Travel Money Tips for Aussies Going Abroad

Travelling overseas is an incredible experience, but managing your travel money wisely is just as important as booking flights and hotels. You don’t want to be sipping a Mai Tai on a Thai beach only to find your bank card blocked, or coughing up hefty fees at every ATM. This guide is packed with smart travel money tips tailored for young backpackers, couples on holiday, and families – so you can globe-trot with your finances under control and no worries.

Use a Multi-Currency Travel Card

One of the best travel money companions for your wallet is a multi-currency travel card. These prepaid debit cards, offered by both banks and fintech companies, let you load foreign currencies and use them overseas like a local. Unlike your everyday bank card, you can hold multiple currencies at once, meaning you can lock in exchange rates before you go and avoid surprise rate changes.

Popular options include Wise and Revolut, which support multiple currencies with competitive exchange rates. Many traditional banks also offer their own travel cards. The main perks? Lower fees, the ability to top up via an app, and the safety of not being directly linked to your main bank account. Before you pick one, compare features like supported currencies, ATM withdrawal limits, and any load or inactivity fees.

Notify Your Bank Before You Fly

Before you start posting poolside pics, give your bank a heads-up about your travel dates and destinations. Australian banks actively monitor unusual transactions, which is great for fraud protection – but can mean your legit holiday purchases get flagged.

You can usually update your travel details in your bank’s app or via online banking. This quick step means fewer chances of your card being blocked mid-trip, and gives you an opportunity to check your bank’s overseas fee structure before you go.

Dodge Foreign Transaction Fees and ATM Charges

Nothing sours a holiday like coming home to a statement full of sneaky fees. Many standard bank cards charge around 3% on every overseas purchase, plus extra for ATM withdrawals.

Here’s how to avoid them:

• Choose fee-free cards: Look for cards that waive foreign transaction fees and refund or skip ATM withdrawal charges.
• Pay in local currency: When given the option, always choose the local currency rather than AUD to avoid poor exchange rates from Dynamic Currency Conversion.
• Limit ATM visits: Take out larger amounts less often to reduce per-withdrawal fees. Store most of your cash securely and only carry what you need for the day.
• Use credit cards wisely: Pick one with no overseas fees and added perks like purchase protection or included travel insurance. Always pay the balance in full to avoid interest charges.

Keep Backup Cash and Cards Secure

Hope for the best, plan for the worst. Always carry a mix of payment options in case of emergencies:

• Emergency cash: A small stash of AUD or USD kept separately from your main wallet can be a lifesaver.
• Spare card: Bring a second card, preferably from a different bank, and keep it in a safe spot like a hotel safe.
• Don’t carry it all: Only take what you’ll use for the day and store the rest securely.

Split Your Travel Money Across Multiple Accounts

Avoid putting all your travel funds in one place. Having multiple accounts or cards reduces your risk if one gets lost or frozen. For example, you might keep some funds in your regular account, some in a multi-currency travel account, and a separate credit card for larger purchases.

For couples and families, divide the cards and cash between travellers so you’ll always have access to money if one person loses their wallet.

Embrace Digital Wallets for Extra Security

Digital wallets like Apple Pay and Google Pay add extra layers of protection by encrypting your card details and requiring fingerprint, face ID, or a passcode for payments. They’re also handy backups if your physical card is lost or stolen.

Many Australian banks and travel cards can be added to a digital wallet, so you can tap and pay without pulling out your physical wallet – a big plus in busy or high-risk areas.

What to Do if Your Card Is Lost or Stolen Overseas

If the worst happens:

1. Freeze your card immediately via your bank’s app.
2. Contact your bank’s emergency line to arrange a replacement or cash advance.
3. Use your backup card or cash stash until your replacement arrives.
4. File a police report if stolen, especially for insurance claims.
5. Contact the Australian embassy if you lose all access to funds or ID.

Final Thoughts: Travel Smart and Enjoy the Ride

Your holiday should be about making memories, not stressing over money mishaps. With the right prep – from a multi-currency card and fee-free banking to backup funds and digital wallets – you can enjoy your trip with peace of mind.

So, pack your bags, plan your adventures, and travel knowing your money is secure. In true Aussie style, stay savvy, spend smart, and have a ripper of a holiday.

Any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it, you should consider its appropriateness for you, having regard to those factors. Before making any decision about whether to acquire a financial product, you should obtain the Product Disclosure Statement.