Commbank vs Wise travel card in Australia - Which is a better travel card in Australia?

If you’re a frequent traveller you’ve probably come across travel cards before. These cards are designed to make spending abroad easier while helping you save on currency conversion fees and exchange rates.

In this guide we’re going to take a look at two of the travel cards available to Aussies, the CommBank Travel Money Card and the Wise Debit Card. We’ll break down their features, benefits, fees, and exchange rates and take a look at the pros and cons to help you decide which might be best for your next trip overseas.

What is CommBank?

The Commonwealth Bank of Australia, also called CommBank, is one of the largest banks in the country.¹ It has over 17 million customers and provides services to both personal and business customers, focusing on the Australian and New Zealand markets.

For personal customers in Australia, Commbank offers a range of services including Banking, Home Loans, Insurance, Investing and Super.

What is Wise?

Wise, formerly known as Wise, was founded in 2011 to make international money transfers cheaper, faster, and more transparent. Built on the idea of using the real exchange rate without hidden fees, Wise has since grown into a global financial platform offering multi-currency accounts and debit cards to millions of customers.

Wise offers a multi-currency digital account to hold 40+ currencies, with a linked card you can use to spend in 150+ countries. You’ll also be able to send payments to 140+ countries and get paid to your Wise account in 8+ currencies with local bank details.

CommBank travel card vs Wise - Main features

Here are some of the main features of the CommBank Travel Money Card and Wise Debit card.

Both cards can be used to shop online, in-store, over the phone and withdraw cash at an ATM, anywhere Visa is accepted.

CommBank travel card vs Wise - Fees and charges

Now let’s take a look at how the fees for the CommBank travel card and Wise Debit card compare.

Note how CommBank doesn’t have a currency conversion fee when loading foreign currency, while Wise does. On the face of it, it seems CommBank might offer better value for money, but this is where the exchange rate comes into play.

CommBank travel card vs Wise - Exchange rates

When loading a travel card with foreign currency, CommBank applies their own CommBank Retail Foreign Exchange Rate with a margin.³

Wise on the other hand, uses the mid-market rate. The mid-market exchange rate is the midpoint between a currency’s buy and sell prices on the global market. Banks often add a markup to this rate, meaning you get less when you exchange money. Wise, however, uses the mid-market rate with no hidden fees, ensuring you get the fairest possible exchange when converting currencies.

The difference in how the exchange rates are decided between Wise and CommBank can make a big difference on how much a transaction costs you when you’re travelling. For example, if you wanted to convert $1000 AUD to Euros for a trip to Europe, this is what you’d get with Wise compared to CommBank.⁴

*As seen on 23rd March 2025

As you can see, despite Wise having a currency conversion fee, the margin applied to CommBank’s exchange rate means Wise is a much better deal in this instance.

Visa exchange rate

CommBank Travel Money Card holders should keep in mind that there are times when the Visa exchange is used instead of the CommBank Retail Foreign Exchange Rate.⁷

• Withdrawing cash outside Australia in a currency not loaded on the Travel Money Card
• Making a purchase where there isn’t sufficient pre-loaded funds in that currency

Online reviews for CommBank and Wise in Australia

Taking a look at online reviews for CommBank and Wise is another source of information that can help you decide which is the better travel card for you.

• Commonwealth Bank of Australia has a 1.4 stars out of 5, Bad rating with 292 reviews⁵
• Wise has a Excellent 4.3 out of 5 stars rating, from +230,000 reviews⁶

Among the unhappy reviewers for Commonwealth Bank are people citing a lack of transparency around fees as their reason for posting a negative review, although some praised the customer service.

While for Wise, people praise the foreign exchange rates and ease at which they can use their money abroad, and that Wise does respond to a majority of the negative reviews within a week.

Verdict - Which card is better in Australia?

Coming down to the pointy end, here’s the positives and negatives for each card and how they compare.

Choosing between CommBank & Wise

Deciding between the CommBank Travel Money Card and the Wise Debit card comes down to your travel habits and spending priorities.

If you prefer to lock in exchange rates before your trip and want to avoid conversion fees when spending in preloaded currencies, the CommBank Travel Money Card could be a good fit. It also allows you to hold two physical cards for backup, which may offer extra peace of mind. However, keep in mind that CommBank's exchange rates include a margin, which could mean you get less value for your money overall.

On the other hand, for frequent travelers needing access to multiple currencies, the Wise Debit Card may be the better option with the ability to hold and spend over 40+ currencies. Wise also lets you auto-convert funds when your desired exchange rate is met, allowing you to plan ahead and avoid fluctuating rates. This flexibility, coupled with mid-market exchange rate and no hidden fees, usually means you get the best value for your money.

If you’re intrigued by the Wise card then just sign up for a free Wise account—it only takes a few moments. Once you're set up, you’ll be ready to enjoy all the benefits of Wise and save up to 7x when spending abroad.

🚀 Get your Wise card today

Savings claim based on our rates vs. selected Australian banks and other similar providers in Jan 2025. To learn more, please visit https://wise.com/au/compare