No matter whether you’re an ADF member on deployment or a regular civilian planning a trip overseas, managing your money outside of Australia can be challenging, often bringing expenses that can quickly stack up.
Here’s what to plan for and how to minimise unwanted fees.
Overseas ATM fees (spoiler alert: we’ve dropped ours).
Anyone who has ever travelled will know that in a surprising number of destinations, including technologically progressive countries such as Singapore and Japan, cash rather than card remains the preferred method of payment.
Even where this isn’t the case, it always makes sense to hold some local currency to pay tips for great service.
This makes it essential to investigate the likely cost of cash withdrawal fees from an overseas ATM. The in some cases, these fees can be high!
The good news is that we’ve made travelling easier with the removal of our overseas ATM cash withdrawal fee when you use your Defence Bank Visa Debit card at an international ATM. And even better, there isn’t a limit on the size or number of transactions you make either.
Consider a credit card just for overseas use.
If you’re heading overseas, it can be a good idea to book accommodation in advance. This is especially the case if you are travelling as a family, when spacious or connecting rooms can be harder to find.
The catch is that if you’re booking accommodation or attractions in advance, you will likely use your credit card to make reservations. Before you know it, you could find your card has racked up a large balance or is close to your credit limit.
To avoid financial issues while traveling, especially when hotels place a temporary hold on your credit card for room and incidental costs, consider getting a backup low-fee credit card. This can help cover such expenses and provide a safety net.
A Defence Bank Foundation Credit Card ticks plenty of boxes.
When choosing a backup credit card, consider one with low rates and low fees, like the Defence Bank Foundation Credit Card.
It offers a super low 3.99% introductory rate for the first six months and an ongoing rate of 8.99%, which is much lower than many credit cards especially those tempting but high-rate reward credit cards.
What is the difference between low-rate credit cards and rewards credit cards?
Additionally, half of the Defence Bank Foundation Credit Cards annual $45 fee is donated to the Defence Community Dogs program, which trains rescue dogs to assist veterans with PTSD. This card not only saves you money but also saves a dog and supports the veteran community.
Don’t forget to tell us your travel plans.
Lastly, before you go, it's easy to share your travel plans with us through the Defence Bank app. It’s quick, easy and prevents your cards from being temporarily locked while you’re overseas.
For more information on managing cash or credit when you’re travelling or on deployment, contact our Contact Centre on 1800 033 139 or visit your local branch.
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.
