Best Travel Cards For Australians (Top 11 Debit Cards Compared) + Sign Up Bonus
TLDRThe video compares 11 Australian travel debit cards to find the best and worst options for travelers. It focuses on exchange rates, fees, and real-world tests including ATM withdrawals and in-store purchases. The results show a 7.7% difference in rates between the best and worst cards, highlighting the importance of choosing wisely. The video also offers travel tips, such as avoiding airport currency exchange shops and selecting the local currency option at ATMs for better rates.
Takeaways
- 🧾 The video compares 11 Australian travel debit cards to find the best and worst options for travelers.
- 💰 The tests conducted included ATM withdrawals and in-person payments using the cards at locations in Tokyo.
- 💳 The best travel debit cards are suggested to be from everyday banks rather than specialized travel card providers.
- 🚫 It is not recommended to convert money to foreign currency before traveling due to unpredictability and potential fees.
- 📈 The card with the best exchange rate in the test was the ING Orange Everyday card, but it requires frequent transactions to maintain low fees.
- 📉 The ComBank Travel Money card had the worst exchange rate among those tested.
- 🎫 The 'kit kat' test was used as a measure for comparing transaction fees and conversion rates during in-person purchases.
- 🤔 A potential glitch with ING Direct's fees was noted, which may have affected its ranking.
- 🎁 Some cards offer welcome bonuses for sign-ups, such as Up Bank, Revolut, and Ubank.
- 📌 It is advised to use ATMs at large, well-known banks for better exchange rates and to avoid currency exchange shops at airports.
Q & A
What was the main purpose of the video?
-The main purpose of the video was to compare the best and worst Australian travel debit cards by testing them in Japan and analyzing their performance in terms of exchange rates and fees for ATM withdrawals and in-person transactions.
How many debit cards were tested in total?
-A total of 11 debit cards were tested in the video.
What were the two tests conducted to evaluate the debit cards?
-The two tests conducted were ATM withdrawals of 10,000 Japanese Yen and in-person payments for 11 Kit Kats to assess the fees and exchange rates applied to each card.
What was the conclusion regarding the best and worst travel debit cards?
-The conclusion was that the ING Orange Everyday card offered the best exchange rate, while the ComBank Travel Money card had the worst rate, with a 7.7% difference between them.
What was the advice given for converting money to a foreign currency before traveling?
-The advice given was not to convert money to a foreign currency before traveling, as it involves predicting future exchange rates and there will be fees involved. Instead, it is recommended to use the travel debit card for on-the-spot conversions during transactions.
How did the video address the issue of fees for using foreign ATMs?
-The video mentioned that some cards charge fees for using foreign ATMs, and these fees can be high, especially at smaller, privately-owned ATMs. It was suggested to use ATMs from big brand banks for better rates.
What was the significance of the 'kit kat' test in the evaluation process?
-The 'kit kat' test was used to compare how the conversion rates and fees added up for in-person transactions, providing a practical example of how the cards perform in real-world usage scenarios.
What was the advice on selecting the currency when prompted by an ATM or EFTPOS machine?
-The advice was to always select the currency of the country you are in, rather than your native currency, to avoid paying inflated rates for the privilege of paying in your native currency.
Which card fees were highlighted as being avoidable?
-The video highlighted that some travel prepaid debit cards, such as Cash Passport, Australia Post, and the TravelEx Money card, had acquisition fees, which could be avoided by choosing cards from Up Bank, UBank, Macquarie, and ING that offer free cards and delivery.
What were the welcome bonuses mentioned for signing up to certain cards?
-The welcome bonuses mentioned were $8 for Up Bank, $15 for Revolut after spending at least $1 in the first 14 days, and $20 for Ubank after making three transactions.
How did the video address the issue of airport currency exchange shops?
-The video advised avoiding currency exchange shops at the airport, as they often provide the worst exchange rates, even if they advertise the best rates of the day. Instead, it is recommended to use a travel debit card at an airport ATM for better rates.
Outlines
🌏 Exploring Australian Travel Debit Cards in Japan
This segment introduces the journey to Japan to evaluate Australian travel debit cards, focusing on identifying the best and worst options based on cash withdrawals and in-person payments. The comparison involves testing 11 debit cards by withdrawing 10,000 Japanese Yen from ATMs and purchasing Kit Kats to observe fees and exchange rates in real transactions. The video aims to provide a comprehensive overview of various cards' performance in terms of added fees for ATM withdrawals and in-person tap-to-pay transactions, offering viewers practical insights into choosing the most cost-effective travel debit card.
📊 Comprehensive Debit Card Test Results
This part details the outcomes of the debit card tests, ranking the cards from worst to best based on their performance in converting 10,000 Yen to Australian dollars. The ComBank Travel Money card ranked lowest, while the ING Orange Everyday card initially ranked highest until a subsequent review adjusted its position due to a fee rebate anomaly. The revised list showcases Up Bank as the top performer, emphasizing the importance of choosing cards without hidden fees or requirements. Additionally, the segment includes the 'Kit Kat test' for in-person transaction fees, revealing the most to least efficient cards for small purchases. The findings highlight significant percentage differences in conversion rates, underscoring the potential savings from selecting the right travel debit card.
🛠 Troubleshooting and Recommendations
This segment discusses challenges encountered during the testing process, such as issues with accessing the Australia Post Platinum debit card. It also advises against products like the Cash Passport, citing better alternatives like Up bank, UBank, and Macquarie that offer fee-free options. The narrator mentions considering the Suncorp debit card for future reviews due to its no-fee policy. Furthermore, common travel card pitfalls are outlined, including currency selection at ATMs and EFTPOS machines, ATM fee variances, and the high costs of airport currency exchanges. The video concludes with promotional offers from various banks, encouraging viewers to take advantage of referral bonuses and providing tips on avoiding unnecessary fees while traveling.
🎉 Final Thoughts and Call to Action
The final part wraps up the video with a recap of the main findings from the travel debit card comparison. It emphasizes the value of informed card selection for travelers, urging viewers to consider fee structures and exchange rates before making a choice. The narrator encourages audience engagement by asking for feedback on debit card experiences and promotes the use of referral links for bonus offers on sign-up. The conclusion serves as a call to action, inviting viewers to subscribe, like the video, and use the provided links to apply for the recommended travel debit cards, thereby fostering a community of informed and savvy travelers.
Mindmap
Keywords
💡Australian travel debit card
💡Exchange rates
💡Fees
💡In-person payments
💡ATM withdrawals
💡Currency conversion
💡TravelEx money card
💡ING Orange Everyday
💡UBank debit card
💡KitKat test
💡ComBank Travel Money card
Highlights
The video compares 11 Australian travel debit cards to find the best and worst options.
The testing process includes cashing out at an ATM and making in-person payments to assess fees and exchange rates.
The 'kit kat' test is used as a scientific method to compare conversions by purchasing 11 kit kats with each card.
Travel debit cards with 'travel' in the brand name often have higher fees due to marketing budgets.
It is not recommended to convert money to foreign currency before traveling due to unpredictability and fees.
The best travel debit cards come from everyday banks that don't advertise heavily but offer better rates and no extra fees.
ING Orange Everyday card came out on top in the test with the best exchange rate.
ComBank Travel Money card had the worst exchange rate among the tested cards.
The difference between the best and worst exchange rates was 7.7%.
ING Direct offers five ATM withdrawals rebate per month with certain conditions.
UP and UBank debit cards are preferred for their excellent rates and lack of minimum requirements.
TravelEx, Qantas, and ComBank travel cards are advised to be avoided due to high fees.
The kit kat test showed a 7.88% difference in exchange rates between the best and worst performing cards.
Australia Post Platinum debit card was not tested but is suspected to be similar to the Cash Passport card.
Suncorp debit card is mentioned as potentially a good option with no ATM or conversion fees.
When traveling, it's best to accept the local currency when prompted by an ATM or EFTPOS machine.
Avoid getting money exchanged at the airport for better rates; use an ATM instead.
Some travel debit cards offer welcome bonuses for signing up.
Detailed information about each card, including fees and benefits, is available in the linked article below the video.