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If you’ve been searching for a travel card to take away on your next holiday abroad, chances are you’ve come across Wise (previously known as TransferWise) and Commonwealth Bank’s Travel Money Card.
So how do you decide which one is best for you? Forbes Advisor Australia took a close look at each of the bank’s offerings to help you decide, including their pros and cons, as well as the stand-out features of each.
Related: Wise vs Revolut 2024 Comparison
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Wise Vs CommBank: What’s The Difference?
Research from consultancy group EY shows that 79% of Australian respondents are still primarily tied to a traditional bank.
That’s why it’s no surprise that Commonwealth Bank, the biggest of the Big Four, is offering its own travel card in a bid to shoulder their way into the travel card sector.
The banking and capital markets leader for EY, Tim Dring, says Covid-19 “significantly accelerated what was an already growing appetite for digital banking solutions and more personalised online product and service offerings”.
That’s where Wise comes in. While it’s only been around since 2011 (launching in Australia in 2016), it has already gained more than 10 million customers worldwide thanks to its versatility and ease of use.
Both Wise and Commonwealth Bank are also regulated by the Australian Securities and Investments Commission (ASIC).
Which Is Better: Wise Debit Card or CommBank Travel Card?
There are a number of factors to consider when looking at a travel card. For sake of clarity, Forbes Advisor Australia has chosen to compare each of the offerings based on the following factors:
- Ease of use, including eligibility;
- Cost of card and replacement card costs;
- Any associated account-keeping fees;
- Number of currencies available;
- Currency conversion fees;
- ATM fees and limits;
- Exchange rates; and
- Availability of overseas bank details.
Our side-by-side comparison of the offerings provided by the Wise Debit Card and the CommBank Travel Card are shown in the table below.
Wise Vs Revolut: Summary Of Services And Pricing
There are a range of differences between the two travel cards. To begin with, the Wise card can be used both as a banking card (with international bank accounts that can send money seamlessly to other international bank accounts), while the CommBank Travel Card is specifically related to travel.
The CommBank Travel Card also has a limited number of currencies, while Wise has more than 40. However, the CommBank Travel Card is available to Australians aged 14 and over, which can make it a great option for teenagers heading abroad and wanting to take care of their own finances—whether the holiday is with family or on a school trip.
Let’s take a closer look at the pros and cons of each card:
Pros and Cons of Wise
Pros:
- Local accounts in different currencies
- Ability to spend in 40+ currencies
- Mid-market exchange rate
Cons:
- Immediate transfers from AU bank accounts can be more costly
- Cost for card and card replacements
- Only available to 18+
Pros and Cons of CommBank Travel Card
Pros:
- Available to those aged 14 and over
- Immediate and free transfers from Commonwealth Bank accounts
- No card ordering fee nor replacement card fee
Cons:
- Limited currencies
- Can’t send money overseas
- $3.50 AUD charge for every ATM withdrawal, plus any applicable ATM fees
Bottom Line: Wise Vs CommBank Travel Card
While both products received low average scores on ProductReview, there were also some positive individual reviews of both Wise and CommBank. Wise users called the card a “must have travel accessory” and noted that it offers “the best FX fees by a margin”.
For CommBank Travel Card customers, many said it was “exactly what they needed” while travelling, and that transfers between Commonwealth Bank accounts to the CommBank Travel Card were “seamless”.
It’s important to note that these ratings were not from a large number of reviews, and therefore should be weighed up among a range of other factors.
Overall, the Wise card may be better for those looking to be paid in different currencies or send money abroad while travelling, while the CommBank Travel Card may be more convenient for those needing a safe option to spend their funds abroad, especially when they are under 18 years old.
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Frequently Asked Questions (FAQs)
Are both Wise and CommBank Travel Cards available in Australia?
Yes, both cards are available in Australia and can be ordered to Australian residential addresses. The banks are also both regulated by the Australian Securities and Investments Commission (ASIC).
How many currencies can you have on the CommBank Travel Money Card?
There are 13 currencies that you can load onto your CommBank Travel Money Card:
- Australian Dollars (AUD)
- Canadian Dollars (CAD)
- Chinese Renminbi (CNY)
- Emirati Dirham (AED)
- Euros (EUR)
- Great British Pounds (GBP)
- Hong Kong Dollars (HKD)
- Japanese Yen (JPY)
- New Zealand Dollars (NZD)
- Singapore Dollars (SGD)
- Thai Baht (THB)
- United States Dollars (USD)
- Vietnamese Dong (VND)
Is Wise or CommBank better for travelling Europe?
When it comes to travelling through Europe, both Wise and CommBank can be great options: after all, CommBank’s Money Travel Card includes both the Euro and GBP. However, there are many countries in Europe that don’t use the Euro, such as Croatia, Poland, Denmark, Czechia and more.
With Wise, you are able to load all of the currencies of the above countries onto your Wise card, therefore making it a more seamless travel card for trips in Europe that are outside the Eurozone.
Revolut is a direct competitor of Wise and a popular choice for those looking to travel Europe (and/or receive money to international bank accounts). You can read our comparison of Wise vs Revolut here.
Which is cheaper for travelling: Wise or CommBank?
Whether Wise or CommBank turns out to be “cheaper” for your holiday will largely depend on where you are going and how you will be spending your money. For example, if you plan to only visit the United States and won’t be taking cash out, the CommBank Money Travel Card could be more suitable for you seeing as it has USD as an available currency and doesn’t cost any money to order.
On the other hand, if you were needing to make frequent withdrawals, the $3.50 AUD charge at every ATM (plus any applicable ATM charges) could quickly add up—as could the changing interest rate determined independently by Commonwealth Bank. Plus, if you were then to travel to South or Central America where other currencies are used, you’d be charged a high currency conversion fee.
Alternatively, for those travelling to a wide range of destinations, and looking to both send and receive money in different currencies, Wise could end up being a more cost efficient option despite the $10 fee for the card. It has more currency options and therefore allows for more flexibility, and its mid-market exchange rate means you know you are getting a fair deal based on what the major banks are offering.
Related: Wise Personal Account Review
