Comparison of Westpac Travel Card vs Wise to help you decide which is better

Heading overseas? A multi-currency card can make travel smooth and easy. It lets you spend in local currency like locals do, withdraw cash from ATMs and avoid the headache of exchange rate fluctuations or converting cash. Australians who are going abroad have many travel card options to choose from, including the Westpac Travel Money card or the Wise Travel Money card.

Want to know how the cards compare? Read on to learn more about each card, the pros and cons, and how to decide the best card for you.

What is the Westpac Travel Money Card?

The Westpac Travel Money card is a prepaid travel card that lets you load up and spend in multiple foreign currencies. It's a smart way to make purchases internationally, whether abroad or buying online from a foreign website while at home. You can also use the card to withdraw cash in local currencies from ATMs worldwide.

How it works is that you have to activate a Westpac travel money card account and purchase foreign currencies to add to your card before you leave. You have 10 currencies to choose from and then you can swipe and tap using that card when you are abroad. A major perk of the card is that you avoid major fees like international transactions or load/reload fees with this card.

You can hold the following currencies on the Westpac Travel Money Card:

• Australian Dollar
• United States Dollar
• Euro
• British Pound
• New Zealand Dollar
• Canadian Dollar
• Japanese Yen
• Thai Baht
• South African Rand
• Singapore Dollar
• Hong Kong Dollar

Since you load and convert your Australian dollars in advance, it locks in the exchange rate and protects you from rate fluctuations. The card also offers perks like Mastercard Zero Liability protection, lounge access, rewards and cashback offers. If you’re a current Westpac customer who is heading abroad for a trip, considering the Westpac Travel Money card can be a good move.¹

What is a Wise Travel Money Card?

Wise offers a Wise Travel Money card that can be used globally in countries. You can use the prepaid card anywhere that Visa and Mastercard are accepted, including online. The card lets you load currencies, so you can shop like a local in more places around the globe, and withdraw up to $350 AUD a month at ATMs worldwide in 2 or less withdrawals - with low tranparent fees for any withdrawals above.

One of the best features of the Wise Travel Money card is that every time you convert money from Australian dollars to a foreign currency you get the mid-market exchange rate. That means no mark-ups on the rate you usually see on Google.

The Wise app lets you keep track of your purchases, make payments with your mobile and notifies you when the card has been used. Wise offers a digital card so you can get started loading up on the currency you need right away. There is a one-time fee of $10 AUD to order a physical card.²

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.

Westpac Travel Card vs Wise Travel Card: Main Comparison

Let’s see how the two cards compare side by side:

Both cards have attractive features. Westpac can make sense if you’re an existing customer, but the limited number of currencies available can be a roadblock. Wise offers added flexibility and no markups on mid-market exchange rates that can help save on currency conversions. In the next section, let’s look at the fees to expect with each card.

Westpac Travel Card vs Wise Travel Card: Fees and Charges

When it comes down to it, a holiday can cost enough on its own, you don’t want to lose money on fees or extra charges. Here is how the cards compare when it comes to fees.

Westpac’s Travel Money card offers free ATM withdrawals at Westpac Global Alliance ATMs, making it a convenient and cheap option if you have access to those ATMs. Wise allows you to have more flexibility with the number of countries and two free withdrawals from any ATMs globally but charges fees for a physical card, currency conversions and withdrawals above the limit.

For loading up on currencies, Westpac allows you to initially load your card with Australian dollars and then convert it to 10 other currencies. If you need to use the Westpac card outside of the 10 currencies, you will be charged a fee.

Wise, however, offers more flexibility, allowing you to load your card with multiple currencies upfront. This may seem small, but it adds ease when topping up with different currencies.

Wise offers one more unique advantage: the ability to receive foreign transactions in 23 currencies. This is super helpful when you’re travelling with family and friends and are splitting bills often. The same card also lets you receive foreign currencies when you’re home in Australia.

But one of the biggest differentiators between the Westpac Travel Money card and the Wise Travel card is the exchange rate you get - and one of them can save you money. Let’s delve deeper in the next section.

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.

Westpac vs Wise: exchange rates compared

First, some background on exchange rates. The exchange rate plays an important role when spending money overseas.

The Westpac Travel card uses the exchange rate published on the Westpac website, and they are updated regularly. The exchange rate will differ from the mid-market exchange rate. This markup is a hidden cost you get charged when loading and converting funds. ⁸

The Wise Travel card uses the mid-market exchange rate when you load and convert funds with low, transparent fees displayed upfront.⁹

Summary: Which is a better travel card for AU residents

Which is the better card to use? Let's go over the pros and cons of each card:

Pros of the Westpac Travel Card and Wise Travel Card

Cons of the Westpac Travel Card and Wise Travel Card

If you're planning a trip abroad, the Wise Travel Card might be a better bet than the Westpac Travel Card. Wise lets you use your card in more places with 40+ currencies and acceptance in countries. Plus, you'll usually get a better deal on the exchange rate.

With Wise, you get two free ATM withdrawals each month up to $350 AUD, while Westpac can get pricey if you rely on ATMs. Wise also lets you receive money in different currencies and even create virtual cards for online shopping – super handy for added security.

While Wise has some fees for getting your card, the overall flexibility and transparent no-fee exchange rates make it the smarter choice for travellers.

Get your Wise Card 🚀