Backpacking Is Life · Updated September 2026
Up Bank Review 2026: Best Australian Travel Card?
Three years of using Up across 20+ countries — the honest take on whether it’s still the strongest Australian travel card, where it loses to Wise, and how I actually use both.
The 30-second answer
- Up charges 0% international transaction fees and no Up international ATM withdrawal fee. ATM-operator fees can still apply. Your actual saving depends on the card you would otherwise use, the amount withdrawn and the exchange rate.
- 5.35% Grow Rate (effective 22 May 2026) on savings up to $250k — competitive, but the conditions matter more than the headline.
- Up is a brand of Bendigo and Adelaide Bank. Eligible deposits share that bank’s $250,000-per-person FCS cap. Ubank deposits share NAB’s separate cap.
- Best paired with Wise — Up for everyday spending and ATMs, Wise for multi-currency holding and transfers.
Join Up Bank: it displayed up to $21 when checked. Eligibility and invitation terms apply.
Up and Ubank: offer and account conditions
Up: ordinary Savers earn 5.35% p.a. Grow when untouched, up to the combined $250,000 individual Grow cap, or 2.00% p.a. Flow when accessed. First make five qualifying debit-card purchases in the calendar month; otherwise ordinary Savers earn 0.00%. The 2Up Grow cap is separate. Essentials earns 2.00% Flow without the purchase requirement until 28 February 2027. Up rates and conditions.
Up travel: no Up international transaction or ATM-withdrawal fee; ATM operators can charge separately. The card uses Mastercard’s exchange rate. Daily withdrawal limits still apply: the standard ATM cash-out limit is $1,000, subject to approved variations. Up currently advises allowing 15–20 business days for a physical card. Up travel information.
Up invitation: The SCONS referral offer is up to $21, subject to the amount shown when you join. Complete signup and identity verification within the invitation’s terms; amounts and availability can change. Read the referral conditions before relying on a bonus.
Ubank Save: 5.10% p.a. ongoing bonus interest; eligible new customers can earn 5.85% p.a. for up to four months. Hold a Spend account and grow combined eligible Save balances by $1 per month, excluding interest, by 11:30pm Sydney time on the last day. Withdrawals can make you miss this test. Bonus interest is paid on up to $1 million per customer; offset-linked balances are excluded. Ubank savings conditions.
Deposit protection: eligible Up deposits share Bendigo and Adelaide Bank’s $250,000-per-person FCS limit; Ubank deposits share NAB’s limit. These are limits per person per institution, not per account. Rates are variable. Account eligibility and identity checks apply.
On this page
I’ve used Up Bank as my primary everyday account since 2019 and as my main travel card across 20+ countries — Japan, Korea, Thailand, Indonesia, Vietnam, Philippines, all over Europe. After all these years, the recommendation holds: it’s still the strongest Australian travel card for most people, and the case is more durable than any single rate or promo.
Up is an AUD banking account rather than a multi-currency wallet. Its card uses the Mastercard exchange rate, and international payments are available through Wise in the Up app. A separate Wise account can complement Up if you want to hold foreign currencies or receive overseas payments.
Why Up still wins as the everyday travel card
Genuinely zero international fees from Up’s side
Up does not add an international card-payment or ATM-withdrawal fee. Compare that with your current bank’s published fee schedule; the saving depends on the amount and currency. The ATM operator may charge separately regardless of which card you use.
The app is actually good
Up provides spending notifications with local-currency and AUD amounts, plus in-app card controls. Its Travel Mode displays balances in a local currency; this does not turn the account into a foreign-currency wallet. Keep a separate backup card for outages, declines or a lost card.
A real everyday account, not a one-trip wallet
Unlike Revolut or prepaid travel cards, Up is your full Australian bank account — direct deposits, BPAY, PayID. You don’t “set up a travel card” — your everyday account just works overseas. Same balance, same app, same transactions list.
Apple Pay / Google Pay from day one
Add to Apple Pay at signup, before the physical card arrives. For Japan IC cards (Suica/PASMO via Apple Wallet), this means topping up straight from your Up balance at 7-Eleven. For the majority of Australian iPhone users, it’s a frictionless travel setup.
The math: real numbers on a real trip
What Up actually saves an Australian on a typical 14-day Japan trip vs a Big Four bank:
| Transaction | Up charge | What to check separately |
|---|---|---|
| International card purchase | 0% Up international transaction fee | Mastercard exchange rate; decline unwanted merchant AUD conversion |
| International ATM withdrawal | No Up international ATM fee | ATM-operator surcharge and withdrawal limits |
| International money transfer | No additional Up fee for Wise integration | Live Wise transfer quote and supported destination |
These examples should not be treated as guaranteed savings. Compare the bank fee, network exchange rate and any ATM-operator fee for your own transaction.
Fees and exchange rates — the honest version
“Fee-free from Up’s side” needs a small asterisk:
- 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 still charge their own fee (¥110 in Japan, ~$3 in Thailand, $5+ in Indonesia). Up doesn’t reimburse these.
- Up passes on Mastercard’s exchange rate without an Up markup. This can differ from the mid-market rate; there is no fixed percentage gap to assume.
- Choose the local currency to avoid accepting the merchant or ATM’s separate AUD conversion quote. Compare any displayed fees before confirming.
Grow & Flow — current savings rates
Up introduced Grow & Flow in September 2025. The current published variable rates are 5.35% p.a. Grow and 2.00% p.a. Flow, effective 22 May 2026.
Up Bank · Save account rates · Verified September 2026
Qualification matters: make five qualifying debit-card purchases in the calendar month. If you do not qualify, ordinary Up Savers earn the 0.00% base rate. ATM withdrawals and transfers do not count as qualifying purchases. Essentials has a temporary exemption, explained below.
The Grow & Flow trick: Interest is calculated per Saver, not per total balance. Keep a “Holiday” Saver untouched for the Grow Rate, plus a separate “Spending” Saver you draw from at Flow Rate. Many Up users run 5–15 named Savers for different goals.
Compared with Ubank: Ubank currently pays 5.10% p.a. Everyday Bonus interest, or 5.85% p.a. for eligible new customers for up to four months. You must hold a Spend account and grow combined eligible Save balances by at least $1 per month, excluding interest. Withdrawals can prevent you meeting that rule. Ubank pays bonus interest on up to $1 million per customer; Up has a $250,000 Grow cap for individual Savers and a separate $250,000 cap for 2Up Savers.
Up vs Wise — when to reach for which
Wise isn’t Up’s replacement. They do different jobs.
| Use case | Up | Wise | Better pick |
|---|---|---|---|
| Everyday card spending overseas | 0% fee, Mastercard rate | Mid-market rate, small conversion fee | Up — simpler, nearly identical rate |
| ATM withdrawals overseas | Free from Up’s side, unlimited | Free up to ~AU$400/month, then 2.69% (from 1 May 2026) | Up |
| Holding foreign currency pre-trip | Not supported — AUD only | Hold 40+ currencies, lock in rates | Wise |
| International money transfer | Wise international payments through the Up app; Wise fees apply, with no additional Up fee for using the integration | Mid-market rate + small flat fee | Wise |
| Australian salary direct deposit | Yes — full AU bank account | Possible but not primary use case | Up |
| Backup if primary card fails | N/A — it’s the primary | Excellent — Visa network, separate provider | Wise |
The practical summary: use Up as your daily driver for spending and ATMs, load some Wise balance in the destination currency before big trips, and keep Wise in a separate pocket as the backup. Together they cover everything; individually each has a gap.
Where Up falls short
- No multi-currency wallet. Can’t pre-convert AUD to JPY before flying. Wise does this; Up doesn’t.
- International transfers: Up integrates with Wise. Compare the live Wise quote, supported currency and delivery estimate before sending; a separate Wise account can still be useful for holding foreign currencies.
- Up uses the Mastercard exchange rate. Compare the rate for the currency and transaction date instead of assuming a fixed difference from mid-market.
- The Grow & Flow conditions are real work. Miss the 5-purchase requirement and everything drops. Touch a Saver and it drops to Flow for the month. Ubank’s $1-growth condition is meaningfully simpler.
- $250k Grow Rate cap. Above $250k the rate drops to 2.00% regardless. Ubank’s cap is $1M — relevant if you have serious savings.
- Online-only. No branches. For complex banking needs, you’ll need another institution alongside it.
The setup I actually use
Before a trip
- Transfer trip budget from main “Savings” Saver (Grow) to a dedicated “Trip” Saver — it’ll hit Flow when I spend, but that’s fine for the duration
- Move some Wise balance into destination currency if AUD looks weak
- Set travel notifications in Up for the destination country
On the trip
- Tap-to-pay with Up for everything — restaurants, transport, IC card top-ups
- ATM withdrawals with Up from major bank ATMs (7-Eleven in Japan, BCA in Indonesia, Bangkok Bank in Thailand)
- Wise in a separate pocket as backup — Visa rails, different provider, covers Up’s blind spots
After the trip
- Trip Saver refilled from main account on payday. Back to normal.
- Any leftover foreign currency stays in Wise for the next trip.
Up + Wise = the complete setup
Up’s SCONS invitation displayed up to $21, conditional on successful onboarding and offer terms. Wise referral benefits also have their own eligibility and limits. Compare the accounts on their features and fees rather than guaranteed signup income.
FAQ
Is Up Bank a real bank or a fintech?
Up is a brand of Bendigo and Adelaide Bank Limited. Eligible deposits share the $250,000-per-person Financial Claims Scheme limit with your other deposits at that same bank; this is not an additional guarantee for each Saver.
Can I have both Up and Ubank?
Yes. Up is provided by Bendigo and Adelaide Bank and Ubank is part of NAB. Ubank currently offers 5.10% p.a. ongoing bonus interest, or 5.85% p.a. for eligible new customers for up to four months, subject to the monthly savings-growth rule. FCS limits are separate between these two banking institutions, but shared with other deposits you hold at each institution.
What’s the current Up savings rate?
5.35% p.a. Grow Rate on Savers you don’t withdraw from (up to $250k), effective 22 May 2026. 2.00% p.a. Flow Rate on any Saver you withdraw from. Requires 5 successful card purchases per month. Both rates variable.
Is the $21 signup bonus easy to get?
An eligible Up invitation requires successful signup and identity verification within the offer terms. The SCONS invitation displayed up to $21 when checked, subject to eligibility and invitation terms. Do not assume the reward or a fixed payment date. Check the conditions.
Can I travel with only Up Bank?
Carry a backup from a separate provider. Check the network printed on the actual card, because issuers can offer different networks in different markets. Two cards reduce disruption but do not guarantee acceptance.
Does Up work in all countries?
Everywhere Mastercard is accepted — most of the world. The exceptions are US-sanctioned countries and a handful with very limited card infrastructure. For mainstream travel across Asia, Europe, the Americas, Middle East, and Africa, Up works wherever a terminal takes Mastercard.
Is Up Bank better than Wise for travel?
For ATM withdrawals and everyday tap-to-pay spending, yes — no fees, no monthly allowance to track. For holding foreign currency, sending money internationally, or getting local account details while living abroad, Wise is better. The smart setup is both: Up as primary, Wise as complement and backup.
Disclosure: This page contains affiliate and referral links. Backpacking Is Life may receive a reward for an eligible referral. Up and Ubank details were checked on 14 September 2026 against the official sources below. Rates and offers can change; eligibility matters.