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Travel Hacks: The benefits of a prepaid travel card

20th May 2019
When planning an international holiday, purchasing and carrying your foreign currency can often be quite daunting, not to mention confusing. We admit it’s not the sexiest part of your holiday plans, but it is by far one of the most important. No cash, no holiday - simple. 
 
We’ve got you covered when it comes to understanding currency fluctuations, with plenty of information on exchange rate forecasting for all the major currencies. With that out of the way, let’s have a chat about how to carry your cash, and why a prepaid travel card like the Travel Money Oz Currency Pass is your best bet when it comes to using foreign currency overseas. 
 
 
Prepaid travel cards are separate to your bank and are specifically built for travellers. Just like your regular card, they can be tapped, swiped and inserted with pin protection to ensure you have access to your money when you need it. There are quite a few available across the market, but we think the Currency Pass is perhaps the snazziest (read: best) of all the options. 
 
We have compiled a list of all the benefits you can take advantage of with a Currency Pass, and give you insight into why you should be using a prepaid travel money card for your next holiday. 
 

Security - the Currency Pass isn’t linked to your bank account

If your card falls into the wrong hands, you can rest assured knowing they won’t have access to your bank account and funds at home. 
 

Safety - pin protected and easily cancelled

Should the above scenario occur, you can easily cancel your card to ensure your hard-earned travel funds are as protected as possible. Likewise, if you lose your card, you can put it on hold until you find it, or organise an emergency cash pickup from Western Union locations across the globe. That way you won’t be left high and dry in another country without access to your money. 
 

Lock in your rate

Lock in your exchange rate the day you load your card*. In other words, if the Aussie dollar is riding high you can load your Currency Pass and take advantage of the bonza rate the whole time you are on holiday. 
 

Avoid carrying around cash

This one is pretty simple - cash has a higher risk of theft. While many countries are still cash-based societies, you don’t want to be taking huge wads of it overseas. Instead, split your budget so you have 60% of your travel money on a Currency Pass and 40% as cash. 
 

It’s accepted wherever Mastercard is...

… and Mastercard is pretty much everywhere. You won’t have to stress about your card being declined by vendors or ATMs. 
Load multiple currencies onto the card 
Planning a trip where you’ll need a few currencies? No stress, you can load up to 10* currencies onto you Currency Pass including USD, GBP, EUR, NZD, CAD, HKD, JPY, SGD, THB and AUD. Better yet, when you’re in the country it will automatically know which currency to use, e.g. it will withdraw GBP when you’re paying for a pint in a London pub, and euro’s when you’re indulging in a croissant or six in Paris. 
 

Free to get with no monthly fees

The card itself is free and only has a minimum load of $20. Plus, you won’t be charged any fees for inactivity when you aren’t using it. 
 

You’re spending your own money 

Your money, your way. Before travelling you can pre-load the card and reload on holiday when necessary - no credit, no overdraft. This makes it easier for you to budget and takes away the stress off coming home to a huge credit card bill. 
 

Easy reload on app or portal 

You can reload anywhere at any time via bank transfer, debit/credit card or BPAY via our app or online portal. Just keep in mind BPAY can take up to four business days to have the funds accessible in your account, so don’t leave reloading until the last minute. 
 

Track your transactions

The Travel Money Oz app also allows you to track your spending and check your balance. Knowledge is power, right?
 
 

Set rate alerts

You can set rate alerts for your preferred currency on the Travel Money Oz portal. Simply let us know what your ideal rate is, and we’ll let you know if and when it hits. From there you can load funds on your card and lock in the great rate. 
 

Designed for travellers

If the above points haven’t already made it obvious,  prepaid travel cards are designed for travelling. Using a Currency Pass will also unlock a wide variety of Priceless experiences with Mastercard. Care for a pub tour in London, helicopter ride in Paris or discounted tickets to a Vegas show? Priceless has got you covered. 
 

No international transaction fees

When you use your bank card overseas you could be charged a fee every time you transact because you are essentially spending Aussie Dollars. The Currency Pass is already loaded with your preferred currency, so you don’t have to account for the extra fees. 
 
When travelling we recommend you take a mixed wallet. We want to ensure you are prepared for every situation by having a mix of currency options available. Obviously, this will vary from country to country, but your best bet is to aim for the following mix:
  • 60% of your budget available on a Currency Pass
  • 40% of your budget converted to cash
  • Credit card available for emergency situations and hotel and car hire pre-authorisation or bonds.
 
Sound good? You can purchase your Currency Pass online or in any of our 120+ stores across Australia. Don’t forget to grab your cash as well!
 
Before leaving, it’s also worth wising up on some Currency Pass tips and tricks to ensure you are making the most of your travel money overseas. 
 
Mastercard Prepaid Management Services Australia Pty Ltd (ABN 47 145 452 044, AFSL 386 837) arranges for the issue of the Currency Pass in conjunction with the issuer, Heritage Bank Limited (ABN 32 087 652 024, AFSL 240 984).
You should consider the Product Disclosure Statement for the relevant product available at Travel Money Oz's website before deciding to acquire the product. Any advice does not take into account your personal needs, financial circumstances or objectives and you should consider if it is appropriate for you. Mastercard® and the Mastercard Brand Mark are registered trademarks of Mastercard International Incorporated. Exchange rates for initial loads and subsequent reloads made using methods available via Travel Money Oz's website will be set at the prevailing exchange rate set out at Travel Money Oz's website at the time of your request, provided you settle the transaction within four hours. Different exchange rates apply for loads initiated using other methods. If you initiate a load or reload other than via Travel Money Oz's website, the exchange rate applied will be the prevailing exchange rate at the time the payment is processed and the funds are received into your facility. For more information on how exchange rates are set and applied, please see the Product Disclosure Statement.
This blog is provided for information only and does not take into consideration your objectives, financial situation or needs.  You should consider whether the information and suggestions contained in any blog entry are appropriate for you, having regard to your own objectives, financial situation and needs.  While we take reasonable care in providing the blog, we give no warranties or representations that it is complete or accurate, or is appropriate for you.  We are not liable for any loss caused, whether due to negligence or otherwise, arising from the use of, or reliance on, the information and/or suggestions contained in this blog.