On this page:

• What is a travel money card?
• Are travel money cards worth it?
• Travel money card pros and cons
• How we compare travel money cards
• The travel money cards with the lowest fees
• The travel money card supporting the most currencies
• Popular travel money cards compared
• Tips for using a travel money card

Planning a trip overseas and wondering how you’ll pay for things when you get there?

Travel money cards have long been one of the most popular spending solutions for Australians heading to foreign shores.

Here, we explain what these cards are and how they work.Ìý

But first, it’s worth noting that travel money cards tend to have more fees and less competitive exchange rates than some low-fee debit cards offered by smaller Australian banks.

In other words, a regular bank card you’d use for everyday spending in Australia could be your best friend when it comes to transacting overseas.

That being said, travel money cards do still have their advantages.

So, if you’ve settled on getting one for your next trip, read on for our comparison of the most popular options to see how they stack up on fees, currencies and conditions.

What is a travel money card?

A travel money card is a card you can load with money which you can change into different currencies. You can then take it overseas and use it like a regular debit card to spend and withdraw money in those currencies.

These prepaid cards are offered by banks, airlines, foreign exchange retailers and other financial institutions.

All the common cards we’re comparing here operate on either the Mastercard or Visa networks, so you’ll be able to use them wherever most debit or credit cards are accepted.

You can load a travel money card with multiple currencies at the same time and manage it via a connected app or website, allowing you to top up your balance or convert it into different currencies on the go.

Thanks to their association with Mastercard or Visa, travel money cards can also be used to spend in currencies you haven’t preloaded.

But doing this means you’ll lose a chunk of your deposited funds to cover the transaction and won’t be able to see what exchange rate you’re being charged beforehand.

Things to watch out for

Of course, a travel money card isn’t going to be useful in places where businesses don’t let you pay with a card or where there aren’t any ATMs, so make sure cards are commonly accepted where you’re visiting before going through the process of getting some travel money plastic.

Getting a travel money card and loading up on a currency before you go overseas can mean you’ll prevent exchange rate volatility playing havoc with your holiday budget, but keep in mind that all travel money cards still come with fees.

They also limit which currencies you can pre-load, so make sure any travel money card you’re considering will let you stock up on the currencies you plan to use.

Each travel money provider also offers different rates for converting the money on your card into different currencies and these exchange rates can fluctuate and change day-to-day.

Finally, most card providers set a minimum amount you have to put onto your card when you first load it or when you’re topping it up.

Are travel money cards worth it?

With more banks offering everyday debit cards that run on globally-accepted networks like Visa and Mastercard and waiving international transaction fees, travel money cards face greater competition to be the first pick of Aussies wanting to spend overseas.

There are now a number of smaller Australian banks whose everyday spending accounts and linked cards, despite being marketed for use in Australia, can help your money go further overseas than a travel money card.

Here are the areas where we’re seeing travel money cards being outdone by theseÌýlow-fee debit cards.

ÌÇÐÄVlog tip: the best low-fee debit cards for spending overseas are offered by smaller banks. Although cards issued by the big four banks can also be used internationally, they charge hefty fees for the privilege, making them a poor option for spending overseas.

Exchange rates

Because they’re all run on either Visa or Mastercard, travel money cards and everyday debit cards let you transact in all the same currencies.

The advantage of a travel money card is you can exchange money and load these currencies onto your card in advance.

Meanwhile, because they’re largely designed for spending in Australia, most low-fee debit cards only carry Australian dollars and will convert to the required currency on the spot when you use them overseas.

But ÌÇÐÄVlog analysis shows the exchange rate used by low-fee debit cards (which is usually the original rate provided by Visa or Mastercard) is noticeably better (in general) than the rate you pay when loading a currency onto a travel money card.

This is hardly surprising, when several travel card providers admit that they add an extra charge on the rate they provide you.

It’s worth noting, however, that this is the state of play only when you haven’t opted in to dynamic currency conversion (DCC).

You’re at the whim of DCC whenever you agree to an overseas merchant’s offer to charge your card in Australian dollars.

We suggest you avoid this: it allows the merchant to set their own exchange rate, one which could deliver them a profit margin and therefore be less competitive than what your bank or travel money card issuer provides.

Fees

Most travel money cards also charge more fees than travel-friendly everyday debit cards.

Some travel money products charge you to load money onto the card, while others levy conversion fees when you exchange your balance into different currencies. Nearly all travel money cards also charge you a fee every time you withdraw money from an overseas ATM.

Users can also be hit with fees for transferring money off the card and with inactivity charges if they haven’t used the card for a period of time.

The best low-fee debit cards, meanwhile, will convert the Australian dollars on your card into whatever currency is required for a transaction without charging a fee.

They also won’t charge you for withdrawals at overseas ATMs, but you may still be stung by fees levied by the ATM operators or merchants taking your card.

Other requirements

Travel money cards can also be inflexible in that they often require you to transfer a minimum amount (sometimes as much as $100) when topping up your balance.

Additionally, only some are available as digital cards, so paying with them via your phone or wearable device may not be possible (although it’s worth noting that paying this way may not be as commonly accepted overseas as it is in Australia).

But as highlighted below, travel money cards still have some benefits, so they may still be the best option for your journey, especially if you can get one attached to your existing bank account or don’t want to open an account with a new bank in order to get a travel-friendly, low-fee debit card.

ÌÇÐÄVlog tip: several newer products, including cards from Wise and Revolut, market themselves as travel money cards. These products come with similar sorts of fees as the travel money cards offered by banks, airlines and currency exchange providers, but tend to offer better exchange rates than their more traditional competitors. Wise and Revolut’s rates are close to the Visa and Mastercard rates quoted for users of low-fee debit cards.

Travel money card pros and cons

Pros:

• Avoid exchange rate fluctuations disrupting your budget during your trip by putting money aside in different currencies before you go.
• Avoid the risk of using a card overseas that’s linked to your Australian bank account and containing savings or money you might rely on at home.
• Avoid the likely multiple currency conversion fees you’ll have to pay if you take Australian Dollars (AUD) or an Australian card from one of the big four banks overseas.
• Avoid carrying large amounts of cash.

Cons:

• You might have to pay fees to open and close your account or to get the card.
• You might have to be a customer of a particular bank or part of an airline’s loyalty program to be able to use the card easily and without high fees.
• You’ll likely be charged for ATM withdrawals, topping up or exchanging money on your card.
• You’ll likely be hit with more fees and a worse exchange rate than if you used a low-fee debit card.
• You may not be able to pre-load the currency of the country you’re visiting.
• A travel money card won’t be useful if you can’t pay with a card or access an ATM in your destination.

How we compare travel money cards

We’re looking at the most popular travel money cards and showing which ones will charge you fees for:

• opening an account
• getting access to a card
• loading money (Australian Dollars) onto your card
• exchanging money on your card into a different currency
• making ATM withdrawals
• not using your card for a period of time
• transferring money off your card (cashing out)
• closing your card.

When a card charges you for any of these actions, we tell you how much it’ll set you back.

Then, we tell you theÌýminimum amount you’ll have to loadÌýonto your card every time you want to put money on it.

After that, we look atÌýhow many currenciesÌýyou can load each card with.

All the cards listed here support the currencies of popular destinations including New Zealand, the UK, the USA, Thailand, Europe and Japan, as well as AUD.

µþ³Ü³ÙÌýsome are uniqueÌýin letting you load the legal tender of other popular travel spots, such as Indonesia and Fiji.

Finally, it’s worth noting that two of the newer products listed here (Wise and Revolut) can also be considered multi-currency accounts.

We’ve included them here because they market themselves as travel money cards and perform many of the same functions as the other products listed.

The travel money cards with the lowest fees

Qantas Pay or the Westpac Worldwide Wallet

Neither of these cards come with any currency conversion fees, loading fees or other common charges.

They only charge for overseas ATM withdrawals, which will cost you a fee ranging from $1.95 and $2.00, respectively, depending on the currency.

However, you will need to be a Qantas Frequent Flyer member or a Westpac customer to get access to these companies’ respective cards without stumping up extra fees.

Frequent Flyer membership is free, but opening a Westpac account may come with fees.

The travel money card supporting the most currencies

Wise Personal Account

This card lets you hold, spend in and convert between 48 currencies.

Popular travel money cards compared

Any percentage charges outlined below are levied against the value of the transaction you’re performing. Any dollar value charges are in AUD.

Australia Post Travel Platinum Mastercard

Fees

• Loading: $5 if done using a debit card online, 1% if using BPAY, 1.1% if loading AUD instore. Free methods, including bank transfer, are available.

• ATM withdrawals: 2.95% within Australia, $3.50 or local currency equivalent overseas. ATM operator fees may also apply.

• Cashing out: $10
  
  
• Closing the card: $10

Minimum load: $100

No. of currencies supported: 11

Cash Passport Platinum Mastercard

Fees

• Loading: 1.1% or $15 (whichever is greater) if done instore, 0.5% if using a debit card online. Free methods, including bank transfer and BPAY, are available.

• ATM withdrawals: 2.95% within Australia, $3.50 or other similar amounts overseas, depending on the local currency. ATM operator fees may also apply.

• Cashing out: $10 if done manually, free online.

Minimum load: $100

No. of currencies supported: 11

Commonwealth Bank Travel Money Card

Fees

• ATM withdrawals: $3.50 in local currency equivalent overseas. ATM operator fees may also apply.Ìý

Minimum load: $50 when you first load the card, $1 for subsequent top-ups. Money must be loaded from an eligible Commonwealth Bank account.

No. of currencies supported: 16. This is the only card we looked at that lets you load the Fijian Dollar, and is one of only three letting you load the currencies of China, Vietnam, Indonesia and India.

Qantas Pay

Fees

• Account opening and card access: $99.50 if you’re not a Frequent Flyer member. Free for Frequent Flyer members.

• ATM withdrawals: $1.95 or other similar amounts overseas, depending on the local currency. ATM operator fees may also apply.

Minimum load: $50

No. of currencies supported: 11

Note: Frequent Flyers members earn 1–2 Qantas points when they spend with this card in Australia or overseas, depending on the amount spent.

Revolut Standard Account

Fees

• Physical card delivery: $4.99. A digital card is free.

• Loading: 1% if using an Australian credit card, 2–2.25% if using a foreign credit or debit card. Free methods, including bank transfer and Australian debit card, are available.

• Exchange: Free at certain times of day, 1% at other times. Up to 1.5% after $2000 has been exchanged in a month, depending on the time the exchange occurs.

• ATM withdrawals: 2% or $1.50 (whichever is greater) after you’ve made five withdrawals worth a total $350 in a month. ATM operator fees may also apply.

Minimum load: N/A when first loading, $25 when reloading via debit or credit card.

No. of currencies supported: 39. This is one of only three cards we looked at that lets you load the currencies of Indonesia, China, India and Vietnam.

Note: Revolut and Wise tend to offer better exchange rates on popular currencies than most other travel money cards.

Travel Money Oz Currency Pass

Fees

• Loading: Initial load online or instore is free. Up to 1.1% if reloading using Travel Money Oz app or website, 1% if using BPAY. Free reload methods, including bank transfer and instore, are available.

• ATM withdrawals: 2.95% within Australia, $3.50 or other similar amounts overseas, depending on the local currency. ATM operator fees may also apply.

• Cash out: $10

Minimum load: $20

No. of currencies supported: 10

Travelex Money Card

Fees

• Loading: 1.1% or $15 (whichever is greater) when loading AUD instore. 1% if using BPAY and not via the Travelex website or app. Free methods, including via the Travelex app or website, are available.

• Inactivity: $4 per month if you haven’t used the card in 12 months.

• Cashing out: $10

• Closing the card: $10

Minimum load: $350 when first loading the card online or via the Travelex app ($100 if done instore) $50 for subsequent top-ups done online or via the app ($1 for subsequent top-ups done instore).

No. of currencies supported: 10

Westpac Worldwide Wallet

Fees

• ATM withdrawals: Free overseas if performed at a Global ATM Alliance or Westpac machine, otherwise $2.00 or other similar amounts, depending on the local currency. ATM operator fees may also apply.

Minimum load: None, but money must be loaded from a Westpac Choice transaction account.

No. of currencies supported: 11

Wise Personal Account

Fees

• Card access: $10 for a physical card. A digital card is free.

• Loading: Various fees if done via card, depending on whether it’s debit or credit. ÌÇÐÄVlog calculations have found these to be around 0.3% for debit cards and 1% for credit cards. Free methods, including bank transfer, are available.

• Exchange: From 0.63%, depending on currency and amount being exchanged. A dynamic charge may also apply during times of exchange market volatility or if you’re converting a less-used currency.

• ATM withdrawals: Various, depending on the amount of money and number of withdrawals you’ve performed in a month. 1.75% after you’ve withdrawn more than $350. $1.50 per withdrawal after you’ve performed two withdrawals. Both fees apply (1.75% + $1.50) for each withdrawal you perform after you’ve performed two withdrawals totaling $350. ATM operator fees may also apply.

• Cashing out: A fee starting from 0.63% can apply for transferring money out of your account, even if you’re not exchanging between currencies.

Minimum load: None

No. of foreign currencies supported: 48. This is one of only three travel money cards we looked at that lets you load the currencies of Indonesia, China, Vietnam and India.

Note: Wise and Revolut tend to offer better exchange rates on popular currencies than most other travel money cards.

Best travel insurance for your destination

• Best travel insurance for Bali
• Best travel insurance for Fiji
• Best travel insurance for Japan
• Best travel insurance for New Zealand
• Best travel insurance for Singapore
• Best travel insurance for Thailand
• Best travel insurance for USA
• Best travel insurance for UK

Tips for using a travel money card

• Make sure the places where you’re planning to use your card have card payment facilities or ATMs.
• If you have an everyday debit card linked to your Australian bank account, check what fees it charges for overseas transactions. A card from a big four bank probably won’t be worth using overseas, but aÌýlow-fee debit card from a smaller bankÌýmay be better than a travel money card, as these have fewer fees and better exchange rates.
• Compare the exchange rates offered by different travel money cards for the currencies you want to load.
• Travel money cards are unique in letting you put aside money in different currencies. Make the most of this feature by organising your card balance on days when the exchange rates for the currencies you want to pre-load are good.
• Make sure the card supports all the currencies you’ll need (also consider stopovers).
• Get familiar with your travel money card’s linked website or app so you know how to reload your card overseas, in case you run out of funds while travelling.
• It may be more convenient to choose a card that can be linked to, and reloaded via your bank account. CBA and Westpac’s cards operate this way.
• Try to budget your reloads. Some cards require you to transfer $100 minimum each time you want to top-up your card.
• Be aware of fees you may be charged for making ATM withdrawals.
• Even if your card doesn’t charge fees for ATM withdrawals, ATM operators can still add their own charges at any time.
• Avoid loading more money than you’ll need, as some cards charge you to cash out and transfer your balance off the card.
• Consider if you’ll have to cancel your card once you’re finished your trip, as some cards charge inactivity fees.
• Be mindful that you still may need a credit or bank debit card, as travel money cards may not be accepted as security for hotels and car rental agencies.

The post The most popular travel money cards compared appeared first on ÌÇÐÄVlog.

On this page:

• Should you use your regular debit card overseas?
• Debit cards that don't charge any overseas fees
• Debit cards that waive overseas fees if you meet their conditions
• What about cards from other banks?

Heading overseas and wondering how you’ll pay for holiday treats while you’re living it up on foreign shores?Ìý

Few things could be easier than using the same card you rely on for everyday spending in Australia to keep you in clover during your holiday.

Thanks to the fact that most debit cards issued by local banks are now running on the globally-accepted Visa or Mastercard networks, more of us can enjoy this convenient reality – instead of rushing to buy travel money cards or exchange wads of cash in preparation for time away.

But just because your humble everyday debit card can now be used for transactions all across the world, doesn’t mean it should.

As we explain below, there are a few things you should consider before you start flashing your Australian bank card overseas.

Should you use your regular debit card overseas?

Many of us rely on debit cards linked to a transaction account at our bank for daily spending in Australia.

The fact that more banks are issuing debit cards powered by Visa or Mastercard has paved the way for their increased acceptance and the ability to store these cards on our devices has made them an increasingly convenient way to spend.

And providing it runs on one of these internationally-accepted card schemes, Australian dollars held on your debit card can convert on the spot into the required currency using the Visa or Mastercard rate when you use it to spend in another country’s tender.

Note: As we explain at the end of this article, you’re unlikely to get Visa or Mastercard exchange rates (which are better than those offered by products like travel money cards) if you pay in Australian dollars while you’re overseas.

But while the convenience of instant currency conversion might encourage you to keep using your Australian debit card when you’re travelling overseas or buying online from foreign retailers, there’s a good chance your bank will sting you for doing so.

As a general rule, most Australian banks charge fees when you use a linked debit card to:Ìý

• Perform a foreign transaction – this refers to any transaction at least partially processed overseas. Examples include buying something in a shop in another country in the local currency (requiring part of your balance to be converted from Australian dollars), withdrawing cash overseas from an ATM, and buying something in Australian dollars online involving a merchant or another party processing the payment offshore.Ìý
• Use an overseas ATM – this specific charge is often applied on top of the foreign transaction fee.

But luckily several banks waive these overseas fees – some straight away, others once you’ve met particular deposit and transaction conditions, making them worthy of consideration if you’re looking for ways to spend overseas. We reveal which banks waive overseas fees below.

ÌÇÐÄVlog tip:ÌýEven if your bank waives foreign transaction and overseas ATM withdrawal fees, the merchant or ATM you’re giving your card to may charge their own fees, which your bank will not cover.

Debit cards that don’t charge any overseas fees

The banks offering these accounts don’t charge any fees if you use the linked debit card to perform a foreign transaction or withdraw from an overseas ATM.

You also won’t have to pay any monthly account keeping or card access and purchase fees.

Cards linked to these accounts will run on either the Visa or Mastercard network, so will be widely accepted in most countries across the world for payments in most currencies.

This also means the Australian dollars on your card will be converted at the Visa or Mastercard exchange rate, which we’ve found to be better than rates offered on products targeted towards overseas spenders, such as travel money cards.

Note that even when using these cards and accounts, you might still encounter a fee added by the merchant or (more likely) the ATM operator when spending or withdrawing overseas. The bank will not cover this fee.

AMP GO – Everyday Transaction Account (exclusive to the AMP Bank GO app and not accessible via AMP’s standard online or branch banking).

Bankwest – Easy Transaction Account

HSBC – Everyday Global Account (This can also serve as a foreign currency account. Uniquely, users may also be able to avoid ATM operator fees by withdrawing from HSBC Group ATMs while overseas).

Macquarie – Transaction Account

ME – SpendME

Suncorp – Carbon Insights and Everyday Options Accounts

Ubank – Spend Account

UP – Everyday Account

Debit cards that waive overseas fees if you meet their conditions

These banks/accounts will charge you if you use your linked debit card to perform a foreign transaction or withdraw from an overseas ATM, but will then rebate these fees if you meet certain conditions.

Any percentage charges outlined below are levied against the value of the transaction you’re performing. Any dollar value charges are in AUD.

Great Southern Bank – Everyday Edge Account

• Fees: 2.95% for foreign transactions, $4.50 for ATM withdrawals overseas (in addition to the foreign transaction fee). ATM operator or merchant fees may also apply.

• How to get a rebate: Make or receive deposits totalling at least $2000 from non-Great Southern accounts, make five settled purchases with the Visa debit card linked to this account in a month.
  
  Any overseas fees are rebated on the first day of the following month once conditions have been met. ATM operator or merchant fees aren’t rebated.

ING – Orange Everyday Account

• Fees: 3% for foreign transactions, $5 for ATM withdrawals overseas (in addition to the foreign transaction fee). ATM operator or merchant fees may also apply.

• How to get a rebate: Make or receive deposits totalling at least $1000 from an external source into any personal ING account in your name, make five settled purchases using an ING card in a month.
  
  Rebates are provided on any overseas fees occurring in the month after you’ve met the rebate conditions. Rebates for overseas ATM use are limited to five withdrawals in a month. ATM operator or merchant fees aren’t rebated.

What about cards from other banks?

As long as it’s running on an internationally-accepted scheme like Visa or Mastercard, any debit card you’ve received for other accounts with Australian banks should be able to be used to spend overseas.

But you will be charged fees for foreign transactions and ATM withdrawals and won’t be given the opportunity to have them refunded.

As an example, we’ve laid out the overseas spending fees levied by the big four banks on their everyday transaction accounts below:

ANZ Plus – Everyday Account

• Overseas fees: 3% for foreign transactions, $5 for withdrawals at non-ANZ ATMs overseas (in addition to the foreign transaction fee). ATM operator or merchant fees may also apply.

ANZ – Access Advantage

• Overseas fees: 3% for foreign transactions, $5 for withdrawals at non-ANZ ATMs overseas (in addition to the foreign transaction fee). ATM operator or merchant fees may also apply.

Commonwealth Bank – Everyday Account Smart Access

• Overseas fees: 3.5% for foreign transactions, $2–5 for overseas ATM withdrawals, depending on the ATM operator, (in addition to the foreign transaction fee). ATM operator or merchant fees may also apply.

NAB – Classic Banking Account

• Overseas fees: No foreign transaction fee for customers using NAB’s Platinum Visa debit card (which costs $10 per month), otherwise 3.5% for foreign transactions. $5 for all cardholders for overseas ATM withdrawals (all cardholders will also be charged a 3.5% foreign transaction fee on top of the international withdrawal fee). ATM operator or merchant fees may also apply.

Westpac – Choice Account

• Overseas fees: 2–3% for foreign transactions, depending on the currency and whether the merchant or processor is located overseas. No fee for overseas withdrawals at Global ATM Alliance ATMs, otherwise $5 (in addition to the foreign transaction fee). ATM operator or merchant fees may also apply.

ÌÇÐÄVlog tip:ÌýThese are only some of the fees charged on these accounts. Monthly account keeping fees may also apply.

ÌÇÐÄVlog tip:ÌýWhile spending with your card overseas, a merchant might offer you the opportunity to pay in Australian dollars using dynamic currency conversion (DCC).Ìý

We suggest you avoid this: it allows the merchant to set their own exchange rate, one which could deliver them a profit margin and therefore be less competitive than what Visa or Mastercard offers.

The post The debit cards with the lowest overseas travel fees appeared first on ÌÇÐÄVlog.

On this page:

• What is Wise?
• What is Revolut?
• What exchange rates do they use?
• What fees do they charge?
• Are they safe?
• Which is better: Wise or Revolut?

If you’ve done any research into travel money cards, currency exchange or sending money overseas recently, you’ve probably come across Wise or Revolut.

Both of these UK-based digital-only financial institutions promise to help Australians conveniently and cheaply send and spend money internationally and convert between currencies.

But their similar sales pitches conceal some differences. We’ve dug into the fine print to explain what Wise and Revolut do and compare some of their core offerings to see which could work best for you.

What is Wise?

Formerly known as TransferWise, Wise has had a presence in Australia since 2016, with a core business of currency transfers and exchange.

Accessed through its website or app, Wise lets you send money to people in other countries in different currencies.

Funds can be sent directly to another person’s bank account, meaning they don’t have to be a Wise user to receive money.

If you do have a Wise profile, you can also set up a transaction account on the platform.

You can then get a linked debit card which you can use in Australia and overseas to spend and withdraw the funds held in your account.

This account is a multi-currency product, meaning you can hold money in different currencies at the same time, ensuring the Wise debit card can be used as a travel money card.

Wise also lets you set up different “account details” for over 20 foreign currencies.

Setting one of these up allows you to “get paid like a local” and receive money into your Wise account in that currency as if you had a transaction account in the country where that currency is used.

This can allow you to avoid the fees that can come with receiving money from overseas via the traditional transfer systems, such as SWIFT.

What is Revolut?

Revolut is another, albeit newer, digital-only platform offering currency transfers and exchanges, as well as multi-currency accounts and spending solutions. It’s been available in Australia since 2019.

But it’s less focused than Wise on foreign exchange and transfers, with a core offering more similar to that of a bank; namely a transaction account that can be used domestically and internationally.

You can use the Revolut Account to send and receive money domestically and overseas and to convert and hold money in different currencies.

Customers can also get a Revolut debit card linked to this account to use for purchases and withdrawals domestically and overseas.

Revolut is similar to a bank in that it also offers joint accounts, products for children, and features to assist with budgeting, but is unique in having tiered plans based on how much you want to exchange and withdraw.

Users with a free Standard Account will get access to most of the platform’s features and services, including opportunities to invest in stocks and commodities through the platform, but fees can apply.

Those who sign up to Revolut’s paid “Premium” and “Metal” tiers are charged lower fees for certain actions and get access to more products and features.

Wise also provides investment products to some of its overseas users, but these features are currently in the testing stage on its Australian platform and only available to select customers.

In any case, a Standard Revolut Account is similar to Wise in that it’s a digital-only product that lets you send and spend domestically and overseas in different currencies.

As with Wise, using Revolut to send money to people who aren’t users of the platform comes with charges, but Revolut makes transfers to fellow users free.

Unlike Wise, Revolut doesn’t let you get unique account details for particular foreign currencies, meaning receiving money from overseas is more likely to come with fees if it’s not being sent by another Revolut user.

The Standard Revolut Account can also hold and convert between multiple currencies, although slightly fewer than Wise.

The linked debit cards you can get with either product come with different access fees, but can be used in many of the same places.

What exchange rates do they use?

Wise and Revolut use different exchange rates when you convert one currency into another on their platforms.

Wise quotes a “mid-market” rate for exchanging the currencies it offers, one it says is similar to the exchange rate you’ll see following a quick search on Google.

A mid-market rate is meant to be the midpoint between the buying and selling prices of two currencies in the foreign exchange market.

This rate should be determined solely by supply and demand and free of any built-in fees or markups.

Revolut claims to exchange currencies at the “market rate” with no hidden costs.

While the rates quoted by both platforms are usually better than those offered by traditional travel money cards, we’ve observed Wise to have slightly better offers than Revolut on most popular currencies.

What fees do they charge?

Note on the table below: Dollar value fees are in AUD. % charges are levied against the size of the transaction.

Are they safe?

Neither Wise nor Revolut are banks, but they do have an established presence in Australia with over one and a half million local personal and business customers between them.

They’re also regulated by Australian government agencies such as the Australian Securities and Investments Commission and are members of our national independent dispute resolution service, the Australian Financial Complaints Authority.

Tom Abourizk, head of policy at ÌÇÐÄVlog, says this means they have to treat customers fairly.

“As financial service providers, Wise and Revolut owe very similar obligations to their customers to look after their money as a bank would if they were providing a similar service,” he explains.

Which is better: Wise or Revolut?

Wise and Revolut are both complex platforms with different offerings, but we’ve compared them in a few key areas to see which is better in different situations.Ìý

Note: We’re only comparing Wise’s product to the Revolut Standard Account. Dollar amounts are in AUD.

Best for spending overseas – Revolut, but compare with other options.

Revolut’s lower fees for exchanging currencies and getting a physical card, as well as letting you make more, albeit relatively small, ATM withdrawals means it’s worth considering if you’re looking for something to spend with overseas.

However, look at what your local Australian bank card and other travel money cards offer in terms of exchange fees and ATM withdrawals, as these might suit your situation better.

Best for sending and exchanging money – Revolut for smaller amounts ($100), Wise for larger ($10,000). But consider Revolut for sending to other users and Wise for a wider choice of currencies.

We used Wise and Revolut’s online calculators to get quotes on using the bank transfer function on their platforms to send different amounts of money to different countries and have them exchanged to arrive in the destination’s currency.

We then compared the platforms on the exchange rates, fees and transfer times they quoted us on these transactions.

While Wise usually had marginally better exchange rates, the comparison became more complex when we took account of fees and transfer times. Here, clearer differences emerged between the two platforms.

Both platforms’ transfer fees are deducted from the amount you’re sending, so the one with lower fees will end up delivering more money to the recipient (providing both platforms’ quote similar exchange rates).

When we were only sending $100, Revolut was usually the better option.Ìý

It charged noticeably lower fees, meaning a better overall final exchange outcome, delivering more money to the pocket of the recipient than Wise. It also promised shorter transfer times.

But when we asked for quotes on sending $10,000, Wise had lower fees and delivered more money to the recipient. Its estimated transfer times were shorter or equal to Revolut’s in most cases.

However, it’s also worth remembering that Revolut doesn’t charge for transfers to fellow users of the platform (but exchange fees may apply), so this makes it worth considering if the person you’re transferring to also uses this service.

Another thing to consider is where you want to send money to, as Wise allows you to transfer funds to more countries in their local currencies than Revolut does.

For example, Wise lets you send money to China in its currency, but this isn’t possible via Revolut, which only lets you send US dollars.Ìý

Therefore, make sure you use a platform that allows you to deliver the right money to your recipient.

Do your own comparison by visiting the international transfer pages ofÌýÌýandÌý.

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Using your credit card when travelling overseas can be convenient, but it can also be costly. For most credit cards, you should expect high transaction or foreign exchange (otherwise known as currency conversion) fees of around 3% for credit card purchases overseas, or when shopping on overseas websites.But fee-free credit cards do exist, and some even have a $0 annual fee.

Even if you choose one of these cards though, you’ll still have to beware of cash advances. Most cards issued by the major banks will slug you with roughly a 3% cash advance fee, and interest rates of 20% or higher will apply immediately. For overseas cash withdrawals, you should use a travel debit card orÌýtravel money card instead.Ìý

If you do want to use a credit card while overseas, we’ve found the cards that offer cheaper rates and deals when travelling.

Zero annual fee, zero foreign exchange fee credit cards

These credit cards have no overseas online purchase or foreign exchange fees and no annual fee (even for additional cardholders). But if you want a credit card that comes with included travel insurance, note that most of these come with only basic cover, and a few don’t include it at all.

Bankwest Zero Platinum Mastercard

• 18.99% purchase interest rate (21.99% cash advance interest rate).
• Higher of $4 or 3% cash advance fee.
• $6000 minimum credit limit.

Bendigo Bank Ready Mastercard

• Travel insurance (if aged under 76 years).
• 19.99% interest rate on purchases and cash advances.
• Higher of $3 or 3% cash advance fee.
• $3000 minimum credit limit.

Travel credit cards with no foreign exchange fees

This table includes cards with no foreign exchange fees, but as you can see many of them do have an annual fee.

Annual fee is for one cardholder; additional fees may apply for additional cardholders. Some cards waive the annual fee in the first year, charge a monthly fee, or waive the monthly or annual fee if you spend above a certain amount and opt for online statements.

Travel insurance refers to international travel insurance (unless otherwise specified), but the level of cover varies and may not meet your requirements. Conditions apply so you may need to activate it separately by paying a minimum amount on the card (such as $500 per person for your holiday) or activate it online before you leave.Ìý

(A)Ìý$15 monthly fee applies for a $1000 limit, $20 for a $2000 limit, and $25 for a $3000 limit. The monthly fee is waived if you don’t use your card and pay the total balance owing in full.Ìý

(B) $0 monthly fee if you spend at least $2000 for Smart Awards and $4000 for Ultimate Awards per month, otherwise a $19 monthly fee for Smart Awards and $35 monthly fee for Ultimate Awards applies. A higher fee applies for the Qantas points version of both cards.

(C) Humm is a fintech company that also offers a buy now, pay later (BNPL) service through its app. In 2021 ÌÇÐÄVlog gave Humm a Shonky Award.Ìý

(D)Ìý$10 monthly fee applies for a $1000 limit, $20 for a $2000 limit, and $30 for a $3000 limit. The monthly fee is waived if you don’t use your card and have no outstanding balance during the statement period.

What about ANZ?

ANZ does not currently offer any credit cards without overseas transaction fees. The ANZ Travel Adventures credit card, which provides travel insurance and doesn’t charge overseas transaction fees, is no longer available for new customers.

Credit card travel insurance: Will it meet your needs?

Credit card travel insurance is a free benefit on many credit cards, but it’s important to remember that this form of travel insurance does have limitations.Ìý

For example, credit card travel insurance usually has age limits,Ìýsuch as a maximum age of 80, and will often exclude cover for pre-existing medical conditions. You may also need to apply for extra cover (for a fee) for activities like skiing or cruising.Ìý

Remember that theÌýtravel insurance that comes with credit cards may need to be activated separately by paying a minimum amount for your holiday on the card, or activating it online before you leave.Ìý

Contact your credit card provider before you leave to check your insurance is activated, and that you and your family are fully covered for your holiday.

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Travel bans introduced to curb the COVID-19 coronavirus have caused turmoil in the travel industry. Airlines, travel agents, cruise lines, hotels and tour providers have all been affected by large-scale cancellations and rebookings.

Companies such as STA Travel and Virgin have entered administration. Some of these companies may become insolvent. Others will just act unreasonably in a bid to hold on to your money.Ìý

When is the right time to go down the avenue of processing a credit card chargeback?

What is a credit card chargeback?

If you paid by credit or debit card (and you selected ‘credit’ when you paid), you can ask your bank for a chargeback.Ìý

This means your bank reverses a disputed transaction back to the merchant’s bank in accordance with card scheme rules set by Visa, MasterCard or American Express – and the money goes back onto your credit card.

When to ask for a credit card chargeback

Some of the circumstances you could try claiming a credit card chargeback are:

• your travel agent, airline, or other travel provider has become insolvent, and your travel insurance doesn’t cover insolvency
• you think a travel agent or travel provider is unreasonably withholding your money despite not providing a service (complain directly to them as a first step, but if you’re not getting anywhere, ask your bank about a credit card chargeback)
• a telephone salesperson got your credit card number and used it without your permission
• you were charged two or more times for a single purchase
• your credit card statement claims you bought something, but you never received the service or merchandise.

For more information on which scenarios are considered ‘reasonable’ for a travel agent to withhold your money, see our advice on flight refunds and travel agent refunds.

How long do you have to ask for a credit card chargeback?

There are time limits imposed on your bank by the card schemes, so you need to be prepared to act fast if your travel agent, airline or other provider goes bankrupt.Ìý

For example, if you’re asking for a chargeback for “services not provided or merchandise not received” under the Visa card scheme rules, you have 120 calendar days from the transaction processing date until your chargeback rights expire.

The time frames differ depending on your bank, the card issuer and the transaction type. The credit card terms and conditions of most banks will simply instruct you to let them know as soon as possible, pointing out that your right to a chargeback will expire after a time frame imposed by the credit card scheme.Ìý

But beware that some banks set their own shorter time frame, such as 30 days after the date of the statement on which the transaction is recorded.

Here are some tips to help make sure you don’t miss the opportunity to claim a chargeback:

• If you booked via a third party online, or with a travel agent, keep tabs on them after you’ve booked so you’re the first to know if something has gone wrong.
• Keep records of all your payments and correspondence.
• Write to your bank asking for a chargeback as soon as you notice something is wrong, and include a copy of all the documentation.

Unfair contract termsÌýÌý

Businesses cannot require you to give up your right to chargeback. Consumer protection agencies are likely to treat this as an unfair contract term. To be safe when booking, don’t accept any contract terms that require you to give up chargeback rights.

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