Dave Catalano Credit and Banking Integrity Manager
My team is often asked a lot of questions about the best way to manage money when overseas. Here are my tried and tested suggestions.
Before you go
Register your travels. Let us know you're going away before you leave, including dates and expected locations. It’s a good idea to send us a secure email in internet banking or call us on 132 888 when you’re booking your holiday to avoid your transactions being blocked by our fraud monitoring systems. This information can help in case of an emergency and help reduce credit card fraud while you’re overseas.
Consider travel insurance. Travel insurance is important to help you avoid expensive costs in the event that something goes wrong, which unfortunately it sometimes does. It’s important to find the right cover to suit you.
What to consider when booking travel insurance:
- cover for cancellation fees and lost deposits
- overseas emergency medical assistance
- overseas emergency medical and hospital expenses including dental
- luggage and personal effects cover
- rental vehicles
- cover for travel documents, credit cards and travellers’ cheques.
Organise your money. You may spend more money than you think while you’re away. It’s a good idea to plan a holiday budget well in advance and stick to it. Don’t forget to factor in home expenses such as mortgage, rent,and bills that still need to be paid while you’re away. I always encourage a safety net of cash to come home to in case something happens while you’re away.
Spend smart. Using a travel card for transacting overseas instead of your normal cards can help make managing your money a breeze. By loading money onto a prepaid card, you not only set a budget for your travels but it also means the rest of your accounts are protected.
We offer the Multi-Currency Cash Passport with the following features:
- fee free for international ATM transactions
- chip and PIN protection for security and worldwide acceptance
- accepted at over 29 million MasterCard retailers worldwide and online
- 24/7 emergency support
- secure website to view your account, transactions and manage your currency balances.
While you’re away
Keep your cards in sight. When paying for items overseas, make sure that you always keep your card in sight and check the balance before paying. Be mindful of people assisting you with transactions or at ATMs and always protect your PIN.
Daily limits still apply. While you are away it's a good idea to have some local currency on hand for those situations where EFTPOS or credit card payments are not accepted, such as airport transfers or small cafes. Remember that the same daily ATM limit of AU$1000 applies while you’re away. Visa Debit and credit cards are accepted at over one million ATMs worldwide.
Check your transaction fees. Make sure you are aware of transaction fees on your credit or debit cards. Foreign currency conversion fees and bank fees may be charged by foreign banks.
Report lost or stolen cards. If your Redicard, Visa Debit Card or Visa Credit Card is stolen or lost, report it immediately to minimise the risk of unauthorised use. Call us on 132 888 from within Australia or +61 3 9854 4666 if you are overseas. If you are calling outside of business hours please listen to our after hours message for instructions.
My last tip. Have fun!