Why use a travel money card
An important part of preparing to travel is knowing how you'll pay for things on your trip. Read more about why travel money cards can be a great option.
Aussies love to travel - when we can! According to the Australian Bureau of Statistics, overseas travel from Australia dropped from over 2.24 million departures in December 2019 down to 0.06 million in April 2020, as our international borders were closed during COVID-19. The good news? International travel is back on the way up with 338,000 departures recorded in March 2022. This means if you're thinking of travelling again, now is the time to start planning!
No matter where you choose to travel, you’re going to want to get the best bang for your Aussie buck when it comes to foreign currency.
Travel money cards offer a great money alternative while on business or holiday trips overseas. Here are some benefits to using a travel money card.
Travel money card benefits
- Load multiple currencies
- Lock in exchange rates at the time of loading cash onto card
- Ability to easily access cash at most ATMs (ATM locations can be searched online)
- Is not connected to your transaction account which minimises potential losses in the event of skimming or theft
- Issued instantly over the counter and can be activated within two business hours
- Additional funds can be added via multiple payment methods
- Transactions can be reviewed online
- Customer service is generally available 24 hours a day
- Unused funds can be left on the card to be used on your next trip or cashed out.
Keep in mind - not all features listed may be available on all travel card products.
Things to consider
As with any product there are a number of things to consider when signing up for a travel money card. This includes:
- Locking in an exchange rate at the time of loading. This means you can benefit from the exchange rate at that time for the duration of your holiday. However, the flip side of this is you will miss out on any benefit should the Aussie exchange rate spike while you are travelling.
- Travel money cards will not be accepted in the event a merchant only accepts cash. It’s important to research your destination and take a variety of payment options to ensure you can purchase without issues.
- ATM charges will vary depending on the country you are in and the agent providing the ATM service.
- You will be charged a currency conversion fee should you spend in a currency other than what is on the card.
- If the card is inactive for over 12 months you will be charged an inactivity fee.
For more information on travel cards visit the Cash Passport page.