Travel Money 101 - the Mozo guide to jetset spending
Almost as exciting as booking your idyllic holiday, high-flyer biz trip or irritatingly long stay in some exotic location is the exciting world of currency conversion. Hold on to your hats, as Mozo cruises through the four basic ways to spend money overseas.
Looking for a travel credit card? Check out below.
Travel Credit Card Comparison Table - last updated January 23, 2021
American Express Qantas Discovery Card
Receive up to 1.75 Qantas Points for every $1 spent on Card purchases (T&Cs apply). No annual fee for the life of the card. T&C’s apply. Mozo Experts Choice Qantas Frequent Flyer Credit Card Winner 2020^.
purchase rate
annual fee
balance transfer rate
20.74% p.a.$0No current offerQantas Discovery Card
Receive up to 1.75 Qantas Points for every $1 spent on Card purchases (T&Cs apply). No annual fee for the life of the card. T&C’s apply. Mozo Experts Choice Qantas Frequent Flyer Credit Card Winner 2020^.
- purchase rate
- 20.74% p.a.
- annual fee
- $0
- balance transfer rate
- No current offer
- Points per $ spent
- 0.75 points per dollar on Amex, uncapped
- Spend req Syd-Mel flight*
- Spend $10,667 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 44
- Rewards program
- Qantas Frequent Flyer
- Bonus points
- Earn 0.5 Qantas Points per $1 spent at government bodies, earn 1.75 Qantas Points per $1 spend on selected Qantas products and services.
- Flight options
- All rewards are redeemed via Qantas Frequent Flyer.
- Expiry
- Never
- Points earning
- 0.75 points per dollar on Amex, uncapped
- Points required
- 8000 points buys a Qantas Sydney-Melbourne flight
110400 points buys a Qantas Sydney-London flight
18770 points buys a Myer $100 Gift Card
- Interest rate on cash withdrawals
- -
Read our Mozo Review to learn more about the Qantas Discovery Card
American Express Velocity Platinum Card
Receive 50,000 bonus Velocity Points when you apply online, are approved and spend $3,000 on your new Card within the first 3 months. New Card Members Only Enjoy a complimentary domestic return flight with Virgin Australia to selected cities, each year after your first card spend. Credit Card Provider of the Year in the Mozo Experts Choice Awards 2020 ^.
purchase rate
annual fee
balance transfer rate
20.74% p.a.$375No current offerVelocity Platinum Card
Receive 50,000 bonus Velocity Points when you apply online, are approved and spend $3,000 on your new Card within the first 3 months. New Card Members Only Enjoy a complimentary domestic return flight with Virgin Australia to selected cities, each year after your first card spend. Credit Card Provider of the Year in the Mozo Experts Choice Awards 2020 ^.
- purchase rate
- 20.74% p.a.
- annual fee
- $375
- balance transfer rate
- No current offer
- Points per $ spent
- 1.25 points per dollar on Amex, uncapped
- Spend req Syd-Mel flight*
- Spend to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 55
- Rewards program
- Velocity Frequent Flyer
- Bonus points
- Earn 0.5 Velocity Points per $1 spent at government bodies, earn 2.25 Velocity Points per $1 spend on selected Virgin Australia products and services.
- Flight options
- Redeem Velocity Points with Virgin, Air New Zealand, Etihad Airways, Singapore Airlines and other partners - currently unavailable.
- Expiry
- Never
- Points earning
- 1.25 points per dollar on Amex, uncapped
- Points required
19500 points buys a Myer $100 Gift Card
- Interest rate on cash withdrawals
- -
Read our Mozo Review to learn more about the Velocity Platinum Card
NAB Qantas Rewards Signature Card
NABs fastest way to earn Qantas Points. 130,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.
purchase rate
annual fee
balance transfer rate
19.99% p.a.$395 $295 in the first year0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)Qantas Rewards Signature Card
NABs fastest way to earn Qantas Points. 130,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.
- purchase rate
- 19.99% p.a.
- annual fee
- $395 $295 in the first year
- balance transfer rate
- 0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)
- Points per $ spent
- 1 point per dollar on Visa, up to $5,000 per month, then
0.5 points per dollar on Visa, up to $20,000 per month
- Spend req Syd-Mel flight*
- Spend $8,000 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 44
- Rewards program
- Qantas Frequent Flyer
- Bonus points
- Bonus points on selected Qantas products and services, including eligible Qantas flights.
- Flight options
- All rewards are redeemed via Qantas Frequent Flyer.
- Expiry
- Never
- Points earning
- 1 point per dollar on Visa, up to $5,000 per month, then
0.5 points per dollar on Visa, up to $20,000 per month
- Points required
- 8000 points buys a Qantas Sydney-Melbourne flight
110400 points buys a Qantas Sydney-London flight
18770 points buys a Myer $100 Gift Card
- Interest rate on cash withdrawals
- 21.74% p.a.
Read our Mozo Review to learn more about the Qantas Rewards Signature Card
Virgin Money Virgin Australia Velocity Flyer Card - Purchase Rate and Balance Transfer Offer
0% p.a. for 6 months on balance transfers and 0% p.a. for up to 14 months on purchases. Pay only half the annual fee in the first year and enjoy an exclusive $129 Virgin Australia Gift Voucher yearly.
purchase rate
annual fee
balance transfer rate
20.74% p.a.$129 $64 in the first year0% p.a. for 6 months and then 20.99% p.a.Virgin Australia Velocity Flyer Card - Purchase Rate and Balance Transfer Offer
0% p.a. for 6 months on balance transfers and 0% p.a. for up to 14 months on purchases. Pay only half the annual fee in the first year and enjoy an exclusive $129 Virgin Australia Gift Voucher yearly.
- purchase rate
- 20.74% p.a.
- annual fee
- $129 $64 in the first year
- balance transfer rate
- 0% p.a. for 6 months and then 20.99% p.a.
- Points per $ spent
- 0.66 points per dollar on Visa, up to $1,500 per month, then
0.5 points per dollar on Visa, uncapped
- Spend req Syd-Mel flight*
- Spend $11,818 to earn
- Foreign exchange margin
- 3.30%
- Intro rate
- 0% p.a. for 14 months
- Interest free days
- 55
- Rewards program
- Velocity Frequent Flyer
- Bonus points
- -
- Flight options
- All rewards are redeemed via Velocity.
- Expiry
- Never
- Points earning
- 0.66 points per dollar on Visa, up to $1,500 per month, then
0.5 points per dollar on Visa, uncapped
- Points required
- 7800 points buys a Virgin Australia Sydney-Melbourne flight
119600 points buys a Velocity partner Sydney-London flight
21800 points buys a Myer $100 Gift Card
- Interest rate on cash withdrawals
- 20.99% p.a.
Read our Mozo Review to learn more about the Virgin Australia Velocity Flyer Card - Purchase Rate and Balance Transfer Offer
- Apply By February 2, 2021
American Express Qantas Ultimate Card
Receive 100,000 bonus Qantas Points plus $200 back when you apply by 2 February 2021, are approved and spend $3,000 within 3 months of Card Membership. Available to new Card Members only. Mozo Experts Choice Qantas Frequent Flyer Premium Credit Card Winner 2020^. T&C’s apply
purchase rate
annual fee
balance transfer rate
20.74% p.a.$450No current offerQantas Ultimate Card
Receive 100,000 bonus Qantas Points plus $200 back when you apply by 2 February 2021, are approved and spend $3,000 within 3 months of Card Membership. Available to new Card Members only. Mozo Experts Choice Qantas Frequent Flyer Premium Credit Card Winner 2020^. T&C’s apply
- purchase rate
- 20.74% p.a.
- annual fee
- $450
- balance transfer rate
- No current offer
- Points per $ spent
- 1.25 points per dollar on Amex, uncapped
- Spend req Syd-Mel flight*
- Spend $6,400 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 44
- Rewards program
- Qantas Frequent Flyer
- Bonus points
- Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2.25 Qantas Points per $1 spend on selected Qantas products and services.
- Flight options
- All rewards are redeemed via Qantas Frequent Flyer.
- Expiry
- Never
- Points earning
- 1.25 points per dollar on Amex, uncapped
- Points required
- 8000 points buys a Qantas Sydney-Melbourne flight
110400 points buys a Qantas Sydney-London flight
18770 points buys a Myer $100 Gift Card
- Interest rate on cash withdrawals
- -
Read our Mozo Review to learn more about the Qantas Ultimate Card
Foreign exchange
Also known as:
- forex
- FX
- currency conversion
- exchanging your almighty Aussie dollars for handfuls of lesser currencies
In a nutshell: Banks, foreign exchange sorts (or 'bureaux de change'), and various other finance types such as Travelex and American Express will take your Aussie dollars and convert them into another currency. Most major currencies are available including US Dollars, Euros, Pounds, Yen, Hong Kong Dollar, Yuan, New Zealand Dollars.
The pros:
- Forex is as quick and simple as currency conversion gets
- Many institutions offer highly competitive foreign exchange rates and low fees
The cons:
- Carrying large amounts of cash is not always the savviest travel-money tactic
- Many institutions offer highly uncompetitive foreign currency rates and/or big, hidden fees
The final word: It's always handy to have local currency before you touch down in a foreign country, and forex can be great for that first few hundred dollars.
Compare foreign exchange rates now.
Travel money cards
Also known as:
- cash passports
- pre-paid travel cards
- pre-paid travel money cards
- international plastic
In a nutshell: You load up the cash passport with the currency (or currencies) of your choice such as USD, Pounds, Euro, NZD, and then take it out to restaurants, shops, and exotic, foreign ATMs to make purchases and withdraw cash.
The pros:
- Travel money cards are as convenient as foreign currency gets
- You enjoy all the security of pin-number protection
The cons:
- There's an irritating charge to recover remaining funds after your holiday
- A sneaky foreign exchange margin can make it expensive convenience
The final word: You'll want to balance the cost of loading the prepaid card up - including the margin - as well as withdrawals and closing the card against the convenience of having a local card anywhere in the world.
Compare prepaid travel cards now.
Travel credit cards
Also known as:
- globe-trotting plastic
In a nutshell: Some credit cards sting you with massive overseas transaction fees and miserable forex rates. You want the best travel credit cards that are accepted everywhere yet don't have the international price tag - and all those lovely rewards points and bonuses.
The pros:
- Travel credit cards can offer great currency conversion and global flexibility
- Many rewards credit cards offer frequent flyer bonuses such as free insurance and purchase warranties
The cons:
- A hefty annual fee attached to some of the best travel credit cards
- You might return home to a pile of jetset debt
The final word: Regular travellers are most likely to benefit from a travel credit card deal, while occasional holidaymakers should weigh up the cost of a frequent flyer credit card against the benefits they'll get to enjoy.
Compare travel credit cards now.
Travel debit cards
Also known as:
- travel cash cards
- travel transaction accounts
- your everyday account facing the big wide world
In a nutshell: These days, travel debit cards are accepted everywhere their credit-card cousins are, plus you don't need to worry about spending foreign money you don't have.
The pros:
- The best travel debit cards offer fee-free overseas ATM withdrawals and low currency conversion margins on purchases
- Avoid the horrors of holiday debt
The cons:
- You don't earn those lovely frequent flyer rewards points
- Sometimes you just want to mortgage the future for another poolside mango daiquiri
The final word: All the convenience of your everyday debit card meets low fees and great forex margins - but be sure to check that your transaction account is nice and full, and that those fees and margins are indeed travel-happy.
^See information about the Mozo Experts Choice Travel Credit Cards Awards
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