Guiding consumers since 2009

Best travel cards offered by top South African banks

By Isabelle Coetzee

Planning a trip abroad involves a lot of administration. You need to consider travelling arrangements, reasonable accommodation, and a daily itinerary.

But have you considered how you’re going to pay your bills once you arrive? Besides considering bank costs, you also need to consider exchange rates.

We had a look at the options available at some of the top banks in South Africa.

Tip: Compare bank cards on our website by clicking here.

What are travel cards?

It can be dangerous to carry around large amounts of money overseas. Anything can happen – you could get mugged or you may even lose your wallet.

Travel cards offer an alternative to your general bank card, whilst still offering you the local currency at a reasonable cost.

According to Nedbank, these cards offer you the ability to buy currency at a locked-in currency. This way money will not be affected by fluctuations once you have bought the currency. 

“Clients are able to save in currency using the foreign currency account to later transfer into their travel cards ahead of their travel,” says Nedbank.

For example, you’re able to perform the following functions on the Nedbank Money App for the Nedbank Travel Card:  

  • Buy and sell currency
  • See balances and transaction listings
  • Freeze, unfreeze, and block cards

Have a look at the table below where the available travel cards from four of the top South African banks are compared:

 

Nedbank

Standard bank

FNB

ABSA

Name of available travel card

Travel Card

Travel Wallet

Multi-Currency Cash Passport

Multi-Currency Cash Passport

Number of currencies that can be loaded

8

4

7

4

Initial Card Activation Fee

R0

R125

R75 – R220

R150

Commission to loan or reload

2.15% (min R120)

2.1% (min R90)

1.85% (min R65 – R125)

2.12% (min R125)

 

READ MORE: Travel insurance through medical aid: Is it enough?

What to consider in a travel card

According to Nedbank, there are two important things to consider when selecting a travel card:

  1. Is the travel card digitally accessible anywhere for buying and selling currency, as well as for balance and transaction listings viewing?
  2. Make sure that costs associated with the card are transparent.

If you’re not satisfied with the travel card offered by your current bank, you always have the option of opening a new account with a different bank.

Nedbank points out that you should consider getting a travel card for your next holiday if:

  • you want to spend within your budget and always be in control of your money
  • you want to avoid currency fluctuations
  • you want to manage your travel budget digitally

Did you know that medical aid and hospital plans offer medical assistance abroad? Make sure you’re covered when you travel.

Recent Articles

Featured Travel ban – how to claim for the loss incurred

As with the recent Covid-19 pandemic, governments sometimes issue travel bans to prevent people from travelling to other countries. This becomes even more complicated if you’ve already planned and paid for your trip. Your flights will be cancelled, and you may lose money from cancelled accommodation arrangements. How do you claim for the financial losses incurred due to a travel ban?

How to finance and insure a second-hand vehicle

Buying a second-hand vehicle may suit your budget better than acquiring a new one. But what impact does an older model have on vehicle finance and car insurance? We reached out to specialists in the field to explain what the financial implications are of pursuing a second-hand vehicle.

Reading your loan agreement: look out for this

Many people don’t read their loan agreements. They just sign on the dotted line without realising that they could be signing their lives away. But it’s important to review your loan agreement before and after taking your loan to avoid future setbacks.

 

Part 1: The difference between good and bad debt

In the first part of our Debt-ucate series we explore the difference between good and bad debt and why debt is, in fact, necessary.

Deals

Udemy online course for R180

Price: R180
When: Until 27 March 2020
Where: Online

Educate your kids for free with Skills Share

Price: Free
When: Daily
Where: Online

Take advantage of payment holidays from Standard Bank and Nedbank

Price: Free
When: From 1 April to 30 June 2020
Where: Nationwide