Best Travel Card? (Best Conversion Rates)

ben5000 on 06/02/2024 - 04:09

I live abroad and basically travel permanently within South East Asia. As such, I frequently make online purchases in foreign currencies (online orders, hotel bookings, flights, etc)

I was using a CBA travel card until I once had to use my Westpac choice everyday card and found there was a better conversion rate and no foreign transaction fee also (cba has no fee but their conversion rate is crap). This exposed that I was getting a shitty conversion rate with the CBA travel cards and leads me on this quest to find the travel card with the best rate.

Appreciate all suggestions!

Thanks guys

Travel Travel Card

Comments

  • 87percent on 06/02/2024 - 06:49
    +2

    Wise

  • ctd on 06/02/2024 - 07:30
    +3

    There's a list of options on the wiki: https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…

    IMO it's best to pick one that uses the Mastercard or Visa rate with no fees. I recommend Macquarie - it has a good app and desktop internet banking, quick mobile notifications (immediately see what you've been charged in the foreign + AUD currencies when using your card) and your cash earns interest.

    • ryefig on 06/02/2024 - 09:59
      +3

      Macquarie is seriously overlooked all the time whenever anyone asks this question.

      No-fee transaction account, free overseas ATM withdrawals and the the app is great. Agree with you that the instant push notifications are very useful, I like to know how much a foreign transaction has cost me in AUD.

      • Shankskun on 06/02/2024 - 10:18

        Been using ING at the moment and its very good, just too bad they removed the ATM fee rebate for international ATMs. Does Macquarie rebates those nasty fees given upon the ATMs overseas?

        • ctd on 06/02/2024 - 10:32

          Nope. There's no Australian accounts that refund overseas ATM fees anymore.

      • askbargain on 06/02/2024 - 13:25

        Macquarie is such an easy recommendation but lack of eftpos can be annoying. (For within Australia anyway)

    • ben5000 on 06/02/2024 - 18:31

      Thanks but my Macquarie account was closed without reason. Permanently banned now. After some research last night, it seems UP bank has the best conversion rates (Mastercard rate). The main challenge now is finding a card that doesn't require OTP for online purchases. I don't have access to my Australian phone number unfortunately. Do you know if UP cards require OTP for online purchases? CBA travel card was always the most convenient for this reason with their in-app codes which saves you overseas. Unfortunately the rest of the banks are behind with this.

      • ryefig on 07/02/2024 - 09:12

        I would be surprised if any bank has a flatline policy of no OTP codes.
        The OTP code is generated for new or unusual online transactions, and basically verifies that it is you making the transaction (it also acts as a layer of protection by the bank so they may not have to refund fraud losses if a transaction was approved with an OTP code).

        This won't happen for in person transactions, so you won't have issue using it overseas.

  • deepdag on 10/12/2024 - 16:38

    I'm with up bank and can confirm the rates are good but recently my digital only card which I had barely used for few transactions, got hacked. Someone used it for UBER orders in Australia. I cancelled the card immediately in the app and lodged dispute with the bank in their chat. The most annoying part is they don't have any phone number to speak to, only chat. Also, they replied me after 10 days that it will take another 45 days to resolve this and no gurantee of getting my money back. This is very disappointing, looking to move away from them.

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