Backpacking Is Life · Updated September 2026
Up Bank Review 2026: Travel Fees, Features and Limitations
Where Up fits in our recommendations
This review covers Up’s account features, costs and limitations. For international travel, our recommendation is Ubank for eligible Australian residents and Wise for international readers where its card is available. Existing Up customers can use this review to understand their account; check fees, card availability and local ATM charges before travelling.
We may earn a referral reward through these links. Compare account conditions and fees before signing up.
Ubank $30 referral offer: eligible new customers aged 18 or over must join by 24 October 2026 inclusive, enter code AFWLLL7 in the About you step, and make five eligible card purchases that settle within the first 30 days. Returning-customer restrictions apply, including the 12-month exclusion. Allow up to 45 days after meeting the criteria for payment. We may receive a referral reward. Read the full Ubank terms.
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 Your actual saving depends on the card you would otherwise use, the amount withdrawn and the exchange rate.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.
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.
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
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.
Up Bank: features and limitations
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
Eligible Up customers can add their card to Apple Pay before the physical card arrives. Mobile-wallet and Japanese IC-card top-up acceptance can vary, so check the actual card and device combination and carry a physical backup.
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
Up and Wise have different features. This table explains those differences; our travel recommendation remains Ubank for eligible Australians and Wise for international readers where available.
| Use case | Up | Wise | Better pick |
|---|---|---|---|
| Everyday card spending overseas | 0% fee, Mastercard rate | Mid-market rate, small conversion fee | Ubank for eligible Australians; Wise for international readers. Compare conversion costs. |
| ATM withdrawals overseas | No Up overseas ATM fee; account limits and ATM-operator charges still apply | Withdrawal allowance and excess fees depend on where your card was issued; conversion and ATM-owner fees are separate | Ubank for eligible Australians; Wise for international readers, subject to its local withdrawal fees. |
| 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 | Alternative Australian account; compare its current fees and features. | Up |
| Backup if primary card fails | Existing customers should carry a backup from a separate provider | A separate-provider option; check the network on your actual card | Wise |
The practical summary: Ubank is our first travel-banking recommendation for eligible Australians, with the $30 referral offer and code AFWLLL7 subject to the conditions above. For international readers, choose Wise where available and compare its conversion and withdrawal fees. Carry a physical backup from a separate provider and local cash; no card guarantees acceptance everywhere.
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.
Suggested travel setup
Before a trip
- Eligible Australians: set a travel budget in Ubank Spend and check account limits before departure.
- International readers: check Wise card availability and compare the displayed conversion quote before exchanging money.
- Check your provider’s travel settings, contact details and card controls, and bring a physical backup.
On the trip
- For card payments: Ubank for eligible Australians; Wise for international readers where available. Choose the local currency and check acceptance.
- For cash: use an established bank ATM, review its fee before confirming, and check your Ubank or Wise withdrawal limits and charges.
- Keep a backup card from a separate provider in another pocket; check the actual card networks and carry some local cash.
After the trip
- Reconcile travel spending and replenish the money set aside for your next trip.
- Any leftover foreign currency stays in Wise for the next trip.
Up Bank: features and limitations
Compare accounts on the features and fees you need; signup incentives should not decide your travel setup.
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.
Which signup offer do you recommend for Australians?
Ubank has an eligible $30 referral offer with code AFWLLL7. Join by 24 October 2026 inclusive and complete five eligible card purchases that settle in the first 30 days. Age, returning-customer and other conditions apply; see the full terms above. Compare the account’s fees and features as well as the incentive.
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?
Is Up Bank better than Wise for travel?
Our recommendation is Ubank for eligible Australian travellers and Wise for international readers where its card is available. Up has useful budgeting features and no international transaction fee of its own, but it is not our main travel recommendation. Compare current conversion, withdrawal and local ATM costs.
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.