Bank of Melbourne Worldwide Wallet card. The fees, rates & need-to-knows

If you’re preparing to head off overseas, whether for business or pleasure, ensuring you have a reliable and easy way to access your funds is essential.

While most banks will allow you to use your debit or credit cards overseas, a dedicated travel money card can simplify this process and potentially save you money.

In this guide, we’ll take a look at one option available through Bank of Melbourne (BOM) – the Worldwide Wallet reloadable card. We’ll detail its features, limitations, associated fees and more so you can make the most informed choice for your travel needs.

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

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What is the BOM Worldwide Wallet prepaid card?

The BOM travel money card, also known as the Worldwide Wallet card is a reloadable cash card that can be used for overseas spending.

Just like your Bank of Melbourne debit card, the Worldwide Wallet can be used to make purchases at home, overseas or online but with reduced fees and other benefits to travellers.

Able to be pre-loaded with AUD and converted into up to 10 different currencies, BOM advertises this card as a great way to save on fees, lock in exchange rates and protect your accounts while travelling.¹

Who is this card for?

BOM’s reloadable travel money card is well suited to travellers going abroad who prefer not to carry foreign currency in cash or use their BOM debit or credit cards while away.

If you’re someone who wants to more easily budget while travelling or secure multiple currencies at a predetermined exchange rate before departing, this may also be a good solution.¹

What are the main features and benefits of this card?

The BOM Worldwide Wallet card comes with a variety of different features and benefits. Some of the main features include¹:

• No fees for loading or unloading funds
• No account-keeping fees
• Ability to lock in favourable exchange rates
• No foreign transaction fees
• Contactless payments
• Free domestic or foreign ATM withdrawals when using facilities that are part of the Global ATM Alliance or overseas partner ATMs
• Security and fraud protection with Mastercard Zero Liability protection
• Use of Mastercard’s Flight Delay pass at more than 1000 lounges
• Access to Mastercard’s Priceless Cities program and travel rewards such as cashback offers
• Two cards for each account holder that can be managed via Online Banking
• 24/7 customer service through a dedicated support line

In terms of spending money in different destinations, you’ll also be able to access up to 10 supported currencies.

List of supported currencies

The primary account on your card will be in Australian Dollars this is where you transfer funds from your BOM account initially.

From here you can then convert your money into one of the following currencies using the Mobile Banking App¹:

• USD – United States Dollar
• EUR – Euro
• GBP – British Pound
• NZD – New Zealand Dollar
• CAD – Canadian Dollar
• JPY – Japanese Yen
• THB – Thai Baht
• ZAR – South African Rand
• SGD – Singapore Dollar
• HKD – Hong Kong Dollar

During your trip or at its end you can also unload the card without fees by converting leftover currency back to AUD or into another available currency.¹

Alternatively, you can leave the funds on the card for your next trip, with no account maintenance fees applied.

The cons of using this card

While there are benefits to using this card, it is worth considering the following before deciding if it is right for your needs¹:

• You must be a BOM customer and registered for online banking
• You can only transfer AUD to and from the card
• Locking in an exchange rate may mean missing out on a better rate later on
• Funds on the card are not covered by deposit protection²
• Funds can only be accessed electronically through the Westpac and Mastercard network²
• Some merchants may decline to accept Mastercard Prepaid cards
• ATM fees may apply on ATMs outside the partner network and vary per currency withdrawn

It is also worth noting that there are limitations on how much money can be loaded on the card at one time or in a 12 month period as well as daily spending limits.²

The limits you get with this card

As noted above the BOM rechargeable travel card comes with limits in terms of loading and spending.

Currently, these limits mean that no more than AUD$100,000 can be loaded on to the card within 12 months and the maximum available balance must not exceed AUD$50,000 at any time.²

Regarding daily usage, you will be unable to withdraw more than AUD$2000 or equivalent in a 24-hour period. Withdrawal limits set by the individual ATM operator may also apply.

For online or EFTPOS transactions, this limit is set at AUD$15,000 or equivalent in 24 hours.

What are the fees for this card vs a Wise debit card?

The following table outlines the fees, limits and exchange rate details that apply to the BOM Worldwide Wallet travel money card.

For context, we will also compare this against the non-bank alternative Wise debit card.

	BOM Worldwide Wallet prepaid card²*	Wise Card*
Card order fee	Nil	AUD$10
Minimum load amount	No minimum amount	No minimum amount
Maximum balance limit on card	AUD$50,000	No limit
Monthly/yearly maintenance fee	Nil	Nil
Renewal fee once expired	Nil	Nil
Digital card available?	No	Yes
ATM fees	No withdrawal fees on Westpac Group ATMs domestically or Global Alliance Partners internationally Note: Other ATM operators may charge their own fees.	Two free withdrawals up to $350 total a month per account 3 or more 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 currency fees on transactions	0.39% to spend convert 100 AUD spent in GBP
Exchange rate used	Mastercards exchange rate applied for purchases with card² BOM exchange rate applied for conversions through online banking or the App²	Mid-market rate

* As seen on 30 April 2024

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

BOM Worldwide Wallet prepaid card exchange rates

As indicated in the above table, BOM levy two different exchange rates depending on how the card is being used.²

When converting funds loaded on the card into a foreign currency via the app, BOM’s exchange rate will apply. If using the card for a transaction in a currency you do not hold a balance in then the Mastercard rate applies.

Neither BOM nor Mastercard indicate whether a margin is applied within these rates as a fee.

To give insight into this, below is a comparison of both these rates against Wise who uses the mid-market rate, converting AUD$1000 into GBP.

Amount to convert	BOM³	Mastercard⁴	Wise
AUD$1000 to GBP	Exchange rate applied is 1 AUD = 0.5066 GBP Therefore AUD$1000 = GBP£506.60	Exchange rate applied is 1 AUD = 0.5278438 GBP Therefore AUD$1000 = GBP£527.84	Exchange rate applied is 1 AUD = 0.526706 GBP A variable fee of 0.39% also applies which is AUD$3.88 Therefore AUD$1000 = GBP£524.66 See the calculation here

As seen on 15 May 2024

Based on the above, we can conclude that Mastercard's exchange rate is similar to the mid-market rate used by Wise.

The rate used by BOM, however, indicates that a margin is likely incorporated into each conversion made from AUD into another currency on the travel card.

How do you get a BOM Worldwide Wallet prepaid card

Let’s now take a look at who is eligible for the card, how to get one and what's involved with loading and using it.

What are the eligibility requirements for getting this card?

To be eligible for this card, you must be:

• Aged 14 or older
• An Australian resident
• A BOM customer
• Registered for online banking with BOM
• Able to provide and meet the identification requirements

How long does it take to get the card

For in-branch applications, you can collect the card immediately for online activation.¹

Alternately, if ordered online the card will be sent to your nominated address and should arrive within 5 to 8 business days.¹

How to load and use the card

Once you have activated your card following the provided instructions, you can then load it by sending AUD funds from your BOM transaction or savings account.¹

You can initiate funds transfers via BOM’s online banking portal or via their mobile banking app. Using the Worldwide Wallet card management tool within the app you can then convert funds into your desired currency.

Once done, you can start using your BOM travel money card just as you would your debit card.

What else do I need to know?

Before deciding if this travel money card is right for you, we suggest keeping in mind the following:

• There is no option to load the card into a digital wallet, meaning if you lose your card/s you’ll lose access to the funds loaded on them until a replacement can be arranged.

BOM contact details

To speak with BOM regarding this product before departure you can contact them at:

• 13 22 66

For 24/7 Worldwide Wallet support, call:

• 1300 804 266 in Australia or
• +61 3 8536 7873 from overseas

Travel with Wise

With a Wise Account you can hold money in over 40 currencies and spend it in over 150 countries. You can also order local account details in popular world currencies like AUD, NZD, USD, EUR, GBP to receive local and/or international payments like a local.

Whenever you exchange currencies it’s done using the mid-market rate with a transparent conversion fee shown upfront.

To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you don’t have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a conversion fee.

The Wise card may suit you better if you’re to spend money that you’ve stored in different currencies within an existing Wise Account, and benefit from 2 or less free cash withdrawals under $350 AU, or foreign equivalent, per month (keep in mind that ATM providers may charge their own fees). You can see our full fee breakdown for ATM withdrawals here.

Join over 16 million customers currently using Wise. It’ll only take a few minutes to register and see what’s inside.

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

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Sources:

1. BOM - Worldwide Wallet
2. BOM - Worldwide Wallet PDS pg. 7, 11, 13, 17, 24
3. BOM - Exchange Rates
4. Mastercard - Exchange Rate

Sources checked on: 30 April 2024