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Travel money vs debit card: What’s best to use while travelling?

When she set out on her overseas trip, she thought she was devoted — but then this traveller found a cheaper, more convenient alternative.

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Where should I go in Europe in February?

Dosh, dough, cabbage, coin, moolah … whatever you call it, it’s a great source of worry for many travellers, especially first-timers, when heading off overseas.

What’s the best strategy: travel card, credit card, cash or all three? Should you take your everyday debit card? And how can you ensure you’re not getting completely screwed?

Mo Money, Mo Problems, right?

From my first overseas trip to Bali when traveller’s cheques were still a thing to my latest trip to Stockholm, which is essentially operating in a cashless economy, I’ve tried many a money hack in the pursuit to keep fees down.

On an extended trip earlier this year, I thought I was devoted to my Qantas Travel Money card — exchanging into “wallets” for GBP, EUR and USD when the rates were favourable — but in the end, I ditched it for my everyday ING account.

The conversion rates were on par, if not better. There was no lag time between loading money and having access. And not only does ING waive international conversion fees (if you meet some simple requirements), while I was away, they started refunding any fees incurred from foreign ATMs.

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Which makes me wonder, are travel cards starting to go the way of traveller’s cheques? I decided to check in with finance guru, Scott Pape, aka The Barefoot Investor to get his take.

“For many years the banks’ travel cards offered fairly good ways to lock in your rates,” says Pape.

“There were no surprises; you go to the bank, you buy a certain amount of currency, they’d screw you on the rate, but you’re like, you know what, I can live with that. And recently what we’ve seen is a number of banks dropping their international currency conversion fees.”

Finder.com.au recently put everyday transaction accounts through their paces when it comes to spending abroad and found as well as the ING Orange Everyday Account, the HSBC Everyday Global Account, Citi Global Currency Account and NAB Classic Banking with Platinum Visa Debit Card all offer no foreign transaction fees, however there are a few conditions.

“People tend to get really focused on the currency rate that they get … what you need to be watching out for are the additional fees and charges that the banks will put on,” says Pape.

“If you’re with one of the big four and you’ve got an everyday transaction account or credit card, I’m probably not using that overseas.”

5 MORE TRAVEL MONEY HACKS FROM THE BAREFOOT INVESTOR

1. DON’T RELY ON CREDIT CARD TRAVEL INSURANCE

“It probably won’t cover you for the really big stuff. I would be looking independently at what gives me the best, most adequate cover to wherever I’m going.”

2. BOOK IN ADVANCE

“If you can book your holiday in advance, obviously you get better deals. But secondly, you actually have the anticipation of saying, in 12 months’ time I’m going to be in New York, in Bali, whatever, so you actually look forward to it and enjoy it more.”

3. LEAVE THE CREDIT CARD AT HOME

“A lot of people tell me, because I look like this anti-credit card guy, they can’t rent a car. I travel a lot, and I’ve never had that happen to me. Generally what they’ll do is hold a bond and then refund that bond. That can kind of suck but … as long as you budget for it, you’re going to be better off than if you spend a load of money on a credit card.”

4. DON’T EXCHANGE MONEY AT THE AIRPORT

“Only dumb rich people get money out at the airport. It’s like doing your grocery shopping at David Jones food court — not many people can afford to do that.”

5. KEEP SOME PERSPECTIVE

“People tend to get really freaking OCD about exchange rates. And you go, look dude, it’s like $7 that you’ve spent five hours researching for. Just relax and have a beer.”

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Obsessed with filling her passport with stamps, Celeste is on a mission to eat and surf her way around the world. Bali is almost a second home for this native Queenslander, but nowhere has impressed her quite like Oaxaca in Mexico (beaches and tacos, yes please!).

The Aussie comedian has travelled the world, and has a unique take on an age-old hotel quandary.

With the cost of living crisis hitting many Australians, it's becoming more challenging to have enough funds to pay for flights, hotel bookings or cruises upfront. So why aren't more of us embracing this booking method?

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The Barefoot Investor: The Only Money Guide You'll Ever Need

298 pages, Kindle Edition

First published November 22, 2016

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The Barefoot Investor: Edition 2

About this ebook.

THE ALL-TIME #1 AUSTRALIAN BESTSELLER

This is the only money guide you’ll ever need.

That’s a bold claim, given there are thousands of finance books on the shelves.

Yet there’s a reason this book is in one in every 20 Australian homes.

You’ll find out how to create an entire financial plan that is so simple you can sketch it on the back of a serviette ... and you’ll be able to manage your money in 10 minutes a week.

The Barefoot Steps stand the test of time. In this classic edition, you’ll get the skinny on:

• Saving up a six-figure house deposit in 20 months
• Doubling your income using the ‘Trapeze Strategy’
• Saving $77641 on your mortgage and wiping out almost 7 years of payments
• Handing your kids (or grandkids) a $140000 cheque on their 21st birthday
• Why you don’t need $1 million to retire ...with the ‘Donald Bradman Retirement Strategy’

Sound too good to be true? It’s not.

This book is full of stories from everyday Aussies—single people, young families, empty nesters, retirees—who have applied the Barefoot Steps, freed themselves from crippling debt and achieved amazing, life-changing results. And you’re next.

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About the author

SCOTT PAPE is the Barefoot Investor. Since 2002, he has reached millions of Australians through his email newsletter, national weekend newspaper columns and appearances on TV and radio. In 2014 Scott and his family lost everything in a bushfire...but what they did next— that’s the real story.

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The Barefoot Investor Kindle Edition

**This Classic Edition has been updated for 2022 and beyond**

THE ALL-TIME #1 AUSTRALIAN BESTSELLER

This is the only money guide you’ll ever need.

That’s a bold claim, given there are thousands of finance books on the shelves.

Yet there’s a reason this book is in one in every 20 Australian homes.

You’ll find out how to create an entire financial plan that is so simple you can sketch it on the back of a serviette … and you’ll be able to manage your money in 10 minutes a week.

The Barefoot Steps stand the test of time. In this classic edition, you’ll get the skinny on:

• Saving up a six-figure house deposit in 20 months
• Doubling your income using the ‘Trapeze Strategy’
• Saving $77641 on your mortgage and wiping out almost 7 years of payments
• Handing your kids (or grandkids) a $140000 cheque on their 21st birthday
• Why you don’t need $1 million to retire …with the ‘Donald Bradman Retirement Strategy’

Sound too good to be true? It’s not.

This book is full of stories from everyday Aussies—single people, young families, empty nesters, retirees—who have applied the Barefoot Steps, freed themselves from crippling debt and achieved amazing, life-changing results. And you’re next.

• Print length 279 pages
• Language English
• Sticky notes On Kindle Scribe
• Publisher Wiley
• Publication date 19 April 2022
• File size 10642 KB
• Page Flip Enabled
• Word Wise Enabled
• Enhanced typesetting Enabled
• See all details

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• Doubling your income using the 'Trapeze Strategy'
• Why you don't need $1 million to retire…with the 'Donald Bradman Retirement Strategy'

And you're next.

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• ASIN ‏ : ‎ B09YGYTL39
• Publisher ‏ : ‎ Wiley; 2 edition (19 April 2022)
• Language ‏ : ‎ English
• File size ‏ : ‎ 10642 KB
• Text-to-Speech ‏ : ‎ Enabled
• Screen Reader ‏ : ‎ Supported
• Enhanced typesetting ‏ : ‎ Enabled
• X-Ray ‏ : ‎ Enabled
• Word Wise ‏ : ‎ Enabled
• Sticky notes ‏ : ‎ On Kindle Scribe
• Print length ‏ : ‎ 279 pages
• 1 in Personal Finance Budgeting
• 2 in Professional Accounting
• 3 in Personal Money Management

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