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You can transfer NZD from your bank account to the card for free. It also has an app where you can track your spending, which is very helpful. It doesn't have any tricky fees - you pay NZ$14 for the card to be issued and posted to you, and then you get the best exchange rates and pay very low fees on each transaction. If you want a travel money card that is unbeatable, I suggest the Wise Debit Card I use it and swear by it. The traditional travel money cards that remain are not too different from those that have closed down. Both marketed themselves as being 'flexible', but I found their fees high. It isn't very pleasant, and I'd never use one for this and many other reasons.ĬOVID-19 saw the 'retirement' of two travel money cards (QantasCash and Kiwibank's offering), and I won't miss either of them. But traditional travel money cards arguably force you to waste time thinking about this and play their game. They typically ask me a similar question: should they lock in an FX rate now, leave it until later, or use their credit card? I don't particularly appreciate seeing people worry about fluctuations in the New Zealand dollar when they're overseas. I've met New Zealanders overseas who have mild anxiety about their travel money card, which distracts them from enjoying their journey. Picking the right card is important for easier travel. And I don't like most of what I see in terms of functionality. I'm wary of cards with 'load' fees, withdrawal fees, 'unsupported currency' charges, etc. Traditional travel money cards are meant to eliminate these fees, but they don't, and I think they do their best to find other ways to charge. New Zealanders holidaying overseas increasingly use a credit card to pay for purchases, but doing so attracts 1% to 3% FX fees on every transaction ( per our research). They promise simplicity, but I am not impressed by all the fees they charge. 'Unfortunately, traditional travel money cards have charged a 'travel tax' on New Zealanders exploring the world for far too long. Travel Money Card Frequently Asked QuestionsĪdvertising disclosure: We may receive a payment if you sign up for a card via MoneyHub - please read our advertising policy for more details.

Travel Money Cards vs Bank-Issued Debit and Credit Cards - What's Best?.

We believe Wise to be the best product on every front unlike traditional travel money cards, it o ffers the best rates for your NZD and doesn't charge a bunch of fees.

We see the travel money card market as being split between 'innovators' (Wise Debit Card) and 'traditional' providers (Travelex, Air New Zealand, Mastercard and Westpac).

Later, Travelex was close to going bankrupt after an accounting and financial scandal. Then, when COVID hit, travel money cards offered by Kiwibank and Qantas were promptly discontinued. Travelex was hacked in early 2020, locking people out of their digital wallets.

Traditional Travel Money Cards, as a product, have had issues.

Want to see how much you can save? Our video shows the difference in FX rates and fees between all five cards, and we suggest you make a quick comparison for your intended currency.

For this reason, we focus on Wise extensively in this guide, as we have an obligation to make the best option clear to every reader. In summary, we believe the most attractive option is Wise, with nothing else coming a close second.

We don't believe there is a 'runner up' as none of the other four cards available in New Zealand competes on exchange rates, fees or features.

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Based on our findings, the Wise Debit Card offers the best FX rates, and has more features and currencies to choose from. In fact, it's our favourite travel card full stop.Our research analysed the exchange rates offered by Travel Money Card providers for popular currencies (Euro, USD, Australian Dollar and the British Pound) and found a significant difference between Travel Money Cards by way of fees and foreign exchange rates.

But which one offers the best deal, and what are the fees? If you are about to leave New Zealand and go overseas for a holiday or an OE, using a Travel Money card might be a good option.

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