You’ve organised flights, accommodation, and activities, but have you organised your finances?
One of the essential items to prepare before you head overseas is your money.
Follow this checklist to help ensure you are ready to make travel memories.
1. Organise more than one way to pay
While cards are accepted almost everywhere in Australia, ‘cash is still king’ in many countries. Consider how much cash you’re comfortable carrying and whether ATMs or currency exchange stores are readily available at your destination.
Taking a debit and a credit card as well as foreign cash gives you flexibility over payment methods. You can use your BCU Visa Debit and credit cards anywhere Visa is accepted.
2. Get travel insurance
Travel insurance can help provide you with peace of mind if something goes wrong on your trip. Consider what you’d do if your luggage was lost or stolen, and if you could afford additional travel and accommodation costs in an emergency. BCU offers a range of travel insurance options to suit a range of holidays.
3. Review your home and contents insurance
It can be a good idea to review your home and contents insurance before your trip, as you may need to let your insurance provider know if your home is unoccupied for an extended period. Read your insurance PDS and consider whether your policy is adequate for your situation.
4. Review your car insurance
You might not think you need to worry about your car while you’re away, but it can be helpful to check your car insurance policy. Consider where your car would be parked and whether anyone driving it while you’re away would be covered by your insurance.
5. Check your card and account limits
Whether you’re a savvy spender or plan to shop up a storm on your trip, check your card and account limits before you go. Make sure international transactions are enabled via card controls in the BCU Bank app or BCU iBank.
6. Check expiry on cards
Check the expiry dates on all of your cards to make sure they don’t expire while you’re away. Just like with your passport, it’s a good idea to make sure your cards don’t expire for a few months after your return date in case your plans suddenly change. You can order new cards in the BCU Bank app or BCU iBank.
7. Think about bills
Do you have a plan for paying bills that are due while you’re away? Think about how often you will have secure WiFi to access online banking, and consider setting up automatic payments or prepaying bills before you leave.
8. Know your fees and charges
Spending your money overseas often comes with fees and charges, including international transaction fees, and currency conversion fees. Take a look at the fees associated with your debit card, credit card, and currency exchanges to weigh up your options. Consider whether using a currency exchange bureau is cheaper than withdrawing cash at a foreign ATM. You can find the schedule of fees for BCU debit and credit cards on our website.
9. Let us know before you go
It’s a good idea to let us know about your travel plans before you head off. This can help us to monitor your cards and know whether overseas transactions are legitimate. You can tell us your travel plans by calling our contact centre, visiting a branch, or in the BCU Bank app and BCU iBank.
10. Have a backup plan
Unfortunately, losing your wallet or having it stolen can be a reality when travelling. Consider keeping a card and some cash in separate bag so you have a backup payment method. You can report a lost or stolen card in the BCU Bank app or on BCU iBank.
11. Know your emergency contacts
One of the most important things you can do to protect your money is to know who to contact in an emergency. Make sure you have important numbers noted down - whether that's adding them to the contact list in your phone, or perhaps taking a small notebook on your travels.
You can contact BCU from overseas via: