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Wise Vs CommBank Travel Money Card Comparison

Updated: Oct 10, 2024, 10:10am

Editorial note: Forbes Advisor Australia may earn revenue from this story in the manner disclosed here . Read our advice disclaimer here .

Table of Contents

Wise vs commbank: what’s the difference, which is better: wise debit card or commbank travel card, wise vs revolut: summary of services and pricing, bottom line: wise vs commbank travel card, frequently asked questions (faqs).

If you’ve been searching for a travel card to take away on your next holiday abroad, chances are you’ve come across Wise (previously known as TransferWise) and Commonwealth Bank’s Travel Money Card.

So how do you decide which one is best for you? Forbes Advisor Australia took a close look at each of the bank’s offerings to help you decide, including their pros and cons, as well as the stand-out features of each.

Related: Wise vs Revolut 2024 Comparison

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Research from consultancy group EY shows that 79% of Australian respondents are still primarily tied to a traditional bank.

That’s why it’s no surprise that Commonwealth Bank, the biggest of the Big Four , is offering its own travel card in a bid to shoulder their way into the travel card sector.

The banking and capital markets leader for EY , Tim Dring, says Covid-19 “significantly accelerated what was an already growing appetite for digital banking solutions and more personalised online product and service offerings”.

That’s where Wise comes in. While it’s only been around since 2011 (launching in Australia in 2016), it has already gained more than 10 million customers worldwide thanks to its versatility and ease of use.

Both Wise and Commonwealth Bank are also regulated by the Australian Securities and Investments Commission (ASIC).

Related: How To Buy Shares In Commonwealth Bank

There are a number of factors to consider when looking at a travel card. For sake of clarity, Forbes Advisor Australia has chosen to compare each of the offerings based on the following factors:

• Ease of use, including eligibility;
• Cost of card and replacement card costs;
• Any associated account-keeping fees;
• Number of currencies available;
• Currency conversion fees;
• ATM fees and limits;
• Exchange rates; and
• Availability of overseas bank details.

Our side-by-side comparison of the offerings provided by the Wise Debit Card and the CommBank Travel Card are shown in the table below.

There are a range of differences between the two travel cards. To begin with, the Wise card can be used both as a banking card (with international bank accounts that can send money seamlessly to other international bank accounts), while the CommBank Travel Card is specifically related to travel.

The CommBank Travel Card also has a limited number of currencies, while Wise has more than 40. However, the CommBank Travel Card is available to Australians aged 14 and over, which can make it a great option for teenagers heading abroad and wanting to take care of their own finances—whether the holiday is with family or on a school trip.

Let’s take a closer look at the pros and cons of each card:

Pros and Cons of Wise

• Local accounts in different currencies
• Ability to spend in 40+ currencies
• Mid-market exchange rate
• Immediate transfers from AU bank accounts can be more costly
• Cost for card and card replacements
• Only available to 18+

Pros and Cons of CommBank Travel Card

• Available to those aged 14 and over
• Immediate and free transfers from Commonwealth Bank accounts
• No card ordering fee nor replacement card fee
• Limited currencies
• Can’t send money overseas
• $3.50 AUD charge for every ATM withdrawal, plus any applicable ATM fees

While both products received low average scores on ProductReview, there were also some positive individual reviews of both Wise and CommBank. Wise users called the card a “must have travel accessory” and noted that it offers “the best FX fees by a margin”.

For CommBank Travel Card customers, many said it was “exactly what they needed” while travelling, and that transfers between Commonwealth Bank accounts to the CommBank Travel Card were “seamless”.

It’s important to note that these ratings were not from a large number of reviews, and therefore should be weighed up among a range of other factors.

Overall, the Wise card may be better for those looking to be paid in different currencies or send money abroad while travelling, while the CommBank Travel Card may be more convenient for those needing a safe option to spend their funds abroad, especially when they are under 18 years old.

Are both Wise and CommBank Travel Cards available in Australia?

Yes, both cards are available in Australia and can be ordered to Australian residential addresses. The banks are also both regulated by the Australian Securities and Investments Commission (ASIC).

How many currencies can you have on the CommBank Travel Money Card?

There are 13 currencies that you can load onto your CommBank Travel Money Card:

• Australian Dollars (AUD)
• Canadian Dollars (CAD)
• Chinese Renminbi (CNY)
• Emirati Dirham (AED)
• Euros (EUR)
• Great British Pounds (GBP)
• Hong Kong Dollars (HKD)
• Japanese Yen (JPY)
• New Zealand Dollars (NZD)
• Singapore Dollars (SGD)
• Thai Baht (THB)
• United States Dollars (USD)
• Vietnamese Dong (VND)

Is Wise or CommBank better for travelling Europe?

When it comes to travelling through Europe, both Wise and CommBank can be great options: after all, CommBank’s Money Travel Card includes both the Euro and GBP. However, there are many countries in Europe that don’t use the Euro, such as Croatia, Poland, Denmark, Czechia and more.

With Wise, you are able to load all of the currencies of the above countries onto your Wise card, therefore making it a more seamless travel card for trips in Europe that are outside the Eurozone.

Revolut is a direct competitor of Wise and a popular choice for those looking to travel Europe (and/or receive money to international bank accounts). You can read our comparison of Wise vs Revolut here .

Which is cheaper for travelling: Wise or CommBank?

Whether Wise or CommBank turns out to be “cheaper” for your holiday will largely depend on where you are going and how you will be spending your money. For example, if you plan to only visit the United States and won’t be taking cash out, the CommBank Money Travel Card could be more suitable for you seeing as it has USD as an available currency and doesn’t cost any money to order.

On the other hand, if you were needing to make frequent withdrawals, the $3.50 AUD charge at every ATM (plus any applicable ATM charges) could quickly add up—as could the changing interest rate determined independently by Commonwealth Bank. Plus, if you were then to travel to South or Central America where other currencies are used, you’d be charged a high currency conversion fee.

Alternatively, for those travelling to a wide range of destinations, and looking to both send and receive money in different currencies, Wise could end up being a more cost efficient option despite the $10 fee for the card. It has more currency options and therefore allows for more flexibility, and its mid-market exchange rate means you know you are getting a fair deal based on what the major banks are offering.

Related: Wise Personal Account Review

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Sophie Venz is an experienced editor and features reporter, and has previously worked in the small business and start-up reporting space. Previously the Associate Editor of SmartCompany, Sophie has worked closely with finance experts and columnists around Australia and internationally.

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The most popular travel money cards compared

We look at which cards have the lowest fees and offer the most currencies..

Fact-checked

Checked for accuracy by our qualified fact-checkers, verifiers and subject experts. Find out more about fact-checking at CHOICE .

Need to know

• Travel money cards are debit cards you can load with foreign currencies and use for purchases and cash withdrawals overseas
• They’re offered by banks, airlines and financial services, but they vary in terms of fees, available currencies and exchange rates
• We look at the best travel money cards, including those that offer the lowest fees and most currencies

Planning a trip overseas and wondering how you'll pay for things when you get there?

Travel money cards have long been one of the most popular spending solutions for Australians heading to foreign shores.

Here, we explain what travel money cards are and how they work. 

And, if you think some prepaid plastic could suit your next journey, we've compared the most popular options on their fees, obligations and whether they support the currencies of the destinations Aussies visit most.

It's worth noting that in some cases  exchange rate margins for travel money cards can be high and   a no-fee debit card is often a better option (although beware – the debit cards from the major banks are not a good option for overseas use). 

On this page:

What is a travel money card?

Travel money cards pros and cons, how we compare travel money cards, the travel money card with the lowest fees, the travel money card supporting the most currencies, travel money cards compared, tips for using a travel money card.

A travel money card is a card you can load with money in different currencies. You can then take it overseas and use it like a regular debit card to spend and withdraw money in those currencies.

These prepaid cards are offered by banks, airlines, foreign exchange retailers and other financial institutions.

All the common cards we're comparing here are operated by either Mastercard or Visa, so you'll be able to use them wherever you can use most debit or credit cards.

You can load a travel money card with multiple currencies at the same time and manage it via a connected app or website, allowing you to top up your balance or convert it into different currencies on the go.

Things to watch out for

Loading up on a currency before you go overseas can mean you'll prevent exchange rate volatility playing havoc with your holiday budget, but all travel money cards still come with fees.

Different cards also support different currencies, so make sure you choose one you can use in the destinations you'll be visiting.

Each provider also charges different rates for converting the money on your card into different currencies and these exchange rates can fluctuate and change day-to-day. Finally, most card providers set a minimum amount you have to put onto your card when you first load it or when you're topping it up.

CHOICE tip : Unless you plan to use one in Australia or travel overseas often, travel money cards are better suited for longer trips. They usually won't be worth getting if you're only taking a one-off short trip, as some come with fees for closing or inactivity.

• You can avoid exchange rate fluctuations disrupting your budget during your trip by preparing spending money before you go.
• You can have money to use in multiple countries on the same card.
• You won't have to risk using cards linked to your Australian bank account overseas.
• You can avoid the likely multiple conversion fees you'll have to pay if you take Australian Dollars (AUD) or an Australian card from one of the major banks to spend with overseas.
• You won't have to carry large amounts of cash.
• You might have to pay fees to open and close your account or get the card.
• You'll likely be charged for ATM withdrawals, topping up or exchanging money on your card.
• The currency of the country you're visiting may not be supported by any travel money cards.
• A travel money card won't be useful if you can't access ATMs or card payment facilities in your destination.

CHOICE tip : Some  debit  and  credit cards  issued by Australian banks can also make good overseas spending solutions. If you already use one of these at home, you could be better off taking it overseas instead of getting a travel money card. 

We look at the most popular travel money cards and show which ones will charge you fees for:

• opening an account
• getting access to a card
• loading money onto your card
• exchanging money on your card into a different currency
• making ATM withdrawals
• not using the card for a period of time
• cashing out or closing the card.

When a card charges you for any of these actions, we tell you how much it'll set you back.

Then, we tell you the minimum amount you'll have to load onto your card every time you want to put money on it.

After that, we look at how many currencies you can load each card with.

All the cards listed here support the currencies of popular destinations including New Zealand, the UK, the USA, Thailand, Europe and Japan, as well as AUD. But  some are unique for letting you load the legal tender of other popular travel spots, such as Indonesia and Fiji.

Finally, it's worth noting that two of the newer products listed here (Wise and Revolut) can also be considered multi-currency accounts.

We've included them here because they market themselves as travel money cards and perform the same functions as their more traditional competitors.

Commonwealth Bank Travel Money Card 

This card only charges users in one instance: $3.50 for ATM withdrawals overseas. However, it's only available to Commonwealth Bank customers.

Wise Personal Account

This card lets you hold, spend in and convert between 47 currencies.

Any % charges outlined below are levied against the value of the transaction you're performing. Any dollar value charges are in AUD.

We've left off the fees you'll incur if you perform a transaction in a currency you haven't already pre-loaded.

Image: Australia Post.

Australia Post Travel Platinum Mastercard

• Loading: $5 if using a debit card online, 1% if using BPAY, 1.1% if loading AUD instore. Free methods, including bank transfer, are available.
• ATM withdrawals: 2.95% within Australia, $3.50 or local currency equivalent overseas.
• Cash out/closing: $10

Minimum load:  $100

No. of currencies supported:  11

Image: Cash Passport.

Cash Passport Platinum Prepaid Currency Card

• Loading: 1.1% or $15 (whichever is greater) instore, 0.5% if using a debit card online. Free methods, including bank transfer and BPAY, are available.
• ATM withdrawals: 2.95% within Australia, various charges overseas, depending on the local currency.
• Cash out/closing: $10 if done manually, free online.

Minimum load: $100

No. of currencies supported: 11

Image: Commonwealth Bank.

Commonwealth Bank Travel Money Card

• ATM withdrawals: $3.50 in local currency equivalent overseas. 

Minimum load:  $50 when you first load the card, $1 for subsequent top-ups. Money must be loaded from another Commonwealth Bank account.

No. of currencies supported : 16. The only card we looked at supporting the Fijian Dollar, one of only two supporting the currencies of China and Vietnam, one of only three supporting the currencies of Indonesia and India.

Image: Qantas.

• Account opening and card access: $99.50 if you're not a Frequent Flyer member. Free for Frequent Flyer members.
• Loading: 0.5% if using a debit card. Free methods, including bank transfer and BPAY, are available.
• ATM withdrawals: Various charges overseas, depending on the local currency.

Minimum load : $50

No. of currencies supported : 11

Image: Revolut.

Revolut Standard Account

• Physical card delivery: $4.99
• Loading: 1% if using an Australian credit card, 2–2.25% if using a foreign credit or debit card. Free methods, including bank transfer and Australian debit card, are available.
• Exchange: Up to 1.5% after $2000 has been exchanged in a month, depending on the time the exchange occurs.
• ATM withdrawals: 2% or $1.50 (whichever is greater) after you've made five withdrawals up to $350 in a month.

Minimum load : None

No. of currencies supported : 34. One of only three cards we looked at supporting the currencies of Indonesia and India.

Note: We've previously seen Revolut offer better exchange rates on popular currencies than most other travel money cards.

Image: Travel Money Oz.

Travel Money Oz Currency Pass

• Loading: Initial load online or instore is free. Up to 1.1% if reloading using Travel Money Oz app or website, 1% if using BPAY. Free reload methods, including bank transfer and instore, are available.

Minimum load : $20

No. of currencies supported : 10

Image: Travelex.

Travelex Money Card

• Loading: 1.1% or $15 (whichever is greater) when loading AUD instore. Instore loads of other currencies are free. 1% if using BPAY and not via the Travelex website or app. Free methods, including via the Travelex app or website, are available.
• Inactivity: $4 per month if you haven't used the card in 12 months. No fee if card balance is zero.

Minimum load

• $350 when first loading the card online or via the app ($100 if done in-store)
• $50 for subsequent top-ups

No. of foreign currencies supported : 10

Image: Wise.

• Card access: $10
• Loading: Free for AUD, but various fees for some other currencies.
• Exchange: From 0.33%, depends on currency and amount being exchanged.
• ATM withdrawals: 1.75%, plus $1.50 after you've made two withdrawals of up to $350 in a month.

No. of foreign currencies supported : 47. One of only two travel money cards we looked at supporting the currencies of China and Vietnam, one of only three supporting the currencies of Indonesia and India.

Note: We've previously seen Wise offer better exchange rates on popular currencies than most other travel money cards.

CHOICE tip : If a travel money card charges you for using another card or BPAY to load it, see if bank transfer is an option. This is often free.

• Make sure the places where you're planning to use your card have card payment facilities or ATMs.
• Make sure the card supports all the currencies you'll need (also consider stopovers).
• Compare the exchange rates offered by different cards for the currencies you'll be loading.
• Try to load your card with the right currencies and amounts on days with good exchange rates, to make the most of your money.
• Make sure you can reload your card overseas in case you run out of funds while travelling.
• It may be more convenient to choose a card that has an app that can be linked to your bank account.
• Be aware of fees you may be charged for making ATM withdrawals.
• Avoid loading more money than you'll need, as some cards charge you to get your balance back.
• Remember to cancel the card once you're finished your trip, as some cards charge inactivity fees.
• Be mindful that you still may need a credit or bank debit card, as travel money cards may not be accepted as security for hotels and car rental agencies.

Stock images:  Getty, unless otherwise stated.

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