I’ve used Up Bank as my primary everyday account since 2022 and as my main travel card across 20+ countries — Japan, Korea, Thailand, Indonesia, Vietnam, Philippines, all over Europe. Three years in, the recommendation is the same: it’s still the strongest Australian travel card for most people, and the case is more durable than any one promo or rate.

That said, “best card” isn’t binary. Up has gaps — it doesn’t hold foreign currencies, doesn’t do international transfers well, and its Mastercard rate isn’t quite true mid-market. The honest setup for most Australians is Up as the primary, Wise as the complement. This review covers exactly when to reach for which.

Why Up still wins as the everyday travel card

The case has four parts and none of them are about promo rates:

The math: real numbers on a real trip

Here’s what Up actually saves an Australian on a typical 14-day Japan trip vs sticking with a Big Four bank:

That’s not a marginal saving — that’s a flight upgrade, three good dinners, or the entire JR Pass discount you’d get over individual Shinkansen tickets. The Up vs Big Four gap pays for itself many times over per trip.

Fees and exchange rates (the honest version)

“Fee-free from Up’s side” needs a slight asterisk. Here’s what’s true and what’s slightly fudged in most Up reviews:

• 0% international transaction fee: Confirmed. Up doesn’t add a margin on overseas purchases.
• 0% overseas ATM fee from Up: Confirmed at most major bank ATMs. Local ATM operators can still charge their own fee (¥110 in Japan, ~$3 in Thailand, $5+ in Indonesia). Up doesn’t reimburse this.
• Mastercard wholesale rate, not true mid-market: This is where some reviews mislead. Up uses Mastercard’s wholesale exchange rate, which is typically 0.1-0.4% off true mid-market (the rate Wise advertises). On a $2,000 trip spend, that’s $2-8. Not material, but not “true mid-market” either.
• Always decline Dynamic Currency Conversion (DCC): If an overseas ATM or POS terminal offers to convert to AUD on its end, decline. Always pay in local currency — Up’s rate beats the operator’s conversion by 5-10%.
• Maximum daily ATM withdrawal: AU$2,000 equivalent, adjustable in the app. Fine for most trips.

For everyday tap-and-pay spending and ATM access, the practical difference between Up’s rate and Wise’s mid-market rate is small enough that Up still wins on simplicity. Where Wise’s rate matters more is large lump-sum conversions — see the Up vs Wise section below.

Grow & Flow savings rates

Up replaced its flat 3.85% Saver rate with the Grow & Flow structure in September 2025. Current rates (verified May 2026):

Bonus conditions: 5 successful card purchases per month. No minimum deposit required.

The Grow & Flow trick: Up’s interest is calculated per Saver, not per total balance. So you can split your money — keep a “Holiday” Saver untouched for the Grow Rate, plus a separate “Spending” Saver you draw from at the Flow Rate. Each Saver is independent. Many Up users have 5-15 named Savers with different goals, each earning the appropriate rate.

Versus competitors: Up at 5.10% / 5.35% from May 22 is competitive with Ubank (5.10% ongoing, 5.85% welcome rate). Ubank is the better pure-savings play if you don’t need the everyday-banking features, but Up wins for combining travel-card excellence with competitive savings in one account. They’re separate FCS caps ($250k each) — many savers hold both.

Up vs Wise: when to reach for which

Wise isn’t Up’s replacement — it’s its complement. Different products for different jobs.

The May 2024 Wise change: Wise tightened its ATM allowance significantly. Australian Wise cardholders now get only 2 free ATM withdrawals per month (up to AU$350 total), then 1.75% + AU$1.50 per withdrawal after that. For ATM-heavy trips, Up’s unlimited free withdrawals beat Wise comfortably — confirming why Up makes the better primary for travel.

For everything else Wise does — multi-currency wallets, transfers, locking in good FX rates before a trip — it remains the best complement. Open both, use Up first, fall back to Wise when needed.

Where Up falls short

Honest weaknesses worth knowing:

• No multi-currency wallet. Can’t pre-convert AUD to JPY at a good rate before flying. Wise does this; Up doesn’t.
• SWIFT transfers are expensive. If you need to send AU$5,000+ overseas, use Wise or a dedicated transfer service. Up isn’t built for this.
• Mastercard rate, not true mid-market. Usually 0.1-0.4% off mid-market. Tiny on small purchases, more noticeable on large ones.
• Grow Rate restrictiveness. Touch a Saver and it drops to Flow Rate for the month. The September 2025 switch to Grow & Flow drew complaints from users who’d built systems around the old flat 3.85%. For travellers, this matters less — the savings are usually in named goal Savers (Holiday, House, etc) you don’t touch.
• Bonus conditions. Requires 5 successful card purchases per month to earn the Grow Rate. If you go a month without using the card much, savings drop to Flow Rate.
• No physical branches. Online-only. For an everyday account this is fine; for complex banking (large cash deposits, certified documents) you’ll need another bank too.

The setup I actually use

FAQ

Is Up Bank a real bank or a fintech?

A real bank. Up is a subsidiary of Bendigo and Adelaide Bank — your deposits are protected by the Australian Financial Claims Scheme (FCS) up to $250,000 per institution. Bendigo holds the banking licence; Up runs the customer experience.

Can I have both Up and Ubank?

Yes, and many savers do. Up is owned by Bendigo Bank, Ubank is owned by NAB — separate institutions, separate $250k FCS caps. If you have $300k in savings, splitting it between Up and Ubank gives you full protection on the lot. Ubank currently offers 5.85% welcome rate for 4 months / 5.10% ongoing.

Is the $21 signup bonus easy to get?

Easier than most bank bonuses. Open an account via the Hook Up a Mate referral link and complete identity verification in the app — driver’s licence or passport, takes about 5 minutes. The $21 lands once Up verifies your ID. No minimum deposit, no purchase requirements, no waiting period. It’s one of the cleanest bank signup bonuses around.

Can I travel with only Up Bank?

You can, but I wouldn’t. A second card from a different provider protects against blocked transactions, lost cards, or rare ATM failures. Wise is the natural backup because it works on Visa rails (Up is Mastercard) — if a country’s ATM network has trouble with one, the other usually works.

Does Up work in all countries?

Everywhere Mastercard is accepted, which is most of the world. The notable exceptions are countries with US sanctions (Cuba, North Korea, Iran, Syria) and a handful of small countries with limited card infrastructure. For mainstream travel — Asia, Europe, Americas, Middle East, Africa — Up works wherever a card terminal accepts Mastercard.

Why is Up better than Revolut?

For Australians, Up is a proper FCS-protected bank account; Revolut is a non-bank prepaid card under a different regulatory framework. Up does everyday banking (direct deposits, BPAY, PayID); Revolut focuses on multi-currency. For pure travel money, Revolut has some perks (better real-time FX, crypto features), but for Australians wanting a single primary account that handles both home and travel, Up wins.

What about Up Home (mortgages)?

Up offers a home loan product with linked offset accounts — your Savers can act as offset accounts against the mortgage. Interest rates are competitive but not market-leading. If you’re already an Up customer planning a property purchase, worth comparing. If you’re shopping for the cheapest rate, look at the dedicated mortgage brokers and comparison sites.