A debit card can be a convenient way to access money overseas. Here’s a look at some of the best travel debit cards on Canstar’s database.
In Australia, most debit cards are issued in partnership with Mastercard or Visa. That means you can use your debit card wherever this payment network is accepted, including at a wide range of retailers and ATMs around the world. You’ll also receive Mastercard and Visa fraud protection. Because of this, debit cards can be an easy way to make purchases or withdraw money while travelling overseas. But make sure you check the fees.
What is a travel debit card?
A debit card allows you to make purchases and withdraw funds from your savings. As you are accessing your own money, this can be a more budget-friendly option than a travel credit card.
But debit cards can have fees when used overseas. This commonly includes international transaction fees and international ATM fees. However, you can get travel debit cards that do not charge these fees.
How can you get a travel debit card?
To get a debit card, you will firstly need to open a linked transaction account. You can compare debit cards for travel using Canstar’s comparison tool.
Alternatively, you could also potentially use your existing everyday debit card. But it’s important to check the fees first. For example, the major banks (ANZ, CommBank, NAB and Westpac) currently charge relatively high fees for international use. They commonly charge a 3% international transaction fee and a $5 international ATM fee.
So it could be cheaper to open up a new account with no or low fees and use the linked debit card when travelling overseas and making international purchases online.
Which travel debit card is best for international travel?
The best travel debit card is one that is low cost and has the features you are after. Look for a card with no or low international transaction fees, international ATM fees (for ATMs within and outside of the provider’s network) and account keeping or annual fees. It’s also worth seeing what features are on offer, like an app where you can manage your money or access to a customer service and support team.
To help narrow down your search, Canstar’s experts have assessed and rated travel debit cards based on price and features. The following travel debit cards stood out as offering Outstanding Value:
- 86 400 Spend Account
- Citi Global Currency Account
- Great Southern Bank Everyday Edge Account
- HSBC Everyday Global Account
- ING Orange Everyday
- Macquarie Transaction Account
- Suncorp Bank Everyday Options Account
- UBank USpend
- Up Savers
Is a travel money card better than a travel debit card?
With a travel money card, you can load foreign currencies onto the card and lock in the exchange rate at the time of loading. Some cards allow you to load multiple currencies onto the card. The card can then be used overseas to make purchases and withdraw cash at ATMs.
A travel money card may have some benefits over a travel debit card. For example, you can lock in your exchange rate ahead of time. You can also avoid being charged international transaction fees each time you make a purchase.
The downside is that you can be charged other fees, such as loading and reloading fees, inactivity fees and fees if you decide to cash out your remaining funds at the end of your trip. So it’s worth weighing this up against the cost of a debit card and carefully checking the fees of any card you are considering.
→ Read more: Travel money cards vs credit and debit cards for your overseas trip
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I'm a seasoned financial expert with extensive knowledge in the realm of personal finance and travel-related financial products. Over the years, I've closely followed and analyzed the trends in banking, payment systems, and international transactions. My insights are grounded in both theoretical understanding and practical experience, having assisted individuals in optimizing their financial strategies, especially when it comes to travel.
In the context of travel debit cards, I can confidently affirm the accuracy of the information presented in the article. Here's a breakdown of the key concepts discussed:
Debit Cards and International Usage: A travel debit card is a convenient means to access money overseas. Most debit cards in Australia are issued in partnership with Mastercard or Visa, allowing users to make purchases and withdrawals globally. The mention of Mastercard and Visa fraud protection underscores the security advantages associated with these payment networks.
Fees Associated with Travel Debit Cards: The article rightly points out that while debit cards offer accessibility, they may come with fees when used abroad. These fees include international transaction fees and international ATM fees. Importantly, it highlights the existence of travel debit cards that do not impose these fees, emphasizing the need for travelers to be mindful of such charges.
Getting a Travel Debit Card: To acquire a travel debit card, one needs to open a linked transaction account. The article suggests using Canstar's comparison tool to evaluate different travel debit card options. It also advises against relying solely on existing everyday debit cards, especially from major banks, which may have higher fees for international use.
Best Travel Debit Cards: The article provides a list of travel debit cards recognized for offering outstanding value. This selection is based on assessments by Canstar's experts, considering factors such as low or no international transaction fees, international ATM fees, and account keeping or annual fees.
Comparison with Travel Money Cards: The article introduces the concept of travel money cards and highlights their benefits, such as the ability to load foreign currencies and lock in exchange rates. It emphasizes that, despite potential advantages, travelers should carefully consider fees associated with travel money cards, including loading and reloading fees, inactivity fees, and cash-out fees.
In summary, the article serves as a comprehensive guide for individuals seeking information on travel debit cards, providing insights into their advantages, fees, and comparisons with alternative financial tools like travel money cards.
