As part of my research for my upcoming overseas trip I was looking into prepaid cards.
Previously I have taken my normal cards because it was easy but this means I've paid the extra overseas ATM fees to withdraw funds. I've also had concerns about taking my normal cards linked to my normal accounts for security reasons, so I decided to investigate other options before this trip.
The best option I’ve found so far is the NAB Traveller Card.
You have to go into the bank to get one but I think it was worth it and I look forward to seeing how it works on my first trip using it. The only thing I wasn't expecting when I went to pick it up was I needed $50 cash to load on to it immediately as the minimum to collect one.
I wanted a prepaid card specifically to use for withdrawing cash rather than carrying lots of different local currencies with me.
Why I’ve chosen it:
Free to get (you need to load on at least $50 when you pick it up but you can then access that to spend when using it)
No initial load fee or re-load fees
No ongoing fees to keep it and use on subsequent trips
No overseas ATM fees charged by NAB (overseas ATM owners may still charge fees)
Load up to 10 different currencies (the South America currencies I need for my trip aren't included but I still thought this was the best card I could find to take to access cash whilst away):
Australian Dollars – AU$
US Dollars – US$
Great British Pounds – GB£
Euros – EU€
Canadian Dollars – CA$
New Zealand Dollars – NZ$
Japanese Yen – JP¥
Singapore Dollars – SG$
Hong Kong Dollars – HK$
Thai Baht – THß
Funds can be moved from one currency to another using NAB internet banking (exchange rates would apply)
Use at any ATM showing the Mastercard symbol to access cash (you can also use the online locator to find one)
Use for spending in any shop accepting Mastercard (you will pay a currency conversion fee on any currency 'spent' that is not loaded on to your card)
2nd back up card issued to you to keep separate to each other when travelling
Replacement cards will be sent out to you if needed wherever you are
CANSTAR chose NAB's Traveller Card as a winner of the 2016 Award for Outstanding Value Travel Money Cards.
If you are considering it please make sure you read all the details carefully to decide whether it is the right choice for you. I should also note that I've chosen it specifically for use when travelling outside Australia.
If anyone has used the NAB Traveller Prepaid Card and has feedback they’d like to share with me, please get in touch via the website or facebook.
Similarly, if anyone has found a better prepaid travel card please let me know.