Best Way to Take Money Overseas
Planning a trip? Discover the best way to take money overseas. Compare travel cards, cash, and your standard bank cards.
Commonwealth Bank Travel Card: Foreign Currency Rates & Fees explained
Travel money cards allow users to load foreign currency before travelling, which they can then spend or withdraw from ATMs as they travel. One advantage is that you’re locking in the exchange rate available when you add money - and of course, they are also pretty convenient and safe. The Commonwealth Bank travel money card is issued by Visa®, and comes with a range of features, and some fees you should consider before choosing to use it.
This article provides an in-depth analysis of the CommBank Travel Money Card, examining its features, fees, benefits, and limitations. We'll also introduce to you Wise Travel Card that can help you save on international transactions with currency conversions at mid-market exchange rates.
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CommBank Travel Money Card: A Detailed Look
The CommBank Travel Money Card is a prepaid, reloadable Visa card designed for international travel. It allows you to load up to 16 currencies before you depart, aiming to simplify spending and potentially lock in exchange rates. Let's review its key features.
✈️ Don't leave without the right card. Find the best travel card for overseas and spend smarter during your trip.
Obtaining the Card: Application and Eligibility
Getting a CommBank Travel Money Card involves the following steps:
- Online: Apply through NetBank or the CommBank app if you are an existing customer.
- In-Branch: Visit a CommBank branch.
You must be 14 years of age or older, and be a new or existing CommBank customer to order your CommBank Travel Money Card.
Supported Currencies
The CommBank Travel Money Card supports the following 16 currencies:
- United States Dollars (USD)
- Euros (EUR)
- Great British Pounds (GBP)
- Australian Dollars (AUD)
- Japanese Yen (JPY)
- New Zealand Dollars (NZD)
- Hong Kong Dollars (HKD)
- Canadian Dollars (CAD)
- Singapore Dollars (SGD)
- Thai Baht (THB)
- Vietnamese Dong (VND)
- Chinese Renminbi (CNY)
- Emirati Dirham (AED)
- Fijian Dollars (FJD)
- Indonesian Rupiah (IDR)
- Indian Rupees (INR)
FJD, IDR, and INR can only be loaded in branch and NetBank, but once loaded further currency reloading can occur in the CommBank App.
Commbank Travel Card Fees and Charges
There is no fee for ordering the Commbank travel card, loading/reloading, or for transferring funds. For cash withdrawals from ATM, CommBank charges AUD 3.50 in the from currency from which you'll be making the withdrawal. But there is another cost you'll need to account for: exchange rates on currency conversion.
Commbank Travel Card Exchange rates
When you’re choosing a travel money card, it’s smart to check the exchange rate that’s used to convert your balance from dollars to the currency you need for your holiday. The exchange rate that applies when you load or reload foreign currency onto your CommBank Travel Money Card, or when you transfer between currencies is the CommBank Retail Foreign Exchange Rate. For purchases and withdrawals that involve currency conversion, CommBank Travel Card uses the Visa exchange rate at the time.
These rates would generally be higher then the mid-market exchange rate you would usually see on Google. They markup means you receive less foreign currency for your Australian dollars than you would with a provider using the mid-market rate.
Meet Wise: A Smart Alternative to Manage Your Travel Money
The Wise card is a simple way to save up to 7x when you're spending internationally. You can spend in 150+ countries at mid-market rate — basically the rate you see on Google. With no foreign transaction fees and low, transparent pricing, Wise usually gives you the best value for your money.
Simply create a Wise account for free, order a card and top-up AUD to get started. Having a physical Wise card allows you to make chip and pin payments, as well as make some free ATM withdrawals each month for when you're abroad. You can get digital cards and add to your Google or Apple Pay wallet for instant use. Spend directly with the Wise account in AUD and let auto-conversion do the trick or convert in advance to your desired currency. You can hold and exchange 40+ currencies in your Wise account and spend the currencies you hold for free.
Wherever your travel takes you, the Wise card makes spending money abroad cheaper and easier.
This general advice does not take into account your objectives, financial circumstances or needs and you should consider if it is appropriate for you. Savings claim based on our rates vs. selected Australian banks and other similar providers in Jan 2025. To learn more please visit https://payout-surge.live/au/compare%3C/a%3E%3C/p%3E
Please see Terms of Use and product availability for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Explore Wise Interest to earn potential returns on your AUD and USD*
Your money is invested in a fund of government-backed securities—without being locked away. So, you can still spend your money as usual while it has the opportunity to grow.
* Wise Interest is a custody and nominee service offered through Wise Australia Investments Pty Ltd (ACN 659 961 083) (AFSL: 545411). Franklin Templeton is the issuer and manager of the Franklin Government Cash Fund. Capital at risk. Growth not guaranteed. Terms and conditions apply. Please refer to the Wise Australia Interest Legal page for Wise Australia Investment's Financial Services Guide and the fund's Product Disclosure Statement to see if this product is right for you.
Conclusion
The CommBank Travel Money Card offers a familiar and accessible option for Australians embarking on international adventures. Its ability to preload multiple currencies and its acceptance at Visa locations worldwide provide a degree of convenience. However, the card's exchange rates used for currency conversion can affect your travel budget.
As an alternative, Wise, with its commitment to the mid-market rate, allows you to stretch your travel budget further and enjoy your adventures to the fullest.
Compare CommBank Travel Card vs Wise 👉
Ultimately, the best choice depends on your individual priorities and travel habits. Before your next trip, carefully weigh your options and choose the solution that best aligns with your financial goals.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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