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If you are planning to travel, study, or move to Australia and need a practical financial solution, finding the best prepaid card Australia is essential.
This type of multi-currency card functions as a digital wallet, allowing you to load money in Australian dollars or other currencies and spend until the balance is exhausted. It offers total control over your budget.
Identifying the best prepaid card Australia is not easy, as each provider offers a unique combination of limits, exchange rates, and benefits. While some fintechs stand out for their digital experience and near-market exchange rates, others, linked to major banks or currency exchange operators.
In this article, we will explore the most relevant options in Australia, comparing objective data so you can determine which is the best prepaid card Australia for your life.
The Main Prepaid Card Options in the Australian Market
1. Wise Multi-Currency Card (Best Prepaid Card Australia)
Wise, formerly known as TransferWise, is a fintech founded in London in January 2011 by Taavet Hinrikus and Kristo Käärmann.
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The company was born with the goal of reducing the high exchange rates charged by banks.
Today, it operates in over 70 countries and serves more than 14.8 million people, making it a strong contender for the title of best prepaid card Australia in terms of transparency.
The Wise Multi-Currency Card allows you to load an initial balance of up to $10k AUD and hold over 40 currencies.
The combined balance has no declared limit and can be easily transferred between currencies. The issuance fee is around $10 AUD. Wise stands out for using the mid-market rate with a reduced margin, which is around 0.42% for conversion.
Finally, ATM withdrawals are free up to $350 AUD per month, and after this limit, a 1.75% fee is charged. Reloading via bank transfer or bill payment is free, but credit card reloads may incur a small fee.
2. Revolut Travel Card
Revolut is a company that has 65 million customers and is valued at US$75 billion. It offers services ranging from accounts and currency exchange to stock trading. In fact, this is also a good student credit card in Australia.
The Revolut Travel Card Standard plan allows you to load a balance in over 30 currencies.
Furthermore, the transaction limit in Australia is around $50k AUD per year, subject to identity verification. The card has no issuance fee, and the exchange rate is zero cost up to the monthly limit of $350 AUD (or 1,200 EUR). After this limit, a 0.5% fee applies.
ATM withdrawals are free up to 5 withdrawals or $350 AUD per month. After that, a fee of $3 AUD plus 2% is charged. It is important to know that the free plan also offers two cost-free international transfers per month.
3. Cash Passport Platinum Mastercard (Best Prepaid Card Australia)
The Cash Passport Platinum is a multi-currency prepaid card operated by Mastercard Prepaid Management Services (MPMS).
As a rule, the card is distributed by partners such as Australia Post and currency exchange agencies, with the Cash Passport brand being an established product.
An interesting feature is that the card supports 10 currencies and allows you to load up to $100k AUD throughout the year.
The minmum reload is $100, with daily limits of $15k, $30k in 7 days, and $50k in 30 days. The issuance fee is free, and there is no conversion fee when the expense is made in the loaded currency.
It is also relevant to know that ATM withdrawal costs $3.50 AUD abroad and 2.95% of the value in Australian ATMs.
4. CommBank Travel Money Card
The Commonwealth Bank of Australia (CommBank) offers a CommBank Travel Money Card, which is an option that provides the security of a traditional bank.
Additionally, the card supports 13 currencies and has a loading limit of up to $100k AUD, with an initial minimum reload of $1. The issuance and reload fee via transfer are free.
However, there is a 3% conversion fee when spending is done in a non-loaded currency.
ATM withdrawal costs $3.50 per withdrawal. Furthermore, the card allows exchange rate lock and comes with a backup card.
5. Westpac Worldwide Wallet
Firstly, the Worldwide Wallet is their version of a prepaid travel card, offering two cards per account.
Initially, the card supports 11 currencies simultaneously. It does not charge monthly fees, nor reload or unload fees.
Account closure is also free. Withdrawals are free at Westpac network ATMs and global partners.
However, when the Mastercard exchange rate is used, a 2% margin applies. The card offers emergency withdrawals of up to $3k. Its rating on ProductReview is 1.7/5 across 147 reviews.
6. Travelex Money Card
Travelex launched the multi-currency card in the 2010s. The current Travelex Money Card replaces the old Cash Passport. S Money reports that Travelex has a good reputation, with a 4.4/5 rating on Trustpilot.
Firstly, the card has a maximum balance of $50k AUD and a maximum ATM withdrawal limit of $3k per 24 hours. It is noted that the minimum initial online load is $350 AUD.
It is worth noting that the issuance fee is zero when the card is purchased online, and online or in-app reloads in foreign currency are free.
Furthermore, the highlight is the unlimited and free withdrawals at ATMs abroad. The inactivity fee is $4 per month after 12 months without use, and card closure costs $10.
7. Travel Money Oz Currency Pass (Best Prepaid Card Australia)
The Travel Money Oz Currency Pass supports up to 10 currencies and allows loading between $20 and $50k AUD in-store or up to $10k via the website/app. The issuance fee is free.
It is worth noting that reloads are free via bank transfer or in-store, but card reloads have a 1.1% fee and via BPAY cost 1%.
Furthermore, overseas withdrawals vary by currency (e.g., USD 2.50, EUR 2.50), and withdrawing AUD in the country costs 2.95% of the value. Account closure costs $10.
8. Australia Post Travel Platinum Mastercard
Australia Post, the national postal service with roots dating back to 1809, manages postal and financial services.
Firstly, the Travel Platinum Mastercard is a multi-currency card operated in partnership with Mastercard.
It is important to know that the card supports 11 currencies and has a maximum balance of $50k AUD and a minimum reload of $100. The purchase fee is free.
It is worth noting that reloading AUD in-store charges a 1.1% fee, and via BPAY costs 1%. Withdrawals at Australian ATMs charge 2.95% of the value, and abroad cost $3.50 (or equivalent).
Comparison of Prepaid Cards in Australia
| Card | Currencies Supported | Max Balance Limit | Issuance Fee | Free Withdrawal |
| Wise Multi-Currency Card | 40+ | Not declared | ~$10 AUD | Up to $350 AUD/month |
| Revolut Travel Card (Standard) | 30+ | ~$50,000 AUD/year | Free | Up to 5 withdrawals or $350 AUD/month |
| Cash Passport Platinum | 10 | $100,000 AUD/year | Free | No |
| CommBank Travel Money Card | 13 | $100,000 AUD | Free | No (Charges $3.50/withdrawal) |
| Westpac Worldwide Wallet | 11 | ~$50,000 AUD | Free | Westpac/Global ATM Alliance Network |
| Travelex Money Card | 10 | $50,000 AUD | Free (online) | Unlimited (abroad) |
| Travel Money Oz Currency Pass | 10 | $50,000 AUD | Free | No (fixed fees) |
Conclusion
When looking for the best prepaid card Australia, the market is divided. On one hand, fintechs, such as Wise and Revolut, focus on exchange transparency and digital experience, making them ideal for those looking to spend in various currencies with the lowest conversion margins.
On the other hand, cards from major banks or currency exchange operators, such as Travelex and CommBank, offer the security of companies with long market presence.
Now that you know the details, limits, and costs of each of the ten most relevant options, compare your spending and travel needs, and simply choose the card.