Our Pick Of The Best Prepaid Travel Cards For Australians

To establish the above list, Forbes Advisor Australia conducted independent research of the prepaid travel cards currently available on the market for new customers.

In order to establish our top picks, we considered the following data points:

• The number of currencies available;
• If the card has a card issuing fee or not;
• What the currency conversion fee charge is;
• If there is a charge for loading money onto the card initially, and for subsequent reloads;
• Whether the card will charge for ATM withdrawals, or if it has limits on how much you can withdraw;
• Any other applicable fees and charges to consider; and
• Consumer reviews online via ProductReview.

A prepaid travel card is known by many different names: a foreign currency card, a travel money card, a multi-currency card and more. But regardless of the name, there is a key similarity: these cards allow you to load funds onto a card to then use abroad in different currencies.

The term ‘prepaid’ comes from the fact that they work in a similar manner to a debit card: it’s funds you already have, rather than funds you are borrowing from a bank. You load these funds onto the card from another bank or account, and then you can transfer them between the currencies available on the card. This makes for a helpful budgeting tool, as you can put a set amount of AUD onto the card before you leave for your trip.

Can You Load More Money Onto a Prepaid Travel Card?

The term ‘prepaid’ may make you think that you can’t load extra money onto the card and that once the funds are cleared, that’s it—but this is not the case.

Travel cards allow you to load more funds as needed even while you’re abroad, with different cards offering different ways to facilitate this. Some cards may allow you to add more money via your credit card, while others may only allow reloads from your bank account.

There are also different charges that apply for loading more funds onto the card, depending on which card you choose. Some won’t charge you at all.

There’s no one size fits all when it comes to travel cards—or any type of debit or credit card, for that matter. Instead, you need to consider your financial habits while abroad to choose the best prepaid travel card to suit your holiday.

This includes (but is not limited to):

• Whether it has the currencies you need for the destinations you are visiting;
• If it doesn’t have the currencies, how much it will charge you for ATM withdrawals in a foreign currency, or to complete transactions in that currency;
• How much ATM withdrawals cost in the local currency, and if there are any limits;
• The amount it costs to order the card and whether there are any account keeping fees;
• Whether you are charged each time you load money onto the card or not;
• Any balance limits, such as if you can only add $10,000 AUD onto the card within a month;
• If you can shop online with the card, or anywhere that it may not be accepted; and
• The accessibility of the card and your balance—does it have a user-friendly app?

Benefits of a Travel Card

There are many benefits to having a prepaid travel card. With multiple currencies on offer, it allows you to save money on having to go to a currency exchange store to exchange AUD for the local currency.

This is particularly important in the post-pandemic world, where many places are no longer accepting cash as a form of payment. Thus, having a card that can pay in the local currency and skip foreign transaction fees that your regular debit or credit card would charge can definitely be a blessing.

As previously mentioned, it can also be a helpful way to stick to your budget while abroad by having all of your funds in one place—even if in numerous currencies. Most travel cards will have a smartphone app associated with them, allowing you to view your balances in real time and make sure you aren’t going overboard with your spending.

There are many other benefits to prepaid travel cards but, since all card offerings are different, it’s best to look at the product disclosure statement of the cards you’re considering to see if the benefits suit you. These could include:

• Locked currency conversion rates;
• Complimentary travel insurance;
• Fraud protection;
• Free reloads; and
• Other travel perks.

Should I Use My Bank’s Travel Card?

It can be tempting to simply choose the travel card that the financial institution you already use offers, as quite a few of them do—including the highly ranked CommBank Travel Money Card or the Westpac Worldwide Wallet.

Unfortunately due to the rise of independent bank travel cards, many of the bigger institutions are winding back their offers. The NAB Travel Card was discontinued in November 2020 for new customers, while the ANZ Travel Card closed in October 2022.

If your bank still offers a prepaid travel card option, then the convenience of using a card offered by the bank you are familiar with can be enticing—and may also come with pitfalls. You may be met with high currency conversion fees, limited currencies to load onto the card, ATM withdrawal charges and more.

A key benefit of using your standard bank for your travel card is often that it allows for simultaneous transfers, therefore helping you out if you need to reload your prepaid travel card in a hurry.

With many other cards on the market offering instantaneous transfers, too—without all the hidden charges—it’s definitely worth shopping around and considering a card outside your usual banking habits.

Ultimately, prepaid travel cards are a great investment if you’re going abroad. Yet with so many on the market, it is essential to carry out your own research to decide which would be the best fit for you: whether this is due to the ATM withdrawal charges and fees, the number of currencies available, or the methods of reloading.