4 Best Ways to Take Travel Money Overseas [2024]

FAQ - Best ways to take money overseas

What is the best travel card?

We recommend 5 top travel money cards for Australians going overseas:

TransferWiseis our best value travel debit card
Revolutis our bestmulti-currency travel card
Citibank Saver Plusis our best bank travel debit card
28 Degrees Platinum Mastercardis our best travel credit card
Travelex Money Cardis our best prepaid travel card

What is the cheapest way to get foreign currency?

The cheapest way to exchange currency really depends on what currency you are buying, how much and where you are.

It's usually cheapest to buy foreign currency at your destination, but not as convenient. If you're more prepared, there isvery little difference between buying currency in-store or online. For in-store currency exchanges, you'll get better rates in the CBD than further out.The most expensive option is to exchange your currency at the airport - so don't do it! There aresmarter ways to buy currency.

What is a cross currency conversion fee?

This fee is also known as Dynamic Currency Conversion (DCC) and is the amount charged by a merchant to make the currency conversion to your local currency.

For example, you're travelling in Italy and your bill is delivered to you in AUD, instead of EUROs. The good news is you can view your purchases in your local currency, without stressing about converting it. The bad news? Many merchants add huge exchange rate mark-ups compared to your travel card issuer.

We recommend you refuse the DCC when a merchant asks you if you want to transact in Australian dollars while you're overseas.

How can I avoid ATM withdrawal fees?

Avoid ATM withdrawal fees by using an everyday debit card to withdraw cash, rather than a credit card. Some banks waive the overseas ATM fee for your everyday debit card. Especially banks that have international ATM alliances, like Westpac.

On the other hand, a cash advance fee applies to credit cards at ATMs, even if you preload money with additional funds to avoid interest charges.

Unfortunately some ATMs overseas will charge additional withdrawal fees. If your Australian bank charges you too, you'll be paying double the amount of ATM fees when you withdraw money.

We recommend youchoose a debit or prepaid travel card that won't charge you when you withdraw cash from ATMsoverseas.

Can I just use my bank card instead?

Yes. As long as you have a card with a Visa or Mastercard symbol you'll be able to access funds. Use your card to withdraw cash from ATMs and at EFTPOS terminals. However, foreign currency fees may apply depending on whether you use a debit or credit card.

What currencies can I buy online?

Where is the best place to exchange money travelling?

You'll get the best exchange rates if you buy foreign currency at your destination rather than at home, but it might not be as convenient. If you're looking for information on the best ways to take travel money for a specific destination check out the following country guides:

4 Best Ways to Take Travel Money Overseas [2024] - The Currency Shop (2024)