Travel Money Cards Uncovered: Are They Worth the Hype?

Money Cards, Are They Worth It?

Travelling is one of life’s most enriching experiences, but managing your money across borders can be a challenge. With travel money cards becoming the norm if you’re heading overseas, it’s essential to choose the best one that suits you.

Let’s explore three popular travel card options available in New Zealand, to determine whether they are worth the investment or if you’re better off with something else:

• Wise Debit
• Revolut; and
• Air New Zealand’s Travel Card

What is a Travel Money Card?

Travel money cards, also known as prepaid travel cards, are a convenient way to manage your finances abroad. They generally allow you to load multiple currencies onto a single card, providing better exchange rates and lower fees than traditional bank cards. But with so many options available, how do you choose the best one? Let’s check them out:

Wise Debit Card

Overview: The Wise Debit card, formerly known as TransferWise, has quickly become a favorite among kiwi travellers. Known for its upfront and transparent fees and mid-market exchange rates, it’s an excellent option for kiwi’s with wings. Some of the key features you’ll get with Wise:

• Upfront and Transparent Fees: One of the biggest advantages of the Wise Debit card is its transparency. There are no hidden fees; you only pay a small conversion fee when you spend in a different currency and you will see exactly what fee, exchange rate and amount you’ll receive.
  
• Mid-Market Exchange Rates: Wise uses real mid-market exchange rates, ensuring you get the best possible deal without any markup. This means when there are changes in the market, those changes will be reflected as they happen with Wise’s exchange rates.
  
• Multiple Currencies: You can hold and convert over 50 currencies in your Wise account, making it incredibly versatile for international travel – travelling through Asia, maybe crossing the border from USA to CA, you can easily transfer and exchange money as you need it.
  
• Convenient App: The Wise app is user-friendly, allowing you to manage your money, track spending, and receive instant notifications. If you want to monitor trending rates etc. you can also download the converter app for the most up to date exchange rates.
  
• ATM Withdrawals: You can withdraw up to a certain amount for free each month, which is great for accessing cash on the go. Once you hit your limit, you will be charged a fee (more information available on their website).

When we travelled to Japan, China and Korea, the Wise Card was super easy to use. The minute we landed, we withdrew cash at the airport (in Japan) which came in handy visiting temples and shrines, but otherwise used our card at most places.

Before leaving for Asia I did exchanged a $100NZD into Japanese Yen (¥) just incase, but we didn’t need it as our Wise Card worked immediately and were really easy to connect to our Uber/Didi accounts.

The Wise Card can also be loaded on to your phone, so pay wave with our phone made it super simple as well. I used it to pay wave into the subway, which meant I saved on buying a Suica transport card. This Wise card made it super easy to get around and make purchases.

With pay-wave available and the ability to transfer money from our New Zealand bank accounts and receiving it within a couple hours in our wise account ready for exchange, it was easy to have our money back home on tap.

Revolut

Overview: Revolut is another popular choice for travelers, offering a range of features that make managing your money abroad easier. While it is becoming more popular as an alternative to managing money through banks, they have also released a travel card. Some of the key features you’ll get with Revolut:

Key Features:

• Multiple Currencies: You can hold and convert over 50 currencies in your Wise account, making it incredibly versatile for international travel. Whether you are traveling through Asia or maybe crossing the border from the USA to Canada, you can easily transfer and exchange money as you need it. This flexibility ensures you have access to local currencies at the best rates, no matter where your travels take you.
  
• Convenient App: The Wise app is user-friendly, allowing you to manage your money, track spending, and receive instant notifications. If you want to monitor trending rates, you can also download the converter app for the most up-to-date exchange rates. The convenience of having all your financial information and tools in one place makes managing your money on the go seamless and efficient.
  
• ATM Withdrawals: You can withdraw up to a certain amount for free each month, which is great for accessing cash on the go. Once you hit your limit, you will be charged a fee (more information available on their website). This feature ensures you have access to cash when you need it without incurring high fees, making the Wise Debit card a practical option for traveler’s who prefer to carry some local currency.
  
• Additional Services: Revolut provides various other services, such as cryptocurrency trading and savings accounts.

Why Consider Revolut:

Revolut’s strength lies in its comprehensive financial ecosystem. It’s not just a travel card but a complete financial tool. However, the fair usage limits and potential fees beyond those limits may be a downside for some travellers.

I don’t personally have a Revolut account or card, and that’s partly because when I was researching what travel card to choose for our trip to Japan, Revolut were in the news in the UK for a recent hacking and scam case. One of the issues I have with Revolut, especially as I have recently seen so many ads and influencers promoting Revolut as the “new bank”, it is not governed or registered as a bank. There are cases of customers having lost money and being unable to claim or get it back. While no travel card is 100% safe, this was a deciding factor for choosing not to sign up to Revolut.

Air NZ Travel Card

Overview: The Air NZ Travel Card is specifically designed for New Zealand travellers, offering a unique set of features tailored to their needs.

Key Features:

• Multiple Currencies: Load and manage up to eight currencies on a single card.
• Airpoints Dollars: Earn Airpoints Dollars on your spending, which can be used for flights and other rewards.
• Lock-In Exchange Rates: Lock in exchange rates before you travel to avoid fluctuations.
• No ATM Fees: Enjoy fee-free ATM withdrawals at certain international locations.

Why Consider Air NZ Travel Card:

For New Zealanders, the Air NZ Travel Card offers the added benefit of earning Airpoints Dollars, making it a dual-purpose tool. However, its usage is more limited compared to Wise and Revolut, and the exchange rates may not be as favourable.

I started with an AirNZ travel card, but have since given it up as the exchange rates and fees have made it less competitive against both Revolut and Wise. If you are however looking for a NZ based travel card, much like the Westpac Travel Card which you can find more info here, then the Air NZ travel card is a good option. If you are an AirNZ airpoints member, the opportunity to earn more airpoints using this card is also a pretty big draw card.

Comparing the Cards

Fees and Exchange Rates:

• Wise: Low conversion fees and real mid-market exchange rates.
• Revolut: No additional spending fees within fair usage limits; interbank exchange rates.
• Air NZ Travel Card: No ATM fees at select locations; locked-in exchange rates.

Currency Support:

• Wise: Supports over 50 currencies.
• Revolut: Supports over 30 currencies.
• Air NZ Travel Card: Supports up to eight currencies.

Additional Features:

• Wise: User-friendly app, instant notifications, low fees.
• Revolut: Budgeting tools, cryptocurrency trading, savings accounts.
• Air NZ Travel Card: Earn Airpoints Dollars, lock-in exchange rates.

Are Travel Money Cards Worth the Investment?

The answer to whether travel money cards are worth the investment depends on your travel habits and financial needs. Here’s a quick breakdown:

• Frequent Travellers: If you travel often, the Wise Debit card is a clear winner due to its low fees, excellent exchange rates, and versatility.
• Occasional Travellers: For those who travel occasionally, the Revolut card offers a range of additional features that might be useful, although be mindful of the fair usage limits.
• New Zealand Travellers: The Air NZ Travel Card is tailored for New Zealand travellers, offering the unique advantage of earning Airpoints Dollars, but its limitations in currency support and exchange rates might be a drawback for some.

Conclusion

Travel money cards can be a valuable tool for managing your finances abroad, offering better rates and lower fees than traditional bank cards. Among the options we’ve explored, the Wise Debit card emerges as the best overall choice for its transparency, low fees, and excellent exchange rates.

Whether you’re a seasoned globetrotter or planning your next adventure, investing in a good travel money card can save you money and provide peace of mind. Remember to consider your travel habits and financial needs when choosing the right card for you.

For more travel tips and advice, check out our other blog posts.

Why Wise Debit Card is the Best:

The Wise Debit card stands out due to its low fees, excellent exchange rates, and ease of use. Whether you’re hopping between countries or staying in one place, Wise provides a seamless financial experience, making it the best travel money card on the market.

If you have any questions send them through nicola@prettyfarfromhome.com, otherwise Happy travels!

Until next time,

Nic x

Disclaimer: This blog post is based on current information and is subject to change. Always check the latest details and terms from the card providers before making a decision.