A Travelex Money Card is a prepaid card that allows you to preload money onto your card in multiple foreign currencies which you can then use for purchases overseas when you travel wherever Mastercard is accepted.
The Travelex Money Card is very popular with travellers is New Zealand, but is a Tavelex Money Card really worth it compared to other travel money cards available these days or has it been knocked off its throne?
Summary:
Travelex Money Card dominnated the travel money card sector in New Zealand for many years but the emergence of new players such as Wise and Revolut have put both Travelex and the banks on notice, Air New Zealand has also introduced the OneSmart card, Mastercard launched Cash Passport and Westpac has the Global Currency card.
Our investigation shows that the Wise Travel Card offers the best exchange rate closely followed by Revolut and then Travelex. Of course you have to take into consideration the fees. We’ve found that the new players being Wise and Revolut both charge less currency conversion fees and offer much better exchange rates. What’s more these cards allow 50+ currencies compared to Travelex’s seven currencies.
You can read the full details of our analysis further below. We have also rated the cards below below based on our preference. The Wise Travel Card is our favourite follow very closely by the Revolut card. Our least favourite card is the Cash Passport from Mastercard.
Travel Money Card Ranking:
- Wise Travel Card (First place)
- Revolut (Close second place)
- Westpac Global Currency
- Travelex Money Card
- OneSmart Card
- Cash Passport
History of Travelex
Travelex is the largest foreign exchange company in the world and started by Lloyd Doftman in London 1976. Travelex has been operating in New Zealand since 1991 and is a very recognisable brand in New Zealand.
Travel Card Exchange Rate Comparison:
Our investigation suggests that the Travelex Money Card does not offer the best exchange rate compared to other Travel money cards as illustrated in the travel card exchange rate comparison below taken on the 28 of June 2024.
The Wise travel card saves you about 13 NZD on a $1,000 transfer compared to the Travelex Money Card and even better compared to some of the other travel money cards listed below. The Revolut card also has a very good exchange rate compared to Cash Passport, Travelex card, Westpac Global Currency and OneSmart card.
| Travelex Money Card: | 1,000 NZD = 594.80 USD |
| Wise Travel Card: | 1,000 NZD = 607.20 USD |
| Cash Passport: | 1,000 NZD = 586.30 USD |
| Westpac Global Currrency: | 1,000 NZD = 587.77 USD |
| OneSmart Card: | 1,000 NZD = 585.94 USD |
| Revolut Card: | 1,000 NZD = 606.12 USD |
Travel Card Fee Comparison:
The fee structure varies slighly for each card so we have listed some of the important fees below to help you compare the fees and charges. As you can see, aside from havng the exchange rate the Wise Travel Card also appears to charge less currency conversion fees (starting from must 0.33%) which makes up for their New card fee charge of $14 which most of the other Travel Cards do not charge.
Travelex Money Card Fees:
Below are some of the fees charged by Travelex for their Travelex Money Card at the time of this writing.
| New Card Fee | $0 |
| Account Funding Fee | The greater of 1.0% of the initial load/reload amount or $10.00 NZD. |
| Currency Conversion Fees | 4% on top of Mastercard exchange rate. |
| Foreign ATM Fees | $0 |
| Foreign Currency Transaction Fee | $0 (as long as you have funds in that currency) |
| Monthly Fee | $0 (or $4 if inactive for more than 12 months) |
Wise Travel Card:
Below are some of the fees charged by Wise for their Travel Card at the time of this writing.
| New Card Fee | 14 NZD |
| Account Funding Fee | $0 |
| Currency Conversion Fees | varies by currency and date. Example AUD = 1.65%, GBP = 1.25% and EUR = 1.16% |
| Foreign ATM Fees | $350 Free per month then 1.75% of transaction value |
| Foreign Currency Transaction Fee | $0 |
| Monthly Fee | $0 |
Cash Passport Card Fees:
Below are some of the fees charged by Mastercard for their Cash Passport at the time of this writing.
| New Card Fee | $0 |
| Account Funding Fee | $0 using bank transfer or Bill Payment |
| Currency Conversion Fees | 5.95% on top of Mastercard exchange rate |
| Foreign ATM Fees | Varies per currency. For example, 2 GBP in the UK |
| Foreign Currency Transaction Fee | $0 |
| Monthly Fee | $0 |
Westpac Global Currrency Card Fees:
Below are some of the fees charged by Westpac for their Westpac Global Currency Card at the time of this writing.
| New Card Fee | $0 |
| Account Funding Fee | $0 for direct bank transfer |
| Currency Conversion Fees | 2.95% of transaction value using Mastercard exchange rate |
| Foreign ATM Fees | $0 |
| Foreign Currency Transaction Fee | $0 |
| Monthly Fee | $0 |
OneSmart Travel Card Fees:
Below are some of the fees charged by Air New Zealand for their OneSmart Travel Card at the time of this writing.
| New Card Fee | $0 |
| Account Funding Fee | 1.5% using debit card |
| Currency Conversion Fees | 2.5% |
| Foreign ATM Fees | 3 Free withdrawals per month |
| Foreign Currency Transaction Fee | $0 |
| Monthly Fee | $1 NZD |
Revolut Travel Card:
Below are some of the fees charged by Revolut for their Travel Card at the time of this writing.
| New Card Fee | $0 |
| Account Funding Fee | $0 for bank transfer and NZ debit card |
| Currency Conversion Fees | 0% to 1.5% depending on amount and time of exchange |
| Foreign ATM Fees | $350 free then 2% of transaction value |
| Foreign Currency Transaction Fee | Unknown |
| Monthly Fee |
Other Fees to be aware about:
Some cards such as Travelex charge an account closure fee and many of the cards charge you more for using your card in New Zealand. If you have any money left over in a different currency and need to convert it back to NZD there is often a charge for that. This is one of the reasons why we like Wise and Revolut because you can keep your money in NZD and only convert it when you need it.
Although most travel cards don’t charge foreign ATM fees the local ATM you could charge you a fee. You can try and avoid these fees by using ATMs owned by large banks.
Number of Currencies:
Travelex allows you to load up to 10 currencies on to your card which is great but if you are planning to tavel the world especially through Asia that might not be sufficient. The new players including Wise and Revolut allow you to convert into 40+ currencies. See below for the number of currencies you can convert into for each travael card.
How to Use the Travelex Money Card Effectively
If you already have a Travelex Money Card the tips below can help you better take advantage of your Travelex Money Card.
Loading Currencies
To make the most of your Travelex Money Card, start by loading it with the currencies you will need for your travels. You can load up to 10 different currencies, giving you flexibility and control over your spending. Use the Travelex Money App or the online portal to load or reload your card quickly and conveniently.
Managing Your Budget
One of the key benefits of the Travelex Money Card is the ability to manage your travel budget effectively. By pre-loading your card, you can lock in exchange rates and avoid fluctuations. This helps you stick to your budget and prevents overspending. Regularly check your balance and transaction history through the app to keep track of your spending.
Using ATMs Abroad
With the Travelex Money Card, you can withdraw cash from ATMs abroad without incurring any additional fees. This makes it easy to access local currency whenever you need it. Always ensure you use ATMs from reputable banks to avoid any potential issues. If you encounter any problems, the 24/7 Global Travel Assistance is available to help.
Customer Reviews and Feedback on Travelex Money Card
User Experiences
Many users have shared positive experiences with the Travelex Money Card, highlighting its convenience and ease of use. Travellers appreciate the ability to preload multiple currencies, which simplifies transactions abroad. Additionally, the absence of ATM withdrawal fees is frequently mentioned as a significant advantage.
Customer Support
Customer support for the Travelex Money Card receives mixed reviews. While some users report prompt and helpful assistance, others have experienced delays in resolving issues. It is advisable to contact customer support well in advance of your travel dates to ensure any potential problems are addressed.
Overall Satisfaction
Overall, the Travelex Money Card garners a favourable rating from users. The card’s security features, such as chip and PIN protection, contribute to a sense of safety while travelling. However, some users have noted that the exchange rates offered by Travelex are not always the most competitive.
Frequently Asked Questions about Travelex Money Card
Is the Travelex Money Card safe to use?
Yes, the Travelex Money Card is designed with multiple security features, including a chip and PIN, a signature panel on the back, and options to freeze and unfreeze your card if you misplace it or detect unusual activity. Travelex has been hacked on the eve of 2020 resulting in many customer being able to access their money but these things can happen to any company these days.
How much does a Travelex Money Card cost?
The initial card fee is free, subject to minimum load amounts. However, there are fees associated with different types of transactions, the currency used, and when you move currencies on your card. Limits also apply to top-up amounts and methods.
What currencies can I load onto the Travelex Money Card?
You can load up to 10 major currencies onto the Travelex Money Card, allowing you to lock in exchange rates before you travel.
Are there any ATM withdrawal fees with the Travelex Money Card?
No, there are no ATM withdrawal fees when using the Travelex Money Card overseas, making it a cost-effective option for accessing cash abroad. But keep in mind the local ATM could impose their own fees.
How does the Travelex Money Card compare with other travel cards?
The Travelex Money Card offers several advantages, such as no ATM withdrawal fees and generous withdrawal limits. However, it may not always offer the best exchange rates compared to other travel cards such as Wise and Revolut.
Can I use the Travelex Money Card online?
Yes, the Travelex Money Card can be used for online purchases wherever Mastercard is accepted, making it a versatile option for both in-store and online transactions abroad.
For more information and tips to help you choose the best credit card in NZ, visit our website Credit Cards Compare.
