Travellers prefer pre-paid cards

Credit card fees and charges are driving travelers to pre-paid travel cards. One of the cheaper options is the ANZ travel card which costs $11 to set up and 1.1 per cent to reload the card with cash. ATM withdrawals are slightly cheaper than the other cards, but apply at all ATMs, even ANZ branded machines. There is no foreign currency conversion fee, with daily conversion rates set by Visa.

The Commonwealth Bank Travel Money Card costs $15 and has a reload fee of 1 per cent, ATM withdrawal fee of AU$3.50 or equivalent and a cross currency conversion fee of 2 per cent. To load $100 onto the card then withdraw that money in local currency overseas will cost between $6 and $7 in total. A replacement card is $60 and an emergency cash advance costs US$90.

The market favourite in Australia is the Travelex cash passport card. The Travelex card is available through credit unions, online and from many travel agencies. Initial set up charges vary depending on where the card was purchased from. The card is loaded up at the beginning in the currency of the country to which you are going to travel in.

To reload the travelex cash passport card via BPay, there is a 1 per cent charge. The card can also be reloaded via SMS and there is a 1.1 per cent charge for that service. ATM withdrawals attract a AU$3.75 charge.

Source: Courier Mail