Westpac Worldwide Wallet. The Fees & Need-to-knows

Roberto Efflandrin

27.06.23

6 minute read

Travelling is exciting, but some of the fees attached to spending your cash overseas can really bring the mood down. That’s why it is important to find a travel card that not only saves you on fees, but makes spending your money internationally easy.

We’ll go through the ins and outs of the Westpac Worldwide Wallet reloadable card, including its features, cons and fees associated with using it.

💸 Hold over 40 currencies in your account and spend at the mid-market exchange rate with the Wise card while abroad.

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What is the Westpac Worldwide Wallet prepaid card

The Westpac Worldwide Wallet is a reloadable travel money card that can be pre-loaded with different currencies to spend overseas. It can be used just like a standard Westpac Debit card to make purchases at home, online and overseas but Westpac claims the card will save you money on foreign transaction fees abroad.¹

Who is this card for?

The Westpac travel money card is for anyone planning on travelling overseas and wants to hold or spend money in one of the supported foreign currencies. This card is also works for those who want to easily budget their trip by loading their desired amount ahead of their trip.¹ It is only available for personal use.²

What are the main features and benefits of this card

The Westpac travel card comes with features and benefits. Some of the main features include:¹

No load or unload fees
Lock in favourable exchanges rates
No foreign transaction fees
Contactless tap & go
Free domestic and international ATM withdrawals
Fraud protection with Mastercard Zero Liability protection.
Mastercard Flight Delay pass at more than 1000 lounges
Access to Mastercard’s Priceless Cities program
Access to Mastercard Travel Rewards
Two cards for each account holder
24/7 customer support line

When it comes to your actual money, you’ll be able to access 11 supported currencies.

Read more: Prepaid Debit/Credit Card Australia Compared

List of supported currencies

The main account is denominated in AUD.² From there, you’ll be able to convert your cash into 10 other supported major foreign currencies. These currencies include¹:

You’ll be able to transfer your AUD directly into your account from a Westpac transaction or savings account.

The cons of using this card

Here are some of the cons when using this card.¹

Must be a Westpac customer
Only AUD can be transferred to and from the card
Can risk losing out on more favourable exchange rates
Conversions can be disrupted from daily scheduled maintenance³
Some merchants may not accept Mastercard Prepaid cards²
ATM fees may apply on ATMs outside the partner network and vary per currency withdrawn

Some people may need to hold or spend larger amounts than available, so let’s see some of the amount limits associated with this card.

The limits you get with this card

You’ll only be able to load a maximum of $100,000 AUD per 12 month period onto this card and hold a maximum balance of $50,000 AUD at any one time. A

TM withdrawals depend on the specific ATM provider or are limited to $2000 AUD per 24 hour period.²

What are the fees for this card vs Wise card

When choosing a travel card, it’s important to take note of some common fees that you may incur in maintaining an account and making certain transactions. Let’s go through the fees you might be charged with the Westpac travel card and compare it with Wise, an alternative provider.

	Westpac Worldwide Wallet prepaid card*¹	*Wise Card **
Card order fee	Free	$10 AUD
Minimum load amount	No minimum	No minimum
Max limit on card	$50,000 AUD²	No limit but fees for holding large amounts are incurred. For example: You can hold up to $23,000 AUD for free then a 0.033% monthly fee accrues for any amount over.
Monthly/yearly maintenance fee	None	None
Renewal fee once expired	None	Free
Digital card available?	No	Yes
ATM fees	No withdrawal fees on Westpac Group ATMs domestically or Global Alliance Partners internationally	Two free withdrawals up to $350 total a month per account Over 2 withdrawals per month: A fee of $1.50 + 1.75% of amount withdrawn over $350 AUD Note: ATM operators may charge their own fees.
International payments fee % for spending 100 AUD in GBP	No foreign transaction fees on conversions	0.47% to spend convert 100 AUD spent in GBP
Exchange rate used	Mastercards exchange rate for purchases with card² Westpac exchange rate for conversions through online banking or the App²	Mid-market rate

*As seen on 22 May 2023

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. Where ATM withdrawals are listed as free or fee-free, the card issuer will not charge, but ATM operators may charge their own fees.

Westpac Worldwide Wallet prepaid card exchange rates

There are two exchange rates applied using the Westpac Worldwide Wallet card, which depend on the type of transaction being made. If you make a purchase using your travel card in a currency you do not hold a balance in, you’ll access Mastercards exchange rate.²

When making conversions through your online banking portal or the Westpac App for your travel card, you’ll access Westpacs exchange rate. Westpac or Mastercard does not disclose whether a margin is applied in their exchange rates, so we’ll compare the rates with Wise that uses the mid-market rate.²

We’ll convert 1000 AUD into GBP using the Westpac conversion calculator and the Wise pricing calculator.

*Westpac⁴	*Wise⁵
To convert $1000 AUD into GBP, the exchange rate is 1 AUD = 0.5141 GBP This means when you’ll get 514.10 GBP to spend using your Westpac Travel card⁵	To convert $1000 AUD into GBP, the exchange rate is 0.534277. You’ll also have to pay a small variable fee of 0.47% which equates to 4.68 AUD on this conversion. This means you’ll be converting 995.32 AUD. In your GBP account, you’ll get 531.78 GBP to spend

*Rate indicative of the 22nd May 2023

As you can see there is a difference in how much GBP you’ll receive after the conversions with either provider. This example would indicate that there is a margin incorporated into Westpacs exchange rate everytime you convert your AUD into one of the supported currencies in your travel card.

When it comes to making purchases, we’ll see if there is a difference between using the Mastercard rate at the time of a foreign purchase rather than converting ahead of time.

*Mastercard Exchange rate⁶
The exchange rate at the time of simulation is: 1 Great British Pound = 1.877731 Australian Dollar Based on this exchange rate, to spend $1000 AUD in GBP would equate to a 532.56 GBP purchase.

*Rate indicative of the 22nd May 2023

This simulation would suggest that the Mastercard exchange rate is similar to the mid-market rate used by Wise. It’s important to recognise that exchange rates are constantly fluctuating, so sometimes you may save money converting cash ahead of time rather than using the real-time exchange rate.

Read more: Australia Post Everyday Mastercard. The Fees & Need-to-knows

How do you get a Westpac Worldwide Wallet prepaid card

So now let’s tackle how you can get a Westpac prepaid travel card. We’ll take you through who is eligible and the steps to order your own below.

What are the eligibility requirements for getting this card

Before you apply, you need to make sure you meet these requirements:¹

Be over the age of 14
Be an Australian resident²
Be an existing Westpac customer
Are registered for online banking with Westpac
Provide and meet the identification requirements

You can apply for this card online or through a Westpac Branch.

How long does it take to get the card

You can pick up a card in the branch or if you order yours online from home, you’ll receive them in the mail in 5-8 days.¹

How to load and use the card

To load your card, you’ll need to make an AUD transfer from your existing Westpac everyday transaction or savings account. You can do this through the online banking portal or in the Westpac App.

From there, you can choose when to convert your cash into your desired supported currency.¹

What else do I need to know?

There are two other things you should know before applying for this card.

1. It is wise to load amounts you anticipate you will use

Although you can hold any unused balances on the Westpac Worldwide Card, Any balance that remains on the card is not protected under the Financial Claims Scheme. This means that in the unlikely event that Westpac becomes insolvent, you may lose your available balance.²

2. Option to access emergency cash²

If your card gets lost, stolen or damaged overseas, you may be able to request emergency cash from Westpac up to $3000 or what is in your Worldwide Wallet card account.

Westpac contact details

To get in touch with Westpac you can Call from within Australia on 1300 655 505 or from overseas on +612 9155 7700.

The Wise Account and Debit card

If you’d prefer mid-market rates when spending money internationally, rather than being tied to a preset rate, and require accounts in multiple currencies, open a Wise Account so you can apply for a Wise debit card instead.

With a Wise Account and card, you can hold over 40 currencies all in one place. When you spend money using your Wise debit card, money will be withdrawn from the money available in your wise account.

If you have the currency in your account, it’s free to spend
If you don’t have the currency in your account, there’s a conversion fee.

Wise’s smart technology ensures that the Wise card only spends from the balance that’ll be fee-free, otherwise it uses the one with the cheapest fee.

Join over 13 million customers currently enjoying Wise. It’ll only take a few minutes to register and see what’s inside.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Sources

Sources:

Sources checked on: 22 May 2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.