According to NerdWallet Mastercard gives the best currency conversion rates globally, giving better rates 70% of the time. This includes the major traded currencies such as the US dollar, Euro, Great British Pound, Australian dollar, Japanese yen, Hong Kong dollars, Canadian dollars, Singapore dollars, Swiss francs and New Zealand dollars. However Visa does give better currency conversion rate for Thai baht, Hungarian forint, Icelandic Krona and Tunisian dinar.
The best reloadable prepaid travel card is the Wise Multi Currency card because you can spend at close to market rate in over 40 countries. You can send money overseas at the lowest cost and receive money from overseas for free. In addition you can withdraw up to $350 a month for free. It is a low cost card with the best exchange rates globally.
Yes you can use a prepaid Visa card overseas. Visa is one of the two commonly accepted credit cards globally. It would be considered unusual if the vendor did not accept Visa for payment.
A prepaid travel card works by placing money in different foreign currency accounts on that card. While you are travelling you can use the prepaid travel card to pay for accommodation, restaurants or transport like you would use a debit card in Australia. If it is under $100 normally a tap will do but they might ask you for your pin and you enter your 4 digit pin. The funds are deducted from your account at the rate you locked in before you left. Alternatively if you choose a Wise card, the exchange rate you receive will be very close […]
Some prepaid travel cards charge hefty fees to withdraw cash from ATM’s. Not all currencies are covered on prepaid travel cards, so if you need to buy food or drink at a stopover country, your card might not work. Some prepaid cards have minimum top up loads and inactivity fees. Some prepaid travel cards charge to place money on the card.
The advantages of prepaid travel cards are that it is handy to have local currency stored on one card. The currency conversion rate is set, so you don’t have to worry about exchange rate fluctuations while overseas. You are also spending your own money so no interest charges like with credit cards. Finally they are easy to reload, even when overseas.
