Want to avoid exchange rates? Here's how to take money overseas

From travel cards to the best currency exchange services in Australia, this one-stop guide covers all the bases.

Want to avoid exchange rates? Here's how to take money overseas

By Carrie Hutchinson

Updated April 1, 2025, first published June 29, 2023

From travel cards to the best currency exchange services in Australia, this one-stop guide covers all the bases.

You've saved all year for your overseas holiday and now you've got to work out how best to carry those hard-earneds. Here are a few different ways to take your money with you.

Picture: Getty Images

A debit card: Nothing's easier than using your everyday card. If you travel a lot (or love an overseas internet purchase) your best bet is a card with no overseas transaction fees. Several banks have these: Citibank, Ubank, Bankwest, Macquarie, Suncorp and Up. Be aware though, the operator of a foreign ATM may charge you a fee.

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Another pro is you can link your card to your phone for ease of use. It adds an extra level of security because no one else ever has access to your card.

They say cash is king and you can use it just about everywhere.

Travel credit cards: Just as there are good debit cards for travelling, there are also credit cards that offer great benefits.

A good starting place for research is Canstar's annual travel credit card ratings and awards, which assess more than 200 credit and debit card products, says Josh Sale, Canstar's ratings manager.

"The research considered a range of costs associated with holding and transacting with a travel credit card, including account-keeping fees, annual fees, currency conversion fees, exchange rates and ATM fees," says Sale. "In some instances, the extent to which rewards points offset the costs of the card was also a consideration."

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The way an account could be opened and closed, customer support and security, and the robustness of any complimentary travel insurance offered were also assessed.

Travel money cards: There is a horde of travel money cards you can use overseas. A pro is that many, including the offerings from Wise and Revolut, allow you to add several currencies. Then it's a question of looking at set-up and closing fees, exchange rates and ATM fees. Wise has the lowest exchange rates, although a good all-rounder is the Travelex Money Card.

Cash: They say it's king and you can use it just about everywhere. Even card lovers often like to have some bills to use as tips and for small purchases. The trick is getting a good exchange rate.

"Most of the time, the rate you get, particularly at the airport, is nothing like the real rate you see online," says founder of S Money, Justin Rampono. He asserts that S Money is the only currency exchange service in Australia that gives the real rate, although it does charge a service fee, starting at $9 for orders under $500.

Like Travelex, S Money also allows you to order currency online, with the added benefit of being able to have it delivered, for a fee that starts at $19.

Otherwise, use your low-fee debit card to withdraw money on arrival. The big con with cash is safety - if it's lost or stolen, you can kiss it goodbye forever.