It’s fairly easy and convenient to buy foreign currency, but it leaves you at the mercy of hidden fees and exchange rates. A quick trip to the ATM while abroad, or currency exchange at the airport, can incur considerable charges.
This is when a travel money card can be your friend. A travel money card allows you to load up foreign currency to your account before you travel, so you can enjoy your trip without being stung by sky-high overseas exchange rates and fees. However, not all travel money cards offer the same features or charge the same fees.
So, as part of our mission to help consumers make the right choices, this year Canstar’s expert in-house researchers crunched the numbers across five leading travel money cards and awarded the best our Travel Money Card Award.
Wise: Travel Money Card of the Year Award Winner
Wise provides users with a single multi-currency account that allows them to pay, receive funds, and to spend in a wide choice of currencies, online or via the Wise debit card.
Transactions are processed at the real market exchange rate, delivering great value. A single, exchange fee is charged up-front, but there are no other hidden fees.
In awarding Wise Canstar’s latest Travel Money Card of the Year Award, our researches noted that Wise remains the leading travel money card provider in the NZ market, offering competitive exchange rates with no mark-ups and comparatively low fees.
What does Wise offer?
A Wise account offers:
- Send money: transfer money overseas in up to 50 currencies
- International payments: receive fee-free international payments in 22 currencies
- Spend abroad: make purchases and withdraw cash overseas without foreign transaction fees*
- Digital cards: no need to wait for your card to be delivered, your digital card appears on your account immediately, so you can start spending in store and online with Google or Apple Pay. Have up to three virtual cards at one time
- Scheduled transfers: set up recurring transfers to automate the process of sending money abroad
- Smart money-saving technology: automatically chooses the currency that offers the best conversion rate
- Security: set spending limits, freeze/unfreeze the card instantly in the app and get real-time notifications for every transactions
- Free to use: there are no monthly subscription, maintenance or transaction fees*
*Withdraw up to NZ$350 per month for free (a small fee applies for withdrawals after the first $350). A conversion fee is charged if you card doesn’t have the local currency pre-loaded, requiring currency conversion
Travel money cards: what other options do you have?
While Wise is our Travel Money Card of the Year Award winner, our team crunched the numbers on four other travel money cards for this year’s award:
Air New Zealand OneSmart
- Load up to eight foreign currencies plus NZD at any one time (AUD, SGD, HKD, JPY, GBP, EUR, CAD and USD)
- Earn one Airpoints dollar for every NZ$100 spent overseas
- Earn one Airpoints dollar for every NZ$200 you spend domestically
- Use anywhere Mastercard is accepted
- Withdraw local currency from any ATM that accepts Mastercard
- Each month, your first three ATM withdrawals are free
Cash Passport Platinum Mastercard
- Load up to ten different currencies on one card (NZD, AUD, EUR, USD, GBP, JPY, CAD, HKD, SGD and AED)
- Spend in 140+ currencies
- Manage and track your Cash Passport on the go via your mobile, tablet, laptop or PC
- Use your Cash Passport like you would a credit or debit card, except with your own prepaid funds. In-store, online or to withdraw local currency at ATMs
Travelex Money Card
- Manage nine popular currencies on the go including: USD, AUD, EUR, GBP, CAD, SGD, JPY, HKD and NZD
- Zero ATM, Eftpos and online shopping fees
- Shop at millions of outlets wherever MasterCard is accepted
- Optional additional emergency card 24/7 global assistance
- Exclusive discounts with Mastercard Priceless Cities benefits
Westpac Global Currency Card
- Manage it online, anytime
- Lock in exchange rates with up to nine different currencies (AUD, USD, GBP, SGD, EUR, NZD, HKD, JPY, CAD)
- No purchase fee, no monthly fees and no bank transfer fees
- 24/7 assistance
About the author of this page
Bruce Pitchers is Canstar NZ’s Content Manager. An experienced finance reporter, he has three decades’ experience as a journalist and has worked for major media companies in Australia, the UK and NZ, including ACP, Are Media, Bauer Media Group, Fairfax, Pacific Magazines, News Corp and TVNZ. As a freelancer, he has +worked for The Australian Financial Review, the NZ Financial Markets Authority and major banks and investment companies on both sides of the Tasman.
In his role at Canstar, he has been a regular commentator in the NZ media, including on the Driven, Stuff and One Roof websites, the NZ Herald, Radio NZ, and Newstalk ZB.
Away from Canstar, Bruce creates puzzles for magazines and newspapers, including Woman’s Day and New Idea. He is also the co-author of the murder-mystery book 5 Minute Murder.
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