There’s nothing like planning for an overseas holiday to lift your spirits, so plan ahead! No matter whether you’re planning a quick getaway or an entire gap year, it’s worth thinking about how you will manage your money while you’re away.
Our 5-point financial checklist helps you cover all your bases while you’re travelling.
1. Have a variety of payment options.
Variety doesn’t just make for a great holiday, it’s also sensible to have a variety of payment options when you’re heading overseas.
Taking a mix of foreign currency and other payment choices like a debit card and credit card as well as a digital wallet, will mean you’ll still be able to pay for your trip if any one source of money is lost, stolen or compromised.
2. Don’t leave foreign currency to the last minute.
When it comes to picking up some local currency, don’t wait until you get to the airport. Chances are you’ll get a poor exchange rate.
When you’re ready to swap Aussie dollars for your preferred currency (an exciting moment!), talk to Defence Bank. We provide access to banknotes in over 50 different foreign currencies, so you can arrive with local money in hand and hit the ground running.
3. Record emergency details.
With all your travel money options sorted, make a note of key details such as your debit and credit card numbers along with your itinerary and passport details. Keep a hard copy of this information, and send a copy to a trusted friend or relative. It can help you get things sorted faster in an emergency.
4. Insure your trip.
Travel involves plenty of adventures, and no matter whether you’re holidaying domestically or overseas, there can be times when you can face events that simply weren’t on your itinerary. That’s why travel insurance is a must-have. It can prevent a hiccup such as lost luggage, or something more serious like personal injury, from ruining your holiday – and your finances.
Defence Bank’s Comprehensive Travel Insurance* gives you 24/7 protection just about anywhere overseas, with options that can cover your luggage, hire car, personal belongings or medical emergencies.
Tip: Many travel insurance providers do not cover COVID-19 pandemic related claims so it’s best you check and see if this is included in your policy, and make a plan if it’s not.
*Policy features and the extent of your cover will depend on the policy chosen. Policy conditions, limitations and exclusions apply.
5. Put your regular bills on autopilot.
While you’re away, life back home keeps rolling along, and inevitably bills will fall due for payment. It’s easy to overlook regular bills or loan repayments while you’re travelling, but missing a bill can mean copping late penalties – or worse, copping a black mark against your credit record.
It’s a problem that can be avoided by setting up regular direct debits to automatically pay recurring bills – anything from gym membership and power bills through to credit card and home loan repayments. Defence Bank’s Everyday Access account makes this easy. It lets you head off without concerns about coming home to a mountain of unpaid bills and a ‘please explain’ from your lender.
Let us know before you go.
Before you head out to the airport, take a moment to share your travel plans with Defence Bank which can easily be done through our award-winning app. The security of your money is important to us, and we want to be sure that your debit or credit cards are being used in Marrakesh or Moscow by you (and not someone else!) as part of your trip of a lifetime.
If you’ve got a big trip planned, talk to the team at Defence Bank team. You can count on us to know how we can help make your trip more enjoyable. Call our Contact Centre on 1800 033 139 or visit your local branch to find out more.
Got questions? We have the answers. See our FAQs.
Important note: This information is of a general nature and is not intended to be relied on by you as advice in any particular matter. You should contact us at Defence Bank to discuss how this information may apply to your circumstances.
