Wise Vs CommBank Travel Money Card Comparison

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).

Related: How To Buy Shares In Commonwealth Bank

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.

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

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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