UBank vs Wise card - Which is the better travel card to use overseas in Australia?
Looking for a travel card to use overseas? We compared the fees, features, and benefits of two top travel cards: Ubank vs Wise, for Australian travellers.
Complete Guide to Australia Post Prepaid Travel Money Card: Foreign Currency Rates & Fees Explained
Travel money cards are increasingly popular as a convenient and relatively safe way to manage your spending money when you’re overseas.
Australia Post offers a prepaid Travel Platinum Mastercard® for customers looking for a travel money card. In this article, we'll review the features, fees, benefits, and limitations of Australia Post Travel Platinum Mastercard.
We'll also delve into the crucial aspect of exchange rates and introduce a Wise as an alternative, that can help you save by offering currency conversion at mid market rates without any markups.
The Australia Post Travel Platinum Mastercard: A Deep Dive
The Australia Post Travel Platinum Mastercard is a prepaid, reloadable card designed specifically for international travel. It allows you to load multiple currencies before your trip, with the aim of locking in exchange rates and providing a secure alternative to carrying large sums of cash.
How to get & use an Australia Post travel card
Here’s what you need to do to get your Mastercard Cash Passport from Australia Post.
Ordering the Australia Post travel card
You can order your card online⁴ via the Australia Post website, or by going into a local Australia Post branch. If you order online you can top up using your card, BPay or a bank transfer, and have the card delivered to your home around 3 days later. There may be a fee to pay for getting your card in a branch, or for loading money, depending on the method you use to add money to the account.
Activating Australia Post travel card
Once you have your card, you’ll need to activate it before you can start to use it.
Using your Australia Post travel card
Your travel card can now be used online and in stores where you see the Mastercard logo. You can also use it for contactless payments⁵.
There are a few limitations to where your card will be accepted. Services which require pre authorisation, such as hotels, cruise ships and car rental services may not accept your prepaid card, and if they do you may find that some of your card funds are blocked until released by the merchant. This may be a deposit against your hotel bill, or in case of damage to a rental car for example. In these cases, you’ll usually be better off using an alternative such as debit or credit card to pay.
How to Top-up Australia Post travel card
You can top up your card in an Australia Post branch, or online via the app.
Buy back
If you have foreign currency left on your card after a trip, you can convert it back to AUD at the prevailing exchange rate. That may not be the same as the rate that was used when you converted the money in the first place - so you may get more or less than you originally paid. You’ll be able to spend the money in Australia, or cash out the card - but you may pay a fee for either of these options.
Contact information
If you need to get in touch with the team behind the Cash Passport, you have a few different contact routes⁶:
- Call within Australia on 1800 549 718
- From outside Australia, you can call +44 207 649 9404 internationally for 24/7 support.
Supported Currencies for Australia Post travel card
The Australia Post Travel Platinum Mastercard can load up to 11 currencies:
- US dollars
- Euros
- British pounds
- New Zealand dollars
- Canadian dollars
- Thai baht
- Hong Kong dollars
- Singapore dollars
- Japanese yen
- UAE dirham
Fees & charges for Australia Post travel card
Here are the main fees⁴ and charges you need to know about when comparing the Australia Post travel money card to other options available.
| Fee Type | Fee (AUD) | Notes |
|---|---|---|
| Card Purchase | No fee | |
| In-store Foreign Currency Load/Reload | No fee | |
| In-store AUD Load/Reload (Administrative Fee) | 1.1% of load/reload amount | Fee applies only when loading/reloading into an AUD purse in-store. No fee for loading foreign currency. |
| Reload Fee (Bank Transfer) | No fee | |
| Reload Fee (BPAY) | 1% | Fee waived if booking your rate via 'My Account' or the app. |
| Reload Fee (Debit Card) | 5 per transaction | |
| ATM Withdrawal Fee (Domestic) | 2.95% of withdrawn value | |
| ATM Withdrawal Fee (International) | 3.50 or equivalent in foreign currency | |
| ATM Operator Fees | May apply | Some ATM operators may charge their own fee in addition to the Australia Post fees. |
| Card Closure/Cash Out | 10 | |
| Card Replacement Fee (Domestic) | No fee | |
| Card Replacement Fee (Overseas) | Up to 225 | |
| Inactivity Fee | 4.95 per month | Charged after 12 months of inactivity. |
| International Purchase Fee | 3% of transaction value | Applies to purchases made online or via mail/telephone from a non-Australian merchant. This is equivalent to what is referred to as a Foreign Currency Conversion Fee by other travel cards. |
| Foreign Currency Conversion Fee/Cross Currency Transaction Fee | 3% of transaction value | Applies if spending in a currency not loaded on the card or not supported by the card. |
Exchange rate used by Australia Post travel card
The exchange rate that applies is set by Mastercard Prepaid Management Services and will apply when you load funds to the card, or transfer funds between currencies. This rate would generally be higher then the mid-market exchange rate you would usually see on Google. They markup means you receive less foreign currency for your Australian dollars than you would with a provider using the mid-market rate.
Meet Wise: A Smart Alternative to Manage Your Travel Money
Wise always use the mid-market rate for currency conversion, and charge a low upfront fee instead of adding a markup to the rate. That makes it easier to see the true cost of your currency conversion with full transparency.
Wise offers a multi-currency account that lets you hold and manage 40+ currencies. The linked card allows you to spend in supported currencies at the mid-market rate. Wise allows you to withdraw up to AUD 350 per month from international ATMs for free (in two or fewer withdrawals). After that, a small fee of 1.75% of the amount over AUD 350 applies. Plus, there's a $1.50 fee for each withdrawal over two withdrawals.
Conclusion
The Australia Post Travel Platinum Mastercard offers a familiar and accessible option for Australians embarking on international adventures. Its ability to preload multiple currencies and its acceptance at Mastercard locations worldwide provide a degree of convenience. However, the card's fees, particularly the exchange rate markup, can affect your travel budget.
As an alternative, Wise, with its commitment to the mid-market rate, allows you to stretch your travel budget further and enjoy your adventures to the fullest.
Ultimately, the best choice depends on your individual priorities and travel habits. Before your next trip, carefully weigh your options and choose the solution that best aligns with your financial goals.
Sources:
- https://auspost.com.au/money-insurance/organise-travel-money/travel-cards
- https://auspost.com.au/content/dam/auspost_corp/media/documents/cash-passport-supplementary-product-disclosure-statement.pdf
- https://www.cashpassport.com.au/help/#cardtocard
- https://www.cashpassport.com.au/fees-and-limits/
- https://www.cashpassport.com.au/media/227554/mc382039653_cash_passport_platinum_pds_100_x_210mm_169392_no_cropmark_hr_1499153619.pdf
- https://www.cashpassport.com.au/contact-us
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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