5 BEST Travel Credit Cards To Use Whilst Overseas | NO FX FEES
TLDRThe video script discusses the importance of choosing the right card for international travel to avoid transaction fees. It highlights the Wise Travel Money Card for its multiple currency support and competitive exchange rates, and the Revolut card for its transparent mid-market rates and no fees structure. The HSBC Everyday Global Debit Card is recommended for unlimited fee-free ATM withdrawals, while the Bendigo Ready Credit Card offers zero annual fee and complimentary insurances. Lastly, the Qantas Travel Money Card is ideal for earning frequent flyer points without currency conversion fees, despite less favorable exchange rates.
Takeaways
- 💳 Choosing the right card for international travel is crucial to avoid transaction and ATM withdrawal fees.
- 🌐 The Wise Travel Money Card allows you to hold multiple currencies on one card with no hidden fees and offers competitive exchange rates.
- 🔄 Exchange rates vary between banks and service providers, with the midmarket rate being the fairest price for transactions.
- 💰 Wise offers the midmarket rate for all transactions, making it suitable for travelers spending in multiple currencies.
- 🏦 Revolut provides similar features to Wise, with slight differences in fees and exchange limits for different subscription plans.
- 💳 Both Revolut and Wise offer competitive rates but may fall short on ATM withdrawals compared to other options.
- 💳 The HSBC Everyday Global Debit Card offers unlimited ATM withdrawals without international transaction fees, but with less competitive exchange rates.
- 💳 The Bendigo Ready Credit Card has a $0 annual fee, no international transaction fees, and complimentary insurances, making it a great option for travel.
- 🏆 The Quantas Travel Money Card is ideal for earning Frequent Flyer points without currency conversion fees when paying via BPAY.
- 📊 It's recommended to carry at least two types of cards (travel or credit and debit) while traveling for optimal flexibility and financial protection.
Q & A
Why is it important to have the right card when traveling internationally?
-Having the right card when traveling internationally is crucial to avoid fees such as international transaction fees, ATM withdrawal fees, and hidden charges. The right card can also provide better exchange rates, which can save money during the trip.
What is a travel card and how does it work?
-A travel card is a financial tool that allows you to hold multiple currencies on a single card. It eliminates the need for multiple cards for different currencies during travel. You can use it for transactions, online shopping, or ATM withdrawals without worrying about hidden fees. The card automatically converts your spending to the nominated currency at competitive exchange rates.
What is the significance of exchange rates in relation to travel cards?
-Exchange rates determine how much of a foreign currency you get for your home currency. Different banks and service providers have their own exchange rates, which can vary. The midmarket rate, the fairest price, is what some travel cards like Wise offer for all transactions, ensuring travelers get the best possible value for their money.
What are the advantages of the Wise Travel Money Card?
-The Wise Travel Money Card offers multiple advantages including the elimination of hidden fees, the ability to hold multiple currencies on one card, and competitive exchange rates close to the midmarket rate. It also allows for up to two ATM withdrawals per month, up to a total of $350 AUD, without additional fees.
How does the Revolut card differ from the Wise card in terms of features and fees?
-Both Revolut and Wise offer competitive exchange rates at the midmarket level. However, Revolut provides different plans (Standard, Premium, and Metal) with varying benefits and fees. For instance, the Premium plan allows for higher monthly exchange limits and fee-free ATM withdrawals up to $700 AUD per month.
What are the benefits of the HSBC Everyday Global Debit Card?
-The HSBC Everyday Global Debit Card offers the benefit of unlimited fee-free ATM withdrawals without any limit on the amount withdrawn. Additionally, it provides 2% cashback on transactions under $100 made in Australia, making it a decent option for both international travel and domestic use.
Why might a credit card be preferred over a debit card for international travel?
-Credit cards often come with additional benefits that can enhance the travel experience, such as complimentary travel insurance, extended warranty, and the ability to dispute charges. They also typically offer better purchase protection and fraud protection compared to debit cards.
What are the key features of the Bendigo Ready Credit Card?
-The Bendigo Ready Credit Card offers a $0 annual fee forever, no international transaction fees, and a range of complimentary insurances including international travel insurance and extended warranty. It's designed to be cost-effective and beneficial for travelers.
How does the Qantas Travel Money Card reward its users?
-The Qantas Travel Money Card rewards users with 1.5 Qantas Frequent Flyer points per dollar spent, which is a higher rate compared to other cards. However, it's important to consider that the exchange rate may not be as competitive as other options.
What is the recommended strategy for managing finances while traveling?
-It is advisable to carry at least two types of cards while traveling: a travel card or a credit card for making purchases to ensure the best exchange rates, and a debit card for ATM withdrawals when cash is needed. This strategy provides a layer of protection for purchases and allows for easy dispute of fraudulent charges.
How can one maximize the benefits of travel cards and credit cards?
-To maximize benefits, travelers should understand the fees, exchange rates, and benefits associated with each card. They should choose cards that offer the best combination of low fees, competitive exchange rates, and valuable perks such as travel insurance and reward points for their specific travel needs and spending habits.
Outlines
💳 Best Cards for International Travel
This paragraph discusses the importance of having the right card when traveling internationally to avoid transaction fees, ATM withdrawal fees, and other associated costs. It introduces a list of the top five credit, money, and debit cards to use abroad, emphasizing no fee charges and better exchange rates. The Wise Travel Money Card is highlighted for its ability to hold multiple currencies and lack of hidden fees, offering competitive exchange rates. The concept of buy-sell spread and midmarket rate is explained, and the card's fees structure is detailed, including a £7 upfront cost and conditions for ATM withdrawals.
💳 Comparison of Travel Cards and Debit Cards
The paragraph compares the features of the Wise Travel Money Card and Revolut, noting similarities and differences in terms of fees and exchange rates. It explains how both cards offer mid-market rate exchanges but differ in their fee structures, with Revolut providing more details on exchange rates within its app. Revolut's three-tiered card plans (Standard, Premium, and Metal) are outlined, along with their respective benefits and fees. The paragraph also touches on the decreasing need for cash and the advantages of using cards that offer competitive rates and benefits for international travelers.
💳 Additional Card Options for Travel
This paragraph introduces additional card options for travelers, focusing on the HSBC Everyday Global debit card, which offers unlimited ATM withdrawals without international transaction fees. It contrasts the less competitive exchange rate of HSBC with that of Revolut and Wise. The paragraph then discusses the benefits of using credit cards while traveling, such as travel insurance and charge dispute capabilities, and highlights the Bendigo Ready credit card for its zero annual fee and complimentary insurances. An honorable mention is given to the Latitudes Global 28° Platinum MasterCard, and the Quantas Travel Money card is discussed for its frequent flyer points earning potential despite its less favorable exchange rate.
📌 Travel Card Recommendations
The final paragraph emphasizes the strategy of carrying at least two types of cards while traveling, such as a combination of a travel card, credit card, and debit card, to ensure optimal use of exchange rates and additional protection on purchases. The speaker shares their personal practice and advises viewers on the benefits of this approach. The video concludes with a call to action for viewers to like, subscribe, and watch more content for future international travel planning and free travel tips.
Mindmap
Keywords
💡International travel
💡Credit cards
💡Debit cards
💡Travel cards
💡Exchange rates
💡Midmarket rate
💡ATM withdrawals
💡Fees
💡Frequent Flyer points
💡Complimentary insurances
Highlights
The importance of having the right card for international travel to avoid fees such as international transaction fees, ATM withdrawal fees, and hidden fees.
The introduction of the Wise Travel Money Card, which allows holding multiple currencies on a single card, eliminating the worry of hidden fees.
Wise's feature of automatically converting spent amounts to the nominated currency at the best exchange rates, with no buy-sell spread.
The explanation of exchange rates, buy-sell spread, and midmarket rate, and how Wise offers the midmarket rate for all transactions.
The Wise Travel Money Card's fees structure, including a £7 upfront cost and conditions for free ATM withdrawals.
The comparison of Wise with Revolut, another card offering mid-market exchange rates and a detailed breakdown of its plans and fees.
The benefits of the HSBC Everyday Global Debit Card, such as no international transaction fees, no limit on ATM withdrawals, and 2% cashback on transactions under $100 in Australia.
The discussion on the use of credit cards while traveling, including benefits like complimentary travel insurance and the ability to dispute charges.
The introduction of the Bendigo Ready Credit Card with its $0 annual fee, no international transaction fees, and complimentary insurances.
The Latitudes Global 28° Platinum Mastercard as an alternative credit card option, with its core features and recent data breach issues.
The Qantas Travel Money Card as the best option for earning Qantas Frequent Flyer points without currency conversion or loading fees when paying via BPAY.
The comparison of the exchange rate offered by the Qantas Travel Money Card with other cards and its potential downside.
The recommendation to carry at least two cards while traveling, a combination of a travel card or credit card for purchases and a debit card for ATM withdrawals.
The suggestion to use a debit card for cash withdrawals and a credit or travel card for purchases to ensure the best exchange rates and protection on purchases.
The advice on how to maximize the benefits of different cards while traveling, such as using the best card for each type of transaction.
The conclusion that diversifying card usage provides an added layer of protection and convenience for international travelers.