Travelex vs Travel Money Oz: Side-by-side Comparison of Features, Fees, Exchange Rates

Whether for business, studying or just for fun, Aussies travelling overseas have lots of options for getting foreign currency. Companies like Travelex and Travel Money Oz offer a range of services, from buying and selling currencies to issuing travel cards and even travel insurance. If you’re shopping around for the best currency exchange, read on to learn more about these two companies and how they compare.

We'll also address hidden cost in exchange rate markups, and introduce you an alternative Travel Card from Wise that could help you save on your international spending by offering currency conversions at mid-market rates.

What is Travelex?

Travelex is a well-known name in foreign exchange in Australia. They offer a wide range of services to residents, including:

• Selling foreign currencies
• Buying foreign currencies
• Travel money cards
• Insurance
• International SIM cards.

You can find physical Travelex stores at popular tourist locations and over 100 airports across 26 countries.¹

Travelex is great for both last-minute travellers and those who plan ahead. In addition to the stores, they offer online services so you can order currency anytime. By using Travelex, you can have access to more than 50 global currencies. They also have over 115 ATMs across Australia, making it easy to access your money.

In addition to foreign exchange, Travelex offers other services like travel insurance and international SIM cards. Travelex Australia discontinued its international money transfer service on March 31, 2024.¹

Our Review of Travelex 👉

What is Travel Money Oz

Travel Money Oz is a popular name in foreign exchange in Australia. Owned by Flight Centre Travel Group, a big name in the travel industry, Travel Money Oz offers a range of services for those going abroad or coming back from a trip. This includes:

• Selling foreign currencies
• Buying foreign currencies
• Travel cards
• International money transfers
• Insurance
• Travel tips

Travel Money Oz deals with over 60 currencies and has stores across Australia and New Zealand, making it easy to go to a store. The prepaid travel money card is a popular choice, letting you load up to ten currencies and swipe or tap when abroad. Plus, sending money internationally is quick and easy with them.

The Travel Money Oz travel money card is called Currency Pass. It is a prepaid travel money card that can be loaded with ten foreign currencies:

• Australian Dollars
• U.S. Dollars
• Euros
• British Pound Sterling
• New Zealand Dollars
• Canadian Dollars
• Hong Kong Dollars
• Singapore Dollars
• Thai Baht
• Japanese Yen

Travel Money Oz also offers travel insurance and helpful travel advice.²

Our Review of Travel Money Oz 👉

Travelex vs Travel Money Oz: Main Comparison

It's always good to compare options when you're travelling abroad. Here are general highlights of how Travelex and Travel Money Oz compare against each other for foreign exchange services:

While offering similar services, there are differences between the two companies. Identify what is most important to you - like the type of currencies available, ATM network or travel perks- to find the best option.

Travelex vs Travel Money Oz: Travel Money Cards Comparison

A prepaid travel money card has many benefits over using your debit or credit card abroad. It's easier to stay on budget by preloading the card, you can avoid volatile exchange rates and withdraw cash locally. Plus the cards work like a regular Visa or Mastercard, so you can swipe, tap or buy online with the cards - but with less fees.

Travel money cards also provide added security over bringing cash. You can keep your money on the card, rather than in your wallet or luggage where it can slip out or be stolen.

Travelex and Travel Money Oz both offer great travel money cards. To help make it easier for you to choose, here is how they compare.

Jump down to our section on fees to learn more about how much each card could cost you.

Travelex vs Travel Money Oz: Buying Foreign Cash Comparison

When travelling abroad, having local currency on hand is useful for giving tips, buying things at local markets or emergencies. Getting foreign cash means having to exchange your Australian dollars, which you can do before the trip or once you arrive. While many people use ATMs to withdraw local cash at their destination, you may feel more peace of mind picking up the foreign currency ahead of time.

Travelex and Travel Money Oz offer foreign exchange services, helping you convert your Australian dollars into the local currency you'll need.¹¹

Both companies offer the option to put the foreign cash on a travel money card instead, if you change your mind.

Travelex vs Travel Money Oz: Fees and Rates Comparison

When comparing Travelex and Travel Money Oz, you'll find they have a lot of similarities in what they offer, so choosing between them can be tricky. Sometimes the best decision can be the one with the lowest fees. Let's take a look at the fees to expect with Travelex and Travel Money Oz:

You can check the current rates for your desired currency on the Travelex or Travel Money Oz websites. Keep in mind that rates for cash transactions may differ from those for travel money cards, with card rates generally being more favourable. Travelex often offers better rates for transactions over $2,000 AUD.

The exchange rate you get on a currency conversion could be a large fee, too. Many providers, including Travelex and Travel Money Oz, set their own exchange rates which are usually higher than the mid-market rates you usually see on Google.

Don’t want to lose money to this hidden marksup? Take a look at the Wise Travel Card. Wise offers a low, transparent fee and mid-market rates on all currency conversions. That means no hidden markups when you exchange Australian dollars.

Travelex vs Travel Money Oz: What do Users Say

Often the people who know a company the best are the people that use it. Customer reviews provide insight into what the experience is like with the company and after you’ve purchased a product. When considering Travelex and Travel Money Oz, assessing their Trustpilot scores and reviews can be helpful.

Travelex has a TrustScore of 4.5 out of 5 based on 18,400 reviews. Customers have generally commended their convenient access, good customer service, easy ordering process, and smooth overall experience.¹³

Travel Money Oz has a TrustScore of 3.9 out of 5 based on 6,292 reviews. Customers have commended their professional services, smooth processes, competitive rates, and the convenience of ordering and delivery.¹⁴

Travelex vs Travel Money Oz: Which is better?

Now that you have a rundown of each company, how do you decide which is better? Both companies, Travelex and Travel Money Oz, offer similar services, including foreign currency exchange and prepaid travel cards. That being said, there are key differences.

Here are key ways the companies differ:

• Global accessibility: Travel Money Oz offers access to 60+ currencies compared to Travelex’s 50-currency range.
• International Money Transfers: Travel Money Oz offers international money transfer services, while Travelex discontinued this service in March 2024.
• International SIM Cards: Travelex offers international SIM cards, while Travel Money Oz does not.
• ATM Fees: Travelex generally offers free ATM withdrawals or has minimal fees, while Travel Money Oz may charge a fee for cash withdrawals in addition to any third-party ATM fees.

It’s recommended to shop around, do your research and find the company that suits your needs the best. But if you are looking for access to more of the world, a transparent exchange rate, low fees and a travel card with an award-winning app, we invite you to consider Wise as an alternative for your next trip.

Meet Wise: Your Smart Travel Money Card

Wise offers a convenient travel card and money transfer services that make managing your finances abroad a breeze. The Wise card lets you spend like a local in over countries, with

• Excellent exchange rates: Always get the mid-market exchange rate – the same one you usually see on Google – so you get the most out of your money.
• Low, transparent fees: Say goodbye to hidden charges and hefty markups. Wise keeps its fees low and transparent, so you know exactly what you're paying.
• Convenient card and app: Use your Wise card to swipe like a local in supported countries. Manage your money, track spending, and even freeze your card if needed, all through the Wise app .
• Cash withdrawals: Easily withdraw cash from supported ATMs abroad with low, transparent fees. But be mindful that ATM providers may charge their own cash withdrawal fees.
• International transfers: Send money abroad with the same mid-market exchange rates and low fees.

Get your Wise Card 🚀