Nowadays, it's much easier to access your money while
you travel. But it makes sense to plan ahead, no matter
where your overseas holiday takes you. Check out our
Top five tips on accessing your money abroad
– and avoid those hefty fees and scams.
1.
Check with your bank first
It's worth finding out how much your bank will charge
you before you leave. Although using an ATM gives you a
better exchange rate than exchanging hard cash, you'll
pay additional fees to access your bank account overseas.
Using your credit card in an ATM (if you have a pin)
involves higher fees again.
Let your credit card provider know your travel plans (so
they don't register unusual use of your credit card)
and make sure you have regular direct debit payments in
place before you go.
If you're moving overseas temporarily, and plan to
open a new bank account abroad, you'll need some
documentation from your current bank, and you'll need
to set up authorisations before you go if you want to
transfer money between the two.
2. ATMs or travellers cheques?
It's hard to remember the days when you couldn't
just get local currency from an ATM when you arrived at the
airport. In those olden days, we all used travellers
cheques.
Travellers cheques are still worth using if you are going to
a remote country, where ATM access may not be predictable.
But you'll pay more in exchange fees, and you'll
only be able to change money during business hours. If
you're going on a long trip, take some money in
travellers cheques and keep it separate – it will be
your emergency fund if you lose access to your bank account
or credit cards for any reason.
3. Keep your details safe
Make sure you keep a record of your debit and credit card
numbers, and that handy
‘emergency-reverse-charges-while-you're-overseas'
bank phone number. But don't make your bank account
details too obvious or record your pin number!
Protect yourself from credit card fraud while you're
travelling by making sure you sign for a bill before they
have a chance to take it out of sight. And try to avoid
online banking from a public internet café.
4. Don't put all your money eggs in one basket
It's best to have a combination of money sources: a
small amount of cash, a debit card, two credit cards (in
case one is declined or stolen!) and some travellers
cheques. The easiest things to replace are credit cards and
travellers cheques, and you'll get instant cash and
lower transaction fees on a debit card.
Some travellers swear by the ‘two wallet'
technique. Keep all your documents and credit cards safely
in one wallet, and then use an everyday old wallet for cash
and a few less important cards. If you get mugged, just hand
over the second wallet and minimise your losses.
5. Help! I've been robbed!
This is when you'll be glad you took out that travel
insurance. Firstly, report any theft to the local police
(and get written documentation if possible). Then, call our
24 hour emergency assistance line on (+) 800 7997 9000.
Depending on your insurance, you'll be covered for the
loss of both cash and plastic – including any losses
on your account. You'll also need to notify your bank
immediately so they can cancel your cards.
To make the most of your money while you're
travelling, it pays to take out overseas travel insurance. Then you
can relax and enjoy your overseas adventures.
