UBank vs Wise card - Which is the better travel card to use overseas in Australia?

When traveling overseas, having the right card can make a big difference in how easily and affordably you can spend your money. Two popular options for Australian travelers are Ubank and Wise, both of which offer travel friendly cards with competitive features.

In this guide, we’ll compare Ubank and Wise to help you decide which one suits your needs best. We’ll break down their features, fees, and key benefits for international spending, all so you can travel with confidence knowing that you’re getting the best deal on your money.

What is Ubank?

Founded in 2008, Ubank was Australia’s first ever homegrown digital bank.¹ It operates under the banking licence of the National Australia Bank (NAB) and offers a range of services to personal customers, including savings accounts, spending accounts and home loans. Since they’re a digital bank, they have no physical branches, offering online and phone support instead.

Ubank Spend account

Ubank’s everyday transaction account is the Ubank Spend account.² It has no monthly account fees and comes with a Visa debit card, as well as the option to have instant access to various digital wallets before your card even arrives. You can use that Visa debit card to make payments and withdraw cash when you’re travelling, but more on that soon.

What is Wise?

A little younger than Ubank, Wise was founded in 2011 with the goal of making international money transfers cheaper, fairer and simpler. Today, Wise services are used by millions of personal and business customers around the globe, with more than 30 billion dollars moving every quarter.

Wise Account

The Wise Account is a multi currency account that supports sending and receiving payments in 40+ currencies. Once you have an account, you can order a Wise debit card, which can be used to make payments in 150+ countries. Wise also offers virtual cards which you can generate, freeze and replace at will.

Ubank vs Wise travel card: Main comparison

Now let’s start to delve into the nitty gritty and compare Ubank and Wise to see which might be a better travel card for you.

To start off, here’s an overview of how the main features for each account and the attached debit cards compare.

Ubank vs Wise - Fees and charges

When choosing which account to open or card to use during your travels, the fees and charges generally play a major part. You want to know exactly how much it’s going to cost to work out who’s going to give you the best value for your money.

Taking a look at Ubank vs Wise, here’s how some of the main fees compare.

*As seen on 18th Feburary 2025

Ubank vs Wise - Exchange rates

Another important factor to consider when choosing a travel card is the exchange rate you get, as hidden fees and margins can quickly add up! Just a 2% difference in rates can mean an extra $20 in charges for a withdrawal or payment worth $1000 AUD.

For their debit card transactions Ubank uses the Visa exchange rate.³ This means that when you’re using Ubank overseas or spending in a foreign currency, Visa converts that amount to AUD using their rate then debits the funds from your account.

To check the Visa rate you need to go to the Visa Australia website and input the transaction information.⁴ It’ll then display the current rate and percentage mark-up over the European Central Bank rate.

Wise on the other hand has a one-stop, easy and transparent approach to the exchange rate, giving you the fair mid-market rate with no hidden fees or mark-ups to worry about. Wise updates the rate in real-time while the trading market is open and you can check it anytime on the website or through the Wise app.

Which is a better travel card for AU residents?

In deciding which is a better travel card, it’s useful to weigh up the pros and cons of each account and card. To that end, let’s take a look at Ubank and Wise and see how they compare head to head.

Something else to consider is the ability to store multiple currencies in a Wise account. The benefit of this for travellers is that you can have your AUD stored there then convert it to the currency of the country you’ll be visiting when the exchange rate is good, saving even more. To make it easier, Wise has an inbuilt tool you can use to set up exchange rate alerts.

Choosing between Ubank and Wise

So which is the best travel card for Australian residents, Ubank or Wise? Well, that really depends on what kind of travel you do and where.

• The UBank Spend account and Visa debit card may be more suitable for holidaymakers in Australia and on short trips abroad. This is due to the low fees, free withdrawals, and Australia-focused benefits like free replacement cards within the country, it’s a good choice for those who prefer cash or occasional travel.

• The Wise account and Wise card could be best for long-term or frequent travellers. With local account details in major currencies like AUD, USD, GBP, and more, you can store and spend multiple currencies. Wise also lets you auto-convert funds when your desired exchange rate is met, helping you plan ahead and avoid fluctuating rates. This flexibility, coupled with mid-market exchange rate and no hidden fees, usually means you get the best value for your money. The option to generate virtual cards adds an extra layer of security, protecting your physical card details while transacting abroad.

If you’re intrigued by the Wise card then just sign up for a free Wise account—it only takes a few moments. Once you're set up, you’ll be ready to enjoy all the benefits of Wise in no time.

🚀 Get your Wise card today