Review of BNZ Travel Cards in NZ: Complete Guide for New Zealand residents
Considering BNZ's Travel Card for your upcoming travels overseas? Our guide cover all the features and benefits including caveats about the exchange rates.
If you are a New Zealand resident travelling overseas, you may be wondering how to make payments abroad. While debit and credit cards often allow for international transactions, these types of payments may also come with extra fees and markups.
The Travelex Travel Money Card lets you add balances in eight foreign currencies, and you can spend money as you travel. Learn more about the features and benefits of a Travelex Money Card and how it compares to a transparent and low-cost travel card like Wise.
What is a Travel Money Card? |
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A travel money card is a prepaid card that can be loaded with the currencies offered by the provider. It is an alternative to regular credit or debit cards for paying for purchases in the local currency when you travel abroad. Some travel money cards are also compatible with Google Pay and Apple Pay. |
The Travelex Money card is a travel money card that holds foreign currency balances in order to make purchases or get cash abroad. New Zealand residents can use the Travelex travel card when heading overseas for studies, a holiday or work. It can be used at millions of stores, restaurants and merchants that accept Mastercard worldwide, allowing you to pay in local currencies and avoid extra international transaction charges.1
The Travelex Money Card has many features that can help make your next trip abroad easy and convenient:
That being said, users should note the following when using their Travelex Money card2
The Travelex Money Card can be helpful when travelling, but compare it against other options like the Wise Travel Card, which offers transparent exchange rates with no markups.
The Travelex Money Card does not have built-in travel insurance benefits. However, New Zealand residents can purchase a Travelex Travel Insurance policy separately whenever they travel overseas.
The Travelex Money card is available in eight foreign currencies. To add money to your foreign currency balance, you will have to use the Travelex exchange rate to convert New Zealand dollars. Travelex NZ Mastercard Prepaid Management Service’s cost price plus a margin on exchange rate while converting currencies - which may be more expensive than the mid-market exchange rate you see on Google, and the one used by Wise.
Travelex does not charge withdrawal fees when you use the card to withdraw foreign currency cash at ATMs overseas. However, some operators may charge their own fees and set limits, so it's better to check with the ATM before using the card.
However, Travelex charges a 2.95% fee on domestic ATM withdrawals and POS transactions.3
Here is the Travelex travel card fee structure.3
Transaction Particulars | Fees or Charges |
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Initial Card Fee | Free |
Distribution Outlet Reload fee in New Zealand dollars | 1% of the initial load amount or 10 NZD, whichever is great. |
Distribution Outlet Reload fee in foreign currency | None |
Replacement card fee | Free |
Bill Payment Reload fee (charged by Mastercard) | 1% |
Additional card | 5 NZD |
International ATM withdrawal | Free |
Domestic ATM withdrawal | 2.95% |
Cash over the counter | Free |
Monthly Inactivity fee (applies when you have not used the card in the previous 12 months) | 4 NZD per month |
24/7 assistance | Free |
Travelex Money Card Closure Fee | 10 NZD |
Currency to currency foreign exchange rate | At the applicable foreign exchange rate |
Currency conversion fee (applies when the purchase/ATM withdrawal is in a different currency or if the balance is insufficient for the transaction) | Mastercard rate plus 4% of the transaction value |
Online reloads | At the applicable retail foreign exchange rate |
Travelex travel cards have specific limits and currency loading charges.3
Transaction Particulars | Limits |
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Number of cards you may hold in your name at any point | One, excluding the linked Additional Card provided at the time of the purchase |
Minimum amount for initial balance | 250 NZD |
Minimum amount to top up | 100 NZD |
The maximum amount you can load on an initial online purchase | 10,050 NZD |
Maximum amount for single online top-ups | 10,050 NZD per single top-up |
Maximum amount for top-ups within 24 hours | 10,050 NZD |
Maximum amount for total top-ups within 21 days | 25,000 NZD |
Maximum ATM withdrawal limit | 3,000 NZD |
Maximum balance allowed at one time across all currencies | 75,000 NZD |
Maximum amount you can load during a 12-month period | 75,000 NZD |
Maximum cash withdrawal in 24 hours | 400 NZD |
The Travelex Money Card is one option when considering a travel card for overseas spending. If you are considering a more flexible multi currency card, consider the Wise Travel Card. Here is how both cards compare:
Parameters | Travelex NZ Travel Card | Wise NZ Card |
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Available currencies - holding and exchange | 8 currencies | 40+ currencies |
Availability for spending | Almost all countries but in the designated available currencies | Pay in local currency in 160+ countries |
Initial Card fee | Free, subject to minimum load amount | One-time fee of NZD 14. |
Account Maintenance fee | None for an active card; NZD 4 per month after 12 months of inactivity. | None. |
Currency Exchange Rate | Set by Mastercard: service cost price plus margin on mid-market rate | Mid-market rate, which is the same as Google. |
ATM withdrawal fee | Free for International withdrawals; 2.95% for Domestic withdrawals. | Free for up to NZD 350 per month with 2 or less withdrawals; 1.75% + NZD 1.50 for every subsequent withdrawal. |
Receive payments | Not applicable | From 40+ currencies |
Withdraw funds back to the account | Allowed when you close the card account | Available to the linked accounts |
You can use your Travelex travel card in many different ways when making purchases abroad:
Signing up for a Travelex travel card is easy. You can order your card online and get the physical card delivered the next day. Alternatively, you can enter any Travelex store with the requisite documents and receive the card within minutes. There is no need for a membership or existing account.
Here are the steps for ordering a Travelex Money Card:4
Once you receive the card, download the Travelex Travel Money App from the App Store or Google Play. You’ll have to register under “My Account” online or in the app to activate the card. After activation, you can top up with foreign currencies and check your balance either online or through the mobile app.
You can use your Travelex travel card like your regular credit or debit card anywhere Mastercard is accepted. You can swipe or tap for in-store purchases. Contactless payments are capped at up to 200 NZD.
Keep in mind that the Travelex travel app is not supported on Google Pay and Apple Pay. If you want a multi-currency account that is tied to your existing Google or Apple Pay wallets, check out Wise.
With the Travelex Money Card, you can withdraw cash in foreign currencies when travelling overseas. International withdrawals through ATMs do not have ATM fees. However, the maximum withdrawal allowed in a 24-hour period is 3,000 NZD or its currency equivalent.
The Travelex Money Card is a prepaid card that New Zealand residents can hold and spend in eight foreign currencies. It lets travellers pay in local currencies and get free cash withdrawals from ATMs overseas. While it makes a great choice for certain trips, the smaller number of currencies, possibly high exchange rates and charges to close an account or for inactivity, makes shopping around a good idea.
As an alternative, we invite you you check out Wise Card lets you spend like a local in 40+ currencies with mid-market exchange rate. The Wise Travel Card offers flexible usage, more global currency options and connectivity to your Google or Apple Pay. The Wise card is accepted in over 150+ countries.
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.
Sources used for this article:
Sources verified on 1 June 2024.
*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.
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