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.
The popular bank Westpac offers a Global Currency card for New Zealand residents travelling abroad. The card is similar to a travel money card, which lets you hold and spend money in foreign currencies abroad like a local. It can be used online, in-store, and at ATMs worldwide. Learn more about the Westpac Global Currency Card and how it works, plus see if the Wise Card can actually help you save money when overseas.
What is a Travel Money Card? |
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A travel money card is a prepaid multi-currency card that allows travellers to spend in foreign currencies when travelling abroad. Depending on the provider and where you travel, you can pay in the local currency with a travel card. Travel cards can be used online or in-person at shops, restaurants or wherever the card is accepted. Some travel cards also offer free ATM withdrawals or can connect with your Google Pay or Apple Pay. |
Westpac, a trusted bank and financial services provider, offers the Westpac Global Currency Card. This travel money card lets New Zealand residents spend like a local abroad without worrying about exchange rate fluctuations or currency markup charges. It's a prepaid multi-currency card that can be loaded with nine currencies, including the NZ dollar.
The Westpac travel card is convenient and has no monthly purchase requirement or bank transfer load fees.1
The Westpac Travel Card has numerous benefits that can make spending money overseas seamless:
While the Westpac travel card does not charge any foreign transaction fee, there is a currency conversion fee when you make a transaction in a currency not loaded on it or when the balance is insufficient to complete the transaction. Check out the section below to learn more about applicable fees.3
If you are looking for a travel card that covers more of the world, try the Wise Travel card. It lets you spend in over 40 different global currencies, including Indian rupees, Mexican pesos, and UAE dirhams.
Westpac travel card does not have in-built travel insurance. However, you can purchase a separate travel insurance policy from Westpac to cover your travel expenses.
Some Westpac credit cards offer built-in travel insurance that covers ticket cancellations, flight delays, lost baggage, accidents, and personal injury.
Westpac sets its own exchange rates for different currencies for the travel card. The rates can be found on the Westpac Global Currency Card website.
Since Westpac has its own rates, they can often be higher than the mid-market exchange rate you see on Google or Reuters. This can make converting from New Zealand dollars to another currency more expensive.4,5
Looking for a way to save on high exchange rates? Wise uses the mid-market exchange rate on all transactions, which can mean having more in your balance for your trip.
Westpac travel cards do not have any fees when you use the card for cash withdrawals at ATMs overseas. However, there is a fee when withdrawing cash within New Zealand.
Transaction Particulars | Fees applicable |
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International ATM withdrawal (outside New Zealand) | Free, but some ATM operators may charge fees independently. |
Domestic ATM withdrawal fee | 4 NZD per withdrawal |
Also, some ATM operators may independently charge fees.5
Westpac charges specific fees and has limits on how much you load. Read them over before signing up to make sure you are aware of certain restrictions or costs: 6
Limit Type | Limit |
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The maximum number of Westpac travel cards you can hold in your name at any one time | One |
The maximum amount you can load/reload on your card | 25,000 NZD or currency equivalent |
The maximum amount you can load/reload using a debit card in 24 hours | Any 24 hours - 15,000 NZD |
The maximum amount you can load/reload using a debit card in a 7-day period | 30,000 NZD |
The maximum amount you can load/reload using a debit card in a 30-day period | 60,000 NZD |
The maximum amount you can load/reload by bank transfer | 25,000 NZD |
The maximum amount you can withdraw for an ATM in any 24-hour period | 3,000 NZD or currency equivalent |
The maximum value of POS transaction in any 24-hour period | 15,000 NZD or currency equivalent |
The maximum balance it can hold at any one time across all currencies | 75,000 NZD |
The maximum amount you can load across all currencies during a 12-month period | 75,000 NZD |
The minimum amount you can load or reload on the card | 10 NZD or currency equivalent |
Though the Westpac travel card has no issuance fees, other fees apply:
Fee Type | Fee Amount |
---|---|
Initial card issuance fee | Free |
Replacement card | Free |
Bank load transfer fee | Free |
Debit card load fee | 1.5% of the load amount |
Monthly account inactivity fee | Free |
Cash out unload fee | Free |
24/7 Global Emergency Assistance fee | Free |
Currency conversion fee (This fee applies when you have an insufficient balance on your card and funds are automatically converted from another currency to complete the transaction OR when you use the card in a currency different from what you have loaded.) | MasterCard Rate plus 2.95% of the transaction value |
The Westpac travel card is a convenient travel money card for NZ residents, especially if you are travelling to countries where currencies are offered and already hold accounts at the bank.
However, Wise offers an excellent alternative with its Wise Travel Card, which provides travellers with low fees, the actual mid-market exchange rate and access to more global currencies.
Here is how the two cards compare:
Parameters | Westpac Travel Card | Wise Travel Card |
---|---|---|
Eligibility | NZ residents (available in AU as well) | Available in supported countries globally, including NZ and AU |
Available currencies for holding and exchange | 8 currencies | 40+ currencies |
Initial Card Fee | Free | One-time NZD 14 fee. |
Account Maintenance Fee | None | None |
Exchange Rate | Mastercard rate plus 2.95% of the transaction value. | Mid-market rates |
ATM withdrawal fees | 4 NZD for domestic withdrawals; Free for international 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 | Only reloading is allowed | From 40+ currencies |
Withdraw funds back to the account | Available when you close the account | Available to the linked account |
You can use your Westpac travel card overseas at ATMs and merchant establishments that accept MasterCard. Signing up for a Westpac travel card is easy. Here’s how to get started:
New Zealand residents who are 18 years and over can apply for the Westpac Global Currency Card online at the official Westpac website.7
Using your Westpac travel card is easy because it works like a regular debit card at merchant establishments, online, and ATMs.8
Your Westpac travel card cannot be used at merchant establishments that do not accept MasterCard. It also does not work across geographical regions currently affected by US sanctions, such as Cuba, Iran, North Korea, Sudan, Syria, Crimea, Donetsk, and Luhansk.
You can withdraw cash from ATMs overseas like you use your debit cards. However, the ATM must accept MasterCard and ensure you have your PIN set up.
The Westpac travel card is an easy-to-use and simple way to make transactions in the countries where the foreign currencies offered are accepted. With low fees and convenience online, the travel card can be a good option if you have an existing debit or credit card that has high international transaction fees. However, the exchange rates for the Westpac Global Currency card can be high which means less money in your balance, and many major global currencies are not offered.
If you want flexibility with low fees and easy payments, we invite you to check out Wise Card. Wise offers currency exchange at mid-market rates and 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 2 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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