Travel Tips Holiday money

Commonwealth Bank Travel Card: Foreign Currency Rates & Fees explained

Aditya Shrivastava

20.12.24 (last updated)

Read time 2 minutes

Travel money cards allow users to load foreign currency before travelling, which they can then spend or withdraw from ATMs as they travel. One advantage is that you’re locking in the exchange rate available when you add money - and of course, they are also pretty convenient and safe. The Commonwealth Bank travel money card is issued by Visa®, and comes with a range of features, and some fees you should consider before choosing to use it.

This article provides an in-depth analysis of the CommBank Travel Money Card, examining its features, fees, benefits, and limitations. We'll also explore the crucial aspect of exchange rates and introduce an alternative: Wise, that can help save by offering currency conversions at mid-market rates and low, transparent fees.

Table of contents
CommBank Travel Money Card: A Detailed Look Obtaining the Card: Application and Eligibility Supported Currencies Commbank Travel Card Fees and Charges Commbank Travel Card Exchange rates Meet Wise: An Alternative offering Mid-Market Exchange Rates Conclusion

CommBank Travel Money Card: A Detailed Look

The CommBank Travel Money Card is a prepaid, reloadable Visa card designed for international travel. It allows you to load up to 16 currencies before you depart, aiming to simplify spending and potentially lock in exchange rates. Let's review its key features:

Obtaining the Card: Application and Eligibility

Getting a CommBank Travel Money Card involves the following steps:

Online: Apply through NetBank or the CommBank app if you are an existing customer.
In-Branch: Visit a CommBank branch.

You must be 14 years of age or older, and by be a new or existing CommBank customer to order your CommBank Travel Money Card.

Supported Currencies

The CommBank Travel Money Card supports the following 16 currencies:

United States Dollars (USD)
Euros (EUR)
Great British Pounds (GBP)
Australian Dollars (AUD)
Japanese Yen (JPY)
New Zealand Dollars (NZD)
Hong Kong Dollars (HKD)
Canadian Dollars (CAD)
Singapore Dollars (SGD)
Thai Baht (THB)
Vietnamese Dong (VND)
Chinese Renminbi (CNY)
Emirati Dirham (AED)
Fijian Dollars (FJD)
Indonesian Rupiah (IDR)
Indian Rupees (INR)

FJD, IDR, and INR can only be loaded in branch and NetBank, but once loaded further currency reloading can occur in the CommBank App.

Commbank Travel Card Fees and Charges

There is no fee for ordering the Commbank travel card, loading/reloading, or for transferring funds. For cash withdrawals from ATM, CommBank charges AUD 3.50 in the from currency from which you'll be making the withdrawal. But there is another cost you'll need to account for: exchange rates on currency conversion.

Commbank Travel Card Exchange rates

When you’re choosing a travel money card, it’s smart to check the exchange rate that’s used to convert your balance from dollars to the currency you need for your holiday. The exchange rate that applies when you load or reload foreign currency onto your CommBank Travel Money Card, or when you transfer between currencies is the CommBank Retail Foreign Exchange Rate. For purchases and withdrawals that involve currency conversion, CommBank Travel Card uses the Visa exchange rate at the time.

These rates 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.

🚀 Get started with Wise

Wise offers a multi-currency account that lets you hold and manage 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 CommBank Travel Money Card offers a familiar and accessible option for Australians embarking on international adventures. Its ability to preload multiple currencies and its acceptance at Visa locations worldwide provide a degree of convenience. However, the card's exchange rates used for currency converion 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.

Compare CommBank Travel Card vs Wise 👉

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.

*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.