Backpacking Is Life · Updated July 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
- 0% international card fees, free overseas ATM withdrawals. Saves around AU$25 per ATM withdrawal vs CommBank/Westpac — $100–200 back in your pocket on a 3-week Japan trip.
- 5.35% Grow Rate (effective 22 May 2026) on savings up to $250k — competitive, but the conditions matter more than the headline.
- Bendigo Bank subsidiary, FCS-protected $250k. Separate cap from Ubank if you hold both.
- Best paired with Wise — Up for everyday spending and ATMs, Wise for multi-currency holding and transfers.
→ Sign up via Hook Up a Mate for a $21 bonus once your ID is verified. No spend, no minimum deposit.
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.
That said, “best card” isn’t binary. Up has real gaps — no foreign currency wallets, poor international transfers, and its Mastercard rate isn’t 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
Genuinely zero international fees from Up’s side
No 3% FX margin, no $5 international transaction fee. CommBank charges 3% + $5 per overseas withdrawal. On a single ¥50,000 ATM withdrawal in Japan, that’s about AU$25 saved with Up. Across 5–10 withdrawals on a trip, $100–250 lands back in your pocket vs the Big Four.
The app is actually good
Real-time push notifications with merchant name and AUD conversion the moment a transaction clears. Card lock, freeze, reorder in two taps. Country-specific travel notifications. When something goes wrong abroad, Up’s app lets you diagnose it in 30 seconds — more than CommBank or Westpac can say.
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 | CommBank / Westpac | Up Bank | Saved |
|---|---|---|---|
| ¥50,000 ATM withdrawal × 5 | ~$25 each (3% FX + $5 fee) = $125 | ~¥110 ATM fee × 5 = ~$5 | $120 |
| AU$2,000 card purchases | 3% FX = $60 | ~0.2% Mastercard margin = $4 | $56 |
| Total on a 14-day Japan trip | $185 in fees | $9 in fees | ~$176 |
That’s not marginal. That’s a flight upgrade, three good dinners in Tokyo, or the gap between buying a JR Pass and not needing one. The Up vs Big Four saving pays for itself many times per trip.
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 — but neither does anyone else except ING.
- Mastercard wholesale rate, not true mid-market: Typically 0.1–0.4% off true mid-market. On a $2,000 trip spend, that’s $2–8. Not material, but not “zero fees” the way some reviews imply.
- Always decline Dynamic Currency Conversion: If an ATM or terminal offers to charge you in AUD, decline. Always pay in local currency — Up’s rate beats DCC by 5–10%.
Grow & Flow — current savings rates
Up replaced its flat 3.85% Saver rate with Grow & Flow in September 2025. The Grow rate increased again on 22 May 2026 following the RBA’s third consecutive hike.
Up Bank · Save account rates · Verified July 2026
The condition that catches people: miss the 5-card-purchase requirement and all Savers drop to Flow rate — including ones you didn’t touch. Most Up users set a small recurring payment (a streaming subscription, a scheduled transfer) to protect against this automatically.
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.
Versus Ubank (June 2026): Ubank’s Everyday Bonus Rate is 4.85% p.a. ongoing, with a 5.60% Welcome Rate for the first 4 months for new customers — and its condition is simpler (just grow your balance by $1/month, withdraw freely). Ubank’s cap is also $1M vs Up’s $250k. Up wins on app quality and travel features; Ubank wins for pure savings simplicity. They have separate $250k FCS caps — many savers hold both.
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 | SWIFT only, ~$20 + FX margin | 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 are expensive. For sending AU$5,000+ overseas, use Wise. Up isn’t built for it.
- Mastercard rate, not true mid-market. Usually 0.1–0.4% off. Tiny on small purchases, slightly more noticeable on large lump sums.
- 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 via Hook Up a Mate gets you $21 for completing ID — no spend, no deposit, no waiting period. Wise via referral gets you a fee-free first transfer. Both take 5 minutes.
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 licence; Up runs the customer experience on top.
Can I have both Up and Ubank?
Yes. Up is owned by Bendigo Bank, Ubank is owned by NAB — separate institutions, separate $250k FCS caps. Ubank’s current rates (June 2026): 4.85% p.a. Everyday Bonus Rate ongoing, 5.60% p.a. Welcome Rate for the first 4 months for new customers. Many Australians hold both — Up for everyday banking and travel, Ubank for maximising savings interest.
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?
Easier than most bank bonuses. Open via the Hook Up a Mate referral link and complete identity verification — driver’s licence or passport, about 5 minutes. The $21 lands once Up verifies your ID. No minimum deposit, no purchase requirement, no waiting period.
Can I travel with only Up Bank?
You can, but carrying two cards from different providers is much safer. If Up declines, freezes, or the card is lost, you need a backup. Wise is the natural second card because it runs on Visa rails — if a country’s network has trouble with Mastercard, Visa usually works.
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. If you sign up through them, Backpacking Is Life may earn a small commission at no extra cost to you. Up’s Grow Rate of 5.35% p.a. is effective from 22 May 2026. Ubank’s Everyday Bonus Rate of 4.85% p.a. and Welcome Rate of 5.60% p.a. are effective from 24 March 2026. Wise ATM structure updated 1 May 2026. All rates are variable — verify current rates directly before signing up. General information only, not financial advice.