Commbank travel card vs Wise (ex.TransferWise) card in Australia. Which is for you?

For those that travel the globe on a regular basis, travel cards may have come up on your radar. These are generally designed to save you money on exchange rates/conversion fees, and make spending money abroad easier and less stressful.

There’s a multitude of travel cards available on the market, such as the Commbank Travel Money Card and the Wise Debit Card. Which one is right for you depends on your requirements and preferences.

In this article, we’ll examine both of these options, including the features and benefits of both cards, comparisons of relevant fees/exchange rates, as well as some general pros and cons to help you decide which travel card is best for you.

💸 Hold over 40 currencies in your account and spend at the mid-market exchange rate with the Wise Debit card while abroad.

Learn more about the
Wise Account and card

Wise vs Commonwealth Bank

Here’s a quick description of each brand including who they are and what they do.

Who is Commbank ?

Commbank (otherwise known as Commonwealth Bank) is a multinational bank in Australia that offer a range of integrated financial services including banking, credit solutions, and insurance to both consumers and businesses.¹

They have branches in Asia, North America, New Zealand, and Europe (as well as Australia), to help their customers financially when travelling across the globe.¹

What is the Commbank Travel Money card and how to get it?

The Commbank Travel Money Card is a debit card marketed to Commonwealth bank account holders travelling abroad, allowing customers to load money in up to 13 currencies.²

The card can be ordered in-branch or online and can be used in over 61 million locations in the world (provided Visa is accepted).²

Who is Wise (ex-TransferWise)?

Wise - formerly known as TransferWise), is a financial company that helps its customers save money on international transfers, with a multi-currency account and debit card that can be used to spend money in over 40 currencies.

Their services are used by consumers and businesses in Australia to reduce international transaction fees and to generally make sending/receiving money internationally less of a headache.

What is the Wise debit card and how to get it?

The Wise Debit Card allows customers to spend money that they hold within their Wise Account, with no transaction fees and low conversion fees.

It can be ordered online within 5 minutes, and is available to Wise Account holders in the following countries:

• Australia
• New Zealand
• UK
• US
• Singapore
• Japan
• Switzerland
• EEA
• Malaysia
• Canada
• Brazil

Commbank vs Wise Card — Main features

In the below table you’ll find information on the main features of each travel card:

Commbank Card²

Wise Card⁹

The card can hold up to 13 currencies Purchases can be made online, in person, or over the phone No reload fees, issue fees or application fee Alerts when the balance is low No fee when spending abroad if the balance is held in the currency required (otherwise fee is chargeable at Visa exchange rate plus 3%)

Spendable in 40 currencies No charge for 2 or less withdrawals on $350 AU per month or under, 1.75% of amount over $350 AU. For 3 or more withdrawals a $1.50 AU fee applies on $350 AU per month or under, and $1.50 AU + 1.75% of amount over $350 AU Available with a cardless payment option Money spendable in over 170 countries Money spent is charged at the mid-market rate (if not held in Wise Account, otherwise free)

As seen on 17 July 2023

Commbank vs Wise Card — Fees

Below are the fees associated with the Commbank Travel Card and the Wise Card:

Fee	Commbank³	Wise
Annual Fee	None	None
Order/Application Fee	$0	$10 AU
ATM Fees	$3.50 AU or equivalent of foreign currency using Visa exchange rate at the time of withdrawal	2 or less withdrawals per month: Free on $350 AU per month or under, 1.75% of the amount over $350 AU 3 or more withdrawals: $1.50 withdrawal on $350 AU per month or under, $1.50 AU + 1.75% of the amount over $350 AU Note:Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks
International Transaction Fees	None	None
Currency Conversion Fees	Free if the currency is held in a Commbank account, otherwise charged at Visa exchange rate at the time of conversion + 3%	Conversion fees are charged at the mid-market rate.

As seen on 17 July 2023

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Commbank vs Wise — Exchange rates used

Below are the exchange rates used by Commbank and Wise to show you how the two companies differ in this respect:

Commbank³	Wise
Exchange rate established by Visa and applied at the time of conversion plus 3%.	The exchange rate is charged at the mid-market rate.

As seen on 17 July 2023

Percentage commissions on your card use — like the 3% Commbank card charges — can add up quickly. This is why it’s important to consider these types of “fees” even if a card doesn’t come with a fixed fee.

What to know when spending or withdrawing abroad

Take a look at the below section to understand any specific details you should know when spending/withdrawing money abroad with either of these travel cards.

Commbank Travel Card

With the Commbank travel card, no currency conversion fees will be charged provided that the currency is held and money is available in the currency you’re paying in. If the currency is not held, a 3% fee will be charged.³

When withdrawing money from ATM machines abroad, a $3.50 AU charge or equivalent of foreign currency using the Visa exchange rate at the time of withdrawal will be applicable.³

Wise Debit Card

With Wise, it’s advisable to pay in the local foreign currency you need to pay. This enables Wise to carry out the conversion at the mid-market rate and save you money on conversion fees.

The following withdrawal fees apply when using ATMs abroad, third-party ATM fees may apply:

• 2 or less withdrawals per month - Free on $350 AU per month or under, 1.75% of the amount over $350 AU
• 3 or more withdrawals - $1.5 withdrawal on $350 AU per month or under, $1.5 AU + 1.75% of the amount over $350 AU
  Note:Wise will not charge you for these withdrawals, but some additional charges may occur from independent ATM networks

Commbank vs Wise — Supported currencies

We’ve listed below the supported currencies for multiple currency spending with the Commbank Travel Card and the Wise Debit Card.

Commbank⁴	Wise⁸ ⁹
USD, EUR, GBP, AUD, JPY, NZD, HKD, CAD, SGD, THB, VND, CNY, AED	GDP, CAD, USD, AUD, HUF, PHP, AED, IDR, PLN, ARS, INR, RON, BWP, JPY, SEK, BGN, KES, SGD, CHF, KRW, THB, CLP, LKR, TRY, CNY, MAD, TZS, CRC, MXN, UAH, CSK, MYR, UGX, DKK, NGN, UYU, EGP, NOK, VND, GEL, NPR, XOF, GHS, NZD, ZAR, HKD, EUR, ZMW

As seen on 17 July 2023

Pros and cons of these cards

Below you’ll find a list of the pros and cons of each card/company. Have a read of this to determine which card is best suited to your needs:

	Commbank²	Wise ⁹
Pros	No annual/application fees Alerts when the balance is low No fee when spending abroad if the balance is held in the currency required (otherwise fee is chargeable at the Visa exchange rate plus 3%) Good card security	Mid-market exchange rates No annual fee Digital card Free withdrawals on 2 or less withdrawals less than $350 AU per month 40 currencies available within Wise account
Cons	Only 13 currencies are available Retail exchange rates include a margin⁵	Wise Account required Lack of cash top-ups for the card

As seen on 17 July 2023

What about card safety?

Below is some information on the card safety of the Commbank Travel Card and the Wise Card:

Commbank Travel Card

The Commbank Travel Card can be locked in case of card loss/theft. Commbank offers a 100% security guarantee on unauthorised transactions, plus card safety systems such as 24/7 real-time monitoring and in-app security.⁶

Commbank is regulated by the Australian Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority.⁷

Read more: How to open a bank account with Commonwealth Bank. The requirements, account types and fees.

Wise Card

Wise is regulated by ASIC, and holds an Australian Financial Services Licence (AFSL), AFS Licence number is 513764. Wise is also authorised by Australian Prudential Regulation Authority (APRA) as an authorised deposit taking institution.

On top of this, Wise has dedicated compliance teams and systems working around the clock to keep our customers’ money safe.

There is also 2-step verification in place to add an additional layer of security to the account, including receiving a code by text/phone call, a notification in the Wise app on a trusted device, or entering a code from an authenticator app.

Online reviews for Commbank and Wise in Australia

We’ve included below some information on the online reviews for Commbank and Wise in Australia. This should help you to determine whether you trust the companies we’ve mentioned and if you want to go ahead with either card.

Commbank reviews	Wise reviews
Trustpilot reviews: 1.6 (234 reviews)	Trustpilot reviews: 4.3 (192,563 reviews)
Product Review AU: 1.5 (3,030 reviews)	Capterra: 4.5/5 (36 reviews)

As seen on 17 July 2023

Customer support and contacts

Below are the customer supports/contacts for both Commbank and Wise:

Commbank	Wise
Phone: 13 2221	Website: Contact us

Wrapping up

To summarise, the Commbank Travel card may be a good choice if you require spending in 13 currencies or less or need a travel card with no application/annual costs.

The Wise card may work better for you if you require a travel card that allows you to store and spend in many different currencies. With Wise, you can spend money in 40 currencies, making it more flexible if you’re travelling to many countries.

You can register for a Wise Account in minutes and start spending money with the Wise debit card in over 150+ countries at the mid-market rate. This will help you to save money on your conversion fees, and you won’t be charged a penny in international transaction fees (providing your Wise card holds money in the currency you’re paying in).

Join over 16 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

Register your Wise account in minutes 🚀

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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Sources:

1. About Us - Commbank
2. Travel Money Card - Commbank
3. Travel Money Card Fees and Charges - Commbank
4. Travel Money Card: How to manage multiple currencies - Commbank
5. Foreign Exchange Rates - Commbank
6. Commbank Safe - Commbank
7. Terms of Business - Commbank
8. Multi-Currency Account - Wise
9. See Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Sources checked on: 17 July 2023