Commonwealth Bank Releases New Prepaid Travel Card

Information verified correct on May 31st, 2016
Commonwealth Bank's Travel Money MasterCard allows cardholders to convert their cash into foreign currency with a cheaper rate. Commonwealth Bank's Travel Money MasterCard allows cardholders to convert their cash into foreign currency with a cheaper rate.

Commonwealth Bank today released the new “Travel Money MasterCard’, the first card of its kind which allows consumers to fix up to 6 exchange rates for international travel.

The aim of the card is to help travellers organise their expenses when they’re overseas, as they can predict their costs and foreign currency fees with relative ease. It also gives Commbank customers the opportunity to take advantage of locking in cheaper exchange rates before they travel.

Executive Manager of Retail Products of Commonwealth Bank Michael Cant stated the card will improve the way travellers transact internationally.

Travel money card comparison

Rates last updated May 31st, 2016
Available Currencies ATM Withdrawal Fee Reload Fee Initial Load Fee
ANZ Travel Card
ANZ Travel Card
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD, AUD 3.50, CAD 3.00, EUR 2.20, GBP 2.00, HKD 20.00, JPY 260, NZD 4.50, SGD 4.00, THB 95, USD 2.50 1.1% of the value purchased $0 Go to site More
NAB Traveller Card
NAB Traveller Card
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD $0 per withdrawal on international ATMs and $3.75 per withdrawal at any Australian ATMs $0 $0 Go to site More
Multi Currency Cash Passport
Multi Currency Cash Passport
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD $0 for International ATM withdrawal and 2.95% of the amount withdrawn in Australia $0 $0 Go to site More
Travelex Travel Card
Travelex Travel Card
AUD, CAD, EUR, GBP, HKD, JPY, NZD, SGD, THB, USD Travelex does not charge an ATM withdrawal fee when you use your Travelex Multi-currency Cash Passport to withdraw currencies that are loaded on the card at overseas ATMs where MasterCard is accepted. The greater of 1.1% of the initial load / reload amount or AU$15.00 $0 Go to site More
Rates last updated May 31st, 2016
Currency Conversion Fee Monthly Inactivity Fee Multiple Currencies on One Card Maximum Load Amount
ANZ Travel Card
ANZ Travel Card
3% $3 Yes $80,000 Go to site More
NAB Traveller Card
NAB Traveller Card
4% $0 Yes $45,000 Go to site More
Multi Currency Cash Passport
Multi Currency Cash Passport
5.95% $4 Yes $100,000 Go to site More
Travelex Travel Card
Travelex Travel Card
5.95% AU$4.00 per month No $7,000 Go to site More

‘We are committed to offering services and products which make banking easy for our customers. The Travel Money Card is cost effective, accessible throughout the world and has the flexibility to load and transfer between multiple currencies, which has never been seen before Mr Cant said.

‘The Travel Money Card can be loaded with US dollars, British pounds, Euros, Australian, New Zealand and Canadian dollars so people don’t have the hassle of changing money at their destination and can better manage their spending given the card is prepaid and the currency locked in. ‘This is a great option for anyone who travels, from backpackers, business and seasoned travellers, or parents preparing their children for their first travel experience.

Executive Vice President of MasterCard Australasia Eddie Grobler claims the Travel Money Card will provide a solid global payment solution while overseas.

‘MasterCard prides itself on offering its customers convenience and peace of mind when it comes to travelling internationally, and that benefit is now extended to Commonwealth Bank Travel Money Card customers” Mr Grobler said.

‘A world first for MasterCard, travellers can now access multiple currencies on the single card and know the card will be accepted across MasterCard’s vast global network.

Key Travel Money Card features:

  • As it’s a MasterCard, it has worldwide acceptance where ever Visa or MasterCard are normally accepted.
  • No foreign purchase fees. A flat $3.50 ATM fee is imposed.
  • $200 minimum and $25,000 maximum funds for preloading. There is a flat $15.00 fee for adding funds.
  • Funds last up to 3 years. After this, any remaining balance expires on your behalf.
  • No interest accumulates on your balance, as it is technically a prepaid card, not a credit card.
  • Reload at any Commonwealth Bank bank branch, online, or via phone.
  • You receive an extra card for backup free of charge. If you lose it however, it’s a $60 fee for replacement.
  • You don’t need to be a Commonwealth Bank customer to receive a card. You don’t need a credit check or lengthy application either, mainly just an identity check.

What’s the difference between the Travel Money Card and a regular credit card?

Commonwealth Bank's New 'Travel Money Card'

When you make a purchase overseas on a regular credit card, you are often charged a flat 2-4% on your transaction amount. This is called a ‘foreign currency exchange fee’ or ‘overseas transaction charge’. Cash advances can be even more expensive.

A prepaid credit card allows you to add funds to your card at a flat fee. You have no access to borrowed money i.e ‘credit’, any money on a prepaid credit card is solely your own. Commonwealth Bank’s Travel Money Card is a prepaid credit card designed for travellers who want to cut costs on their international trips and provides a solid alternative to overseas credit card usage.

Credit Credit vs Travel Money Prepaid Card

The current foreign currency transaction fee for Commonwealth is 2.95%. The flat fee for preloading your Travel Money Card is $15.

Therefore, if you spent $509 on a Commonwealth Bank credit card overseas, you would have to pay $15 in foreign fees (2.95% of 509 = 15.0155).

In most scenarios, it’s unlikely someone will spend less than $509 in purchases overseas.

This demonstrates the dollar value of the Travel Money Card vs a regular Commonwealth card.

However, one of the risks of travelling is the unpredictability of expenses. You never know when you might suddenly run out funds, which is normally covered by having credit at hand.

If you constantly need to call up and transfer more funds to your Travel Money Card, that’s a flat $15 fee everytime.

If you don’t have any of your own funds left, then you may be in even more trouble. Carrying a credit card is general advice for travelling internationally.

The Commonwealth Bank Gold Card has a host of luxuries and overseas benefits, such as free international travel insurance. Find out more about the Commonwealth Bank Gold Card here.

The full Travel Money Card Product Disclosure Statement (PDS) can be viewed here.

For more information about credit card travel fees, view our foreign currency and international transaction table.

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3 Responses to Commonwealth Bank Releases New Prepaid Travel Card

  1. Default Gravatar
    Lyn | April 4, 2013

    Can I get a travel card on line? I bank with Westpac. How do I transfer funds from Westpac to CTB travel card?

    • Staff
      Jacob | April 4, 2013

      Hi Lyn. Thanks for your question. We currently do not offer the means to apply for this card through our website, you will have to visit the Commonwealth Bank page directly. This is what Commonwealth Bank had to say about reloading: ‘You can reload your card at any Commonwealth Bank branch or by calling the Travel Money Card Customer Service Centre and transferring funds from an eligible Commonwealth Bank account. You can also reload via BPAY® wherever you are, using internet or telephone banking. Simply use BPAY biller code 113167 and the 16 digit number on the front of your Travel Money Card as the customer reference number. Funds reloaded via BPAY may take two to three business days to appear on your card.’ Jacob.,

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