Compare Travel Money Cards
We compare 6+ card options from Travelex, TransferWise, Loaded for Travel, Qantas, Air New Zealand, Westpac and more
Updated 7 April 2020
Summary
- If you are about to leave New Zealand and go overseas for a holiday or an OE, Travel Money cards have long been a popular option. But which one offers the best deal, and what are the fees?
- Our research analysed the exchange rates offered by Travel Money Card providers for popular currencies (Euro, USD, Australian Dollar, the British Pound and three others) and found a significant difference between Travel Money Cards.
- Based on our findings, the TransferWise Debit Card offers the best FX rates, more features and currencies. In fact, it's our favourite travel card for 2020.
- The Travelex Money Card, despite its benefits, is at risk of bankruptcy due to its parent company's financial issues and therefore we see it as high risk.
- All Travel Money cards charge fees for their use, these varied considerably, and not all were published online - MoneyHub's research team tracked down all the key information and have presented it in our Travel Money card comparison table.
- In early 2020, Travelex customers worldwide experienced extreme difficulties using their cards and accessing their balances when the service was hacked. New Zealand customers were victims of the hack. Subsequent to that, the company who owns Travelex, Finalbr, has reported accounting and financial issues.
- Despite the Travelex Money Card being a proven card, there is a risk the company who owns it may go bankrupt. We suggest considering something like the (increasingly popular) TransferWise debit card. Like a travel card, but arguably offering better value exchange rates and more features, you can order it online, download the app and transfer NZD into the currencies you plan to use while locking in the exchange rate.
- Want today's exchange rates? Our currency converter has live NZD FX rates, 24/7. You can compare the live rates with the Travel Money Card rates - there will be a difference, which is one way the Travel Money Cards make their money.
Our Top 3 Travel Money Cards: Avoid Bad FX Rates, High Fees and Poor Service
- We suggest the TransferWise Debit Card, which acts exactly like a Travel Money Card, but offers the best FX rates, more features and currencies. In fact, it's our favourite travel card for 2020. The Travelex Money Card, despite its benefits, is at risk of bankruptcy due to its parent company's financial issues and therefore we see it as high risk.
- Another option is the Flight Centre Mastercard, a credit card, which offers a 0% foreign currency conversion fee and NZ$1 of Flight Centre credit for every NZ$100 spent.
What is a Travel Money Card?
A travel money card is a prepaid card, like a Visa or MasterCard, that you load up with one or more foreign currencies. A travel money card is not a credit card, so you can only spend what you have put on the card, nor can you run up a debt. A wide range of currencies can be loaded on to it, such as US dollars, euros, British pounds, Japanese yen and Australian dollars.
Travel Money cards act like having digital currency in your wallet. For example, you buy 500 Euros, 500 British Pounds, 500 US Dollars. To spend the balance, you use the card when in the countries that use those currencies and the amount spent is deducted. If you run out of any currency, you can use internet banking and top up your balance. Your New Zealand dollars will be converted to the currency using the exchange rate at the time of your transaction.
Travel Money cards act like having digital currency in your wallet. For example, you buy 500 Euros, 500 British Pounds, 500 US Dollars. To spend the balance, you use the card when in the countries that use those currencies and the amount spent is deducted. If you run out of any currency, you can use internet banking and top up your balance. Your New Zealand dollars will be converted to the currency using the exchange rate at the time of your transaction.
What currencies you load on the card depends on where you will travel. At the moment a travel money card is topped up, the exchange rate is locked in. If the New Zealand dollar falls in value afterwards the amount on the card is not affected. This means you know how much foreign currency you have at the start of your trip.
While you are overseas, you can reload a travel money card using internet banking. The cards carry either the MasterCard or Visa logo and are always accepted by cash machines and retailers who have EFTPOS-type machines. This means that if a retailer accepts debit and credit cards, it will accept a travel money card.
While you are overseas, you can reload a travel money card using internet banking. The cards carry either the MasterCard or Visa logo and are always accepted by cash machines and retailers who have EFTPOS-type machines. This means that if a retailer accepts debit and credit cards, it will accept a travel money card.
Our Travel Money Card guide covers:
Why use a Travel Money Card?
Travel Money cards have many benefits over cash, debit cards and credit cards, as we outline below:
- Travel money cards are safer than cash; they are prepaid and have a PIN - you can carry one around without the need of having large amounts of cash in your handbag or wallet.
- A Travel Money card has the advantage of being protected if your wallet is lost or stolen - cardholders simply call the provider to block the card and ask for a replacement to be mailed out or collected when you get home.
- Travel Money cards also help you budget - you can't get into debt like a credit card because the balance is prepaid. But having a debit card and credit card as a backup is never a bad idea in case your Travel Money card doesn't work for any reason.
- Travel Money cards fix the exchange rate when you load them - you know, for example, that 1,000 New Zealand dollars bought you 900 Australian dollars. This is different to debit and credit cards, which use the exchange rate at the moment the transactions is processed to convert your spending back into New Zealand dollars.
- If you see that the New Zealand dollar is falling before you go overseas, you can buy foreign currency to protect yourself from your money being worth less when you are overseas.
Our Top 3 Travel Money Cards: Avoid Bad FX Rates, High Fees and Poor Service
- We suggest the TransferWise Debit Card, which acts exactly like a Travel Money Card, but offers the best FX rates, more features and currencies. In fact, it's our favourite travel card for 2020. The Travelex Money Card, despite its benefits, is at risk of bankruptcy due to its parent company's financial issues and therefore we see it as high risk.
- Another option is the Flight Centre Mastercard, a credit card, which offers a 0% foreign currency conversion fee and NZ$1 of Flight Centre credit for every NZ$100 spent.
The 10 travel money card need-to-knows
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Check if a credit card or debit card is better for your needsBefore you consider getting a travel money card, check out your credit or debit card transaction fees here. The benefits are numerous:
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Each Travel Money Card company uses its own exchange rates - what you pay will vary between cardsAnd the range varies. We analysed the rates for a number of currencies listed at 12pm for 12 weekdays during October 2018. We found the following cards had the highest average exchange rates, meaning they were best of that specific currency.
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ALL of the travel money cards lock in a foreign exchange rate when you load it with a currency, meaning your foreign currency is fixedBut if you load NZD, you will pay the foreign currency rate at the time of the transaction. You will also pay a commission on the value - anything from 2.50% to as high as 5.95%. For this reason, it's more economical to preload it with the currency used by the country you are travelling to. This not only locks in the exchange rate giving you security about how much money you have, but it also prevents you from being charged sky-high conversion fees.
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Have a backup to avoid being strandedRelying on a travel money card as the only way of spending while overseas is risky. Lose it and you're in trouble, but even simple transactions can cause issues - if your travel money card has a suspicious transaction, you can be instantly cut off. We believe it's best to have a debit card and a suitable amount of money sitting in your bank account available for emergencies.
MoneyHub reader Mark explains it best. He had a problem when one 'suspicious' transaction was flagged by MasterCard, the provider of the Qantas Cash travel money card. His comments: "Never rely on the Qantas Cash travel money card for your holiday money on its own....always have a backup means of payment or cash withdrawal. MasterCard will block anything it deems as suspicious even though you assure them verbally and in writing on day 1 that the transaction was expected. MasterCard will suspend your card and the travel money and you may be without it for 4 or 5 days until it’s sorted out. MasterCard blocked my card while I was on a cruise overseas and I had to pay for the last 4 days by alternate means. All the conversion fees, Qantas points and convenience was lost. No amount of pleading, written explanations to them has resulted in a satisfactory explanation from Qantas or MasterCard. I got my card back on my arrival back home. Too late. $50 compensation didn’t cover it. No confidence in the system. Use it by all means but with caution and with a back-up". |
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Travel Money Cards will cause problems if you're renting a car, using pay-at-pump petrol terminals or make online bookingsCar rental companies will need a credit card to secure a booking and as a guarantee for any damage - a travel money card is not a credit card and may not be accepted outright. If it is accepted, the 'deposit' for the car rental will mean there is a hold on your balance - often as high as $3,000. This means you won't be able to use that amount for travel expenses until you return your car, and without any damage.
Other transactions, such as “pay at pump” terminals, cruise, hotel or motel reservations can also place a hold on your funds and reduce your available balance for up to 30 days, until the merchant has obtained authorisation or approval for the final transaction amount. During this time your available balance will be reduced by the amount of the held transaction until the transaction clears. These type of transactions are not ideal for using a Travel Money card. |
Our Top 3 Travel Money Cards: Avoid Bad FX Rates, High Fees and Poor Service
- We suggest the TransferWise Debit Card, which acts exactly like a Travel Money Card, but offers the best FX rates, more features and currencies. In fact, it's our favourite travel card for 2020.
- The Travelex Money Card, despite its benefits, is at risk of bankruptcy due to its parent company's financial issues and therefore we see it as high risk.
- Another option is the Flight Centre Mastercard, a credit card, which offers a 0% foreign currency conversion fee and NZ$1 of Flight Centre credit for every NZ$100 spent
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If your Travel Money Card is lost or stolen, you need to report it right awayThis is clear on the terms and conditions, and all of the providers offer a 24/7 worldwide helpline. Arranging a replacement will be as simple or complicated as your travel plans, but the provider will work with your itinerary to get a new card to you.
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If you're going to a country that uses a currency not offered by a Travel Money card, don't get oneIn most cases, it will be cheaper to use a debit card or credit card, and/or take some cash. The foreign currency exchange fees for non-loaded currencies is between 2.95% and 5.95%, above the standard conversion fee range of 1.85%-2.50% offered by New Zealand credit and debit cards.
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Avoid spending your travel money card balance WITHIN New ZealandIf you make the mistake of using a NZD balance within New Zealand, most cards will charge you for doing this. Be prepared to get smashed by fees; as high as 5.95% on the value of the transaction.
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AVOID 'dynamic currency conversion' options or face paying TWO currency conversion feesHere is a real example:
Quite simply, NEVER accept dynamic currency conversion - it's always bad value. Even if you don't have any funds loaded onto your travel money card in the currency of the country you are in, you should NOT opt into dynamic currency conversion. |
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Travelex Travel Money cards can be topped up at kiosks, but the rates may differ from those online and fees DO applyTravelex offers cardholders to load/reload at kiosks and partners, but to do so comes at a cost of 1.0% of the total amount added (minimum NZ$10) and the currency rates offered may not be as competitive as those from travelex.co.nz. For this reason, topping up online is not only easier but also cheaper.
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The BEST Travel Money Cards to lock in an FX rate before you go
- With these cards you lock in a rate days, months or even years before you go overseas, so know the rate you'll get before spending.
- The standard number of currencies is around 9 or 10, which should cover the main holiday destinations New Zealanders visit.
- We suggest the TransferWise Debit Card, which acts exactly like a Travel Money Card, but offers the best FX rates, more features and currencies. In fact, it's our favourite travel card for 2020. The Travelex Money Card, despite its benefits, is at risk of bankruptcy due to its parent company's financial issues and therefore we see it as high risk.
- We have outlined each card below, the pros and the cons - you can read more by downloading our Travel
- Money card comparison table.
Best Travel Money Card: Travelex Money Card
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Standout points:
Watch out for:
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Other Travel Money Cards
Loaded For Travel (Kiwibank)
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Standout points:
Watch out for:
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Qantas Cash
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Standout points:
Watch out for:
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OneSmart (Air New Zealand)
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Standout points:
Watch out for:
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CashPassport (Mastercard)
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tandout points:
Watch out for:
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Global Currency Card (Westpac)
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Standout points:
Watch out for:
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Research Data: Average Daily Exchange Rates by Travel Money Card at 12pm Between 4 - 23 October 2018
Travel Money Card |
NZD:AUD |
NZD:USD |
NZD:GBP |
NZD: SGD |
NZD:EUR |
NZD:HKD |
NZD:JPY |
NZD:CAD |
Travelex Money Card (Travelex) |
0.8987 |
0.6371 |
0.4790 |
0.8596 |
0.5527 |
4.8238 |
70.5936 |
0.8143 |
Loaded For Travel (Kiwibank) |
0.8842 |
0.6286 |
0.4797 |
0.8666 |
0.5467 |
4.9253 |
71.2012 |
0.8163 |
CashPassport (MasterCard) |
0.8838 |
0.6283 |
0.4742 |
0.8591 |
0.5395 |
4.8827 |
70.1887 |
0.8093 |
Qantas Cash (Qantas) |
0.8843 |
0.6283 |
0.4789 |
0.8649 |
0.5454 |
4.9108 |
71.0317 |
0.8140 |
OneSmart (Air New Zealand) |
0.8834 |
0.6280 |
0.4789 |
0.8658 |
0.5449 |
4.9210 |
70.7385 |
0.8157 |
CashPassport (ANZ) |
0.8838 |
0.6283 |
0.4742 |
0.8591 |
0.5395 |
4.8827 |
70.1887 |
0.8093 |
Global Currency Card (Westpac) |
0.8838 |
0.6300 |
0.4742 |
0.8501 |
0.5395 |
4.8292 |
69.4557 |
0.8017 |
Travel Money Card Alternatives
Travel Money Cards may not be for everyone - if you're going on a short trip or don't want the uncertainty of something unfamiliar, credit cards with low foreign exchange fees can work out cheaper and easier. Alternatives include:
These two cards have the lowest foreign exchange conversion charges and are both MasterCards, meaning you'll get a better daily exchange rate compared to Visa (per our extensive guide).
- We suggest considering the TransferWise Debit Card, which acts exactly like a Travel Money Card, but offers the best FX rates, more features and currencies. In fact, it's our favourite travel card for 2020.
- Another option is the Flight Centre Mastercard, a credit card, which offers a 0% foreign currency conversion fee and NZ$1 of Flight Centre credit for every NZ$100 spent.
These two cards have the lowest foreign exchange conversion charges and are both MasterCards, meaning you'll get a better daily exchange rate compared to Visa (per our extensive guide).
Travel Money Card FAQs
Q: What do I do with leftover money
Unsurprisingly, many providers don't have tips on this. Our view is that if you've returned to New Zealand and have an outstanding balance, 'deloading' is probably a top priority. This is done by transferring the balance back to your bank account, appearing around 3 to 5 days later.
Know this: Using the card balance in New Zealand in an EFTPOS terminal or online will likely incur a 2.50% to 5.95% fee based on the value of the transaction.
Know this: Using the card balance in New Zealand in an EFTPOS terminal or online will likely incur a 2.50% to 5.95% fee based on the value of the transaction.
Q: Can I withdraw cash abroad?
Yes - all travel money cards allow this. The fees per card vary, from free to up to $6. See our summary table (LINK) for more details.
Q: What currencies can a travel money card hold?
Depending on your card, it will be around 8-11. These include NZD (New Zealand Dollar), AUD (Australian Dollar), EUR (Euro), USD (US Dollar), GBP (British Pound), HKD (Hong Kong Dollar), CAD (Canadian Dollar), JPY (Japanese Yen), SGD (Singaporean Dollar), THB (Thai Bhat), UAE (Emirate Dihram) and ZAR (South African Rand).
Q: How long does it take to get a travel money travel money card?
This varies. Kiwibank, ANZ and Westpac can give you one right away at any branch, Travelex can be purchased at an affiliated kiosk. MasterCard, Air New Zealand and Qantas' cards can be arranged online with a 2-3 working day delivery time.
Q: Can I use my travel money card in any country?
Yes, with the exceptions of embargoed countries - Iran, Syria, Cuba, North Korea, the Sudan and the Crimea. If you use the card in a country where you don't have a balance loaded, you will pay a foreign exchange fee of between 2.50% and 5.95% commission on the transaction depending on your provider (see Currency Conversion Fees in our summary table LINK).
Q: Who sets the exchange rate?
The exchange rate to load the card is set by the provider of the card, for example Air New Zealand or Travelex. Each provider has their own exchange rates (see our comparison table). When you make a purchase, as long as you have a sufficient balance in the currency the transaction is in, there are no added foreign exchange fees. If you need to use other currency balances, the foreign exchange rate is set by either MasterCard or Visa, depending on what your card is.
Q: Does money expire if I don't use it?
No, but two cards apply monthly fees which will eat into unused balances. The Travelex Money Card charges $4 a month if your card is inactive for 12 months, and the Air New Zealand OneSmart card charges $1.00 per month as an account fee.
Q: What is the best travel money card?
We believe the TransferWise Debit Card is the best travel money card. The Travelex Money Card, despite its benefits, is at risk of bankruptcy due to its parent company's financial issues and therefore we see it as high risk.
Q: Can you change from one foreign currency to another by transferring the balance, i.e. if you leave the USA, can you transfer left over USD to EUR or GBP, for example?
Generally, no. You can convert the balance(s) back to NZD, and purchase another currency to minimize any fees.
Q: If I transfer left over foreign currency back to my New Zealand bank account, do I get the rate I paid for it or the market rate at the date of the transfer?
Unless your card specifies otherwise, you will get the rate you purchased when you loaded the card.
Our Top 3 Travel Money Cards: Avoid Bad FX Rates, High Fees and Poor Service
- We suggest the TransferWise Debit Card, which acts exactly like a Travel Money Card, but offers the best FX rates, more features and currencies. In fact, it's our favourite travel card for 2020.
- The Travelex Money Card, despite its benefits, is at risk of bankruptcy due to its parent company's financial issues and therefore we see it as high risk.
- Another option is the Flight Centre Mastercard, a credit card, which offers a 0% foreign currency conversion fee and NZ$1 of Flight Centre credit for every NZ$100 spent.
