR, GBP, SGD, THB, JPY, HKD, CAD.

Fees: 

• Load fee instore, but free via Travelex website or app.
• Reload fee instore or via BPay, but free via Travelex website or app.
• Closure fee and monthly inactivity fee (if not used for 12 months).

* Rates checked for $3000 on 5 December 2022 using mozo.com.au.

Travel Money Oz Currency Pass (Mastercard)

The Travel Money Group is owned by Flight Centre and is a foreign exchange retailer. 

Currencies: AUD, USD, NZD, EUR, GBP, SGD, THB, JPY, HKD, CAD.

Fees: 

• Reloading the card via an online bank transfer or instore is free, but there’s a fee if you reload via BPay, debit card or credit card. 
• Cash out (closure) fee. 
• Fees for ATM withdrawals in Australia and overseas.

Travel money card tips

• Make sure the card allows the currencies you’ll need, and also consider stopovers. For example, the South
  African rand is only supported
  by the Westpac card.
• Try to load your card with the right currencies and amounts on days with good exchange rates. 
• Make sure you know how to reload your card if you run out of funds while overseas.
• It may be more convenient to choose a card that has an app that can be linked to your bank account.
• Avoid loading more money than you’ll need as there may be fees and exchange rate margins to get the unused money back.
• Remember to cancel the card once you’re finished your trip, especially if it has inactivity fees.
• Be mindful that you still may need a credit card, as travel money cards may not be accepted as security for hotels and car rental agencies. 

Stock images: Getty, unless otherwise stated.