Do I have to inform my bank that I am traveling abroad?
Summer. This is one of the most popular times of the year for Australians who want to travel interstate or overseas to take advantage of the vacation period, and it’s also a great time to plan this adventure. international next year.
And according to recently released figures from Travel 2020: anticipating the new decade of travel report commissioned by travel website Luxury Escapes, Australians will certainly continue to nurture their love affair with overseas Trip in the first year of the new decade.
A survey of 20,000 travelers, which was part of the report, found that 2 in 10 Australian travelers plan to take an overseas trip of at least a week in 2020, with Canada (21%), the United States United (19%) and Italy (17%) lead the destination charts.
Does this sound like someone you know?
While it’s hard not to worry about planning flights and accommodation, not to mention making sure the passport is still valid, there is one task travelers will want to add to their checklist. before the flight: inform your bank that you are going abroad. .
“There is nothing worse than arriving at your destination and realizing that you cannot pay for that poolside cocktail you just ordered. Be sure to let your bank know when you are due. travel and your destination so that your bank account is not blocked, ”advises Lee Hatton, CEO of UBank.
“UBank’s Ultra Transaction Account allows you to simply enter your travel details through the UBank app in minutes, making the process something you can do on your way to the airport, too. simple as that. ”
However, UBank is not alone in allowing its customers to alert them of their overseas travel plans through their banking app.
In fact, they are part of a growing number of banks that add travel-friendly features to their apps, with 40% of banking applications tracking in the Mozo database now equipped with a travel notification option.
But if you’re not an app user, how exactly do you let them know you’re going overseas and when do you actually need to tell them?
Read below for answers to some of the most common questions to help you prepare for your next international trip, including some of the travel money options you may have available to you while abroad.
Why should I alert my bank of travel plans abroad?
As Hatton alludes above, the last thing you want to do is start your vacation with a lock on your travel flow or credit card. This is because your bank is constantly monitoring your card for any suspicious activity, and purchases made abroad are one of the main indicators that something is wrong.
How can I inform my bank that I am going abroad?
While every bank is different, one of the easiest options is to jump online and use your bank’s mobile app or online banking platform to let them know. Usually, it’s as easy as selecting your travel dates and the countries you plan to visit. Otherwise, you can still phone them if you prefer to talk to someone in person.
When should I leave them now?
Ideally, you’ll want to let your bank know before you catch a flight or before you start using your card (s) abroad, but the beauty of being able to use a mobile banking app or online banking means you can lock your travel information. while you wait for your flight at the airport.
Should I alert my bank if I use a prepaid travel card abroad?
While it may not always be necessary to inform your bank of your trip details if you are simply relying on a prepaid travel card, most banks always recommend that you contact them before you leave.
Do I have to use a prepaid travel card, travel debit card, or overseas travel debit card?
There are many travel money options available to Australians going abroad, including a daily debit or credit card, but each comes with its various advantages and disadvantages.
- Prepaid travel cards: These can be a cost-effective option for travelers going to multiple countries with different currencies, as you’ll be able to load up the amount you need in advance. Keep in mind that loading the card, withdrawing cash, and transferring any remaining funds from the card may incur charges.
- Travel Debit Cards: Many banks, including UBank, are making their linked bank accounts and debit cards more attractive to Australian travelers with travel-friendly features such as zero foreign ATM fees and 0% currency exchange fees. The added benefit of using a debit card is that you’ll be spending your own money, so you’re less likely to go over budget.
- Travel credit cards: With the expense protection they offer and added benefits such as additional insurance and the ability to earn points, travel credit cards are another popular travel money option. Again, it’s important to weigh their benefits against costs like annual fees, currency exchange fees, and of course, any interest you might have to pay.
Ready to compare the travel options for your next vacation abroad for yourself? Take a look at some of the best deals in the table below or check out the winners of our Mozo Experts Choice Travel Money Award 2019 for even more interesting options.