Taking money overseas

Taking multiple payment options

It's a tough question to answer - what is the best way to pay for things overseas? In general most people find that taking a combination of options is the best choice. If you take several ways to pay then you're more likely to be ready for any situation that comes your way.

Exchange rates

Firstly, you'll need to wrap your head around exchange rates. The exchange rate varies with market fluctuations. These changes are hard to predict and getting your money organised early may save last-minute headaches. Find out more about how exchange rates work

Debit cards

You may be able to use your card to make direct cash debits from your savings account. You receive the money in local currency and may be able to check your account balance. Find out whether this facility is available at your destination. You should also check what fees and charges apply when your debit card is used overseas.

Cash

Think about carrying some cash in case of emergency and to make purchasing small items easier. Don’t carry large amounts, and keep what you carry in a safe place.

If you’re leaving Australia, you may consider getting some foreign currency before you go. You can obtain foreign currency from most Foreign Exchange outlets but keep in mind it may take a few days to arrive depending on the currency. Limits for buying and selling may apply.

Other things to remember

Inform your bank

Before you leave you should let your bank know that you will be travelling. This can lower the risk of your card being unexpectedly declined. 

No-one wants the nerve-racking experience of being left without funds while travelling, especially in a foreign country. Being flexible and carrying a range of payment options and keeping them all in different places will help with security.

Here are some other tips for keeping your money safe:

• Never produce a large amount of cash in open view
• Find out what responsibility the hotel takes before leaving anything in the hotel safe
• Don’t leave large amounts of money in your hotel room
• If walking, be mindful of the position you're carrying your bag - would it be easy for someone to access any of the pockets? 
• Avoid letting your card leave your view when making purchases

Keep your money and cards safe

No-one wants the nerve-racking experience of being left without funds while travelling, especially in a foreign country. Being flexible and carrying a range of payment options and keeping them all in different places will help with security.

Here are some other tips for keeping your money safe:

• Never produce a large amount of cash in open view
• Find out what responsibility the hotel takes before leaving anything in the hotel safe
• Don’t leave large amounts of money in your hotel room
• If walking, be mindful of the position you're carrying your bag - would it be easy for someone to access any of the pockets? 
• Avoid letting your card leave your view when making purchases