Money travelling tips

Q: I am heading overseas just after Christmas for the first time for quite a few years and am not quite sure the best way to take money and how to make sure I don’t lose it - last time I went everyone used travellers cheques but I am not sure if this is still the case especially with ATMs and credit cards so easily available.

A: Our expert is Michael Cant, Commonwealth Bank’s Head of Retail Products, who offers the following tips.

There are few simple steps you can take to make sure the holiday you choose goes without a hitch:

• If you’re planning to use a credit card overseas, make sure you contact your bank before you travel and ask for the latest PIN-protected credit card. Many businesses overseas now require customers to enter a PIN before they can process credit card transactions. Most cards, including all of the Commonwealth Bank’s new line of credit cards, are now equipped with secure chip technology with PIN attached.
• Online banking is a good way to manage your money while you are overseas. You can look at your account and credit card balance, transfer money between accounts and pay bills anywhere in the world where you have access to the internet. Be careful if you’re using an internet café, and always remember to log out of your online banking session before you leave the computer.
• Consider using a combination of travellers’ cheques, credit cards, and some foreign currency notes so that your finances are not dependent on a single source. There are now some clever ways to access foreign currency with stored value cards such as the Commonwealth Bank’s Travellers Cash that let you load up it up with foreign currency at a fixed exchange rate before you leave, giving you access to that cash through ATMs around the world.
• If you need large amounts of foreign currency, are asking for an unusual currency, or even if you just want some US dollars, consider ordering your currency online for pick up at your local bank branch.
• Make duplicates of passport details, insurance policy, travellers’ cheques (ID numbers), visas and credit card numbers. Carry one copy in a separate place from the originals and leave another copy with someone you trust at home.
• Travel insurance is one of the most important considerations when it comes to travelling. Shop around to find cover that meets your specific needs. Don’t forget to check your credit card terms and conditions – many cards have travel insurance included when you purchase a travel ticket with the card.
• Consider providing your banking details to your family and close friends before you leave, so they can transfer money into your account if you run out.
• You might also want to tell your bank when and where you are going overseas, so they don’t call you when they start seeing overseas activity on your card.

Commonwealth Bank has a range of easy-to-use online tools to help make your overseas break enjoyable and stress-free, including a Monthly Savings Calculator to help you develop and achieve your travel-related savings goals and a useful Foreign Exchange Calculator to help you make fast, accurate currency conversions.