Getting a great exchange rate
Most travel money cards are pretty competitive, but when you're changing hundreds or even thousands of dollars, small differences in exchange rate can make a big difference to your cash in hand. Why throw away even a hundred dollars in foreign currency if you don't need to? CANSTAR awarded Travelex Cash Passport and the NAB Traveller Card top ratings in July, with Travelex Cash Passport having the top average exchange rate across all currencies considered.
How many currencies do you need?
Are you travelling to just one foreign country or are you doing a 10-countries-in-12-days extravaganza? CANSTAR's analysis found that several travel money cards allow only five currencies to be loaded at any one time, while the Commonwealth Bank Travel Money Card allows up to 13 currencies. The Qantas Cash Card and Velocity Global Wallet are close behind, allowing 11 currencies to be loaded at a time.
How about rewards?
We all love being rewarded - hence the incredible popularity of credit card rewards! When it comes to travel money cards the Qantas Cash Card offers Qantas Points rewards and Velocity Global Wallet offers Velocity Points rewards (check the respective company websites for points earn rates).
Fees, fees and (hopefully) less fees
Just as your bank accounts and credit cards can have fees attached, so can your travel money card. No travel money card will be fee-free, but you can certainly keep your fees to a minimum by asking what your provider charges for things such as cash reload fees, ATM fees, currency conversion fees and replacement card fees.
“There are plenty of travel cards out there, so do a bit of homework to choose one that will leave more spending money in your holiday budget,” suggests Davies.
CANSTARs disclaimer can be viewed here.