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Here, you can find out about different travel money options, how to decide what type of travel money to use and how to save money when you're overseas. We also look at ways to save money on your overseas spending and options for earning money overseas so you can be prepared for all kinds of adventures when you get there.
There are many types of travel money products you can use when you go overseas, including a range of different cash and card options. We've included details of the five key options to consider, so that you can choose travel money products that suit your travel plans and needs.
Load and hold up to 10 foreign currencies at a time. Lock in exchange rates. Pay nothing for international ATM withdrawals.
Prepaid travel cards allow you to load and spend money in a foreign currency when you go overseas or shop online with international retailers. Many prepaid travel money cards also give you the option of loading and spending funds in multiple currencies, which is ideal if you're going to several countries when you're overseas. Some of the benefits you can enjoy with these cards include:
When you're comparing prepaid debit cards, keep an eye out for fees that may be applied for card purchase or activation, loading funds on your card, ATM withdrawals and currency conversion (if the local currency is not loaded on your card).
Cash is often needed for taxi fares, meals and other smaller payments on trips, so it's a good idea to have some with you before you go overseas. You can get foreign currency both before and during your trip in the following ways:
Make sure you find out about service fees and compare exchange rates before buying foreign currency from a bank or another dedicated service and remember to ask if students can get a discount. If you're withdrawing cash overseas, check the card fees that may apply and remember that charges could come from the overseas ATM operator as well as your bank.
Student Mastercard or Visa debit cards are linked to your bank account and give you access to your own funds both in Australia and overseas. These cards usually waive monthly fees for students and include the following features:
Some student debit cards also provide unique benefits and savings. The Westpac Choice Student, for example, offers new customers a one-year student card that comes with over 42,000 discounts on attractions and experiences overseas and in Australia. Meanwhile, the CommBank Smart Access Student Options comes with an everyday debit card and offers a $0 Travel Money Card issue fee when you apply in a branch.
While you can use an everyday student debit card for purchases and ATM withdrawals overseas, you will usually have to pay a foreign transaction fee worth around 2–3%. You may also have to pay an ATM fee and factor in conversion from Australian dollars to the local currency.
Student credit cards give you access to a line of credit that can be handy if you need access to extra funds when you're overseas. Most student credit cards are Mastercard or Visa options that offer similar features to debit cards.
But credit cards are more likely to include security features such as 24/7 fraud monitoring and chargeback services that allow you to request a reversal of certain transactions. Some of the more premium cards also offer complimentary extras such as travel insurance, though usually student credit cards don't provide these perks.
Similar to debit cards, most credit cards charge foreign currency fees worth 2–4% of the total transaction. Plus, if you use a credit card at an ATM, you will pay cash advance fees, interest charges and possibly an ATM fee. So if you want to save on fees, you can look at credit cards that offer $0 foreign transaction fees – just make sure you meet the application requirements as a student before you apply.
Traveller's cheques provide you with a set amount of money in a foreign currency. These cheques are secure and can be replaced or refunded if they are lost or stolen. While this travel money option can be used as a form of payment in some locations around the world, they are not as widely accepted as cash or cards.
Traveller's cheques may have fees when you buy them and some of the businesses that accept them may also apply a processing fee for the service. So basically, you're better off with cash and cards for most overseas trips.
There is no "best" travel money option that will work for everyone. The right option for you depends on a variety of unique factors, including:
In this example, let's say you're going on a university research trip to Machu Picchu as part of an archaeology degree. To help you decide on student travel money options, you consider the following:
For this trip, having both PEN and USD foreign currency before you leave will make it easier to get around and buy what you need. So the first thing you do is get AU$350 worth of PEN and AU$150 worth of US dollars. You plan to have the rest of your spending money on cards.
In this case, let's say you're also a Virgin Australia Velocity Frequent Flyer member and have a Velocity Global Wallet. This prepaid travel card supports US dollars, meaning you can pre-load it with the money you want to spend in the US. As there may be locations where only cash is accepted, you also decide you want to take a back up card for getting cash out at ATMs and choose one that offers a global ATM alliance.
Along with these cards, you decide to take a student credit card as a second backup option in case you run out of money. These travel money options mean you can spend money in different ways based on where you are, while also keeping fees to a minimum.
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Here are five top tips to keep costs down on your student travel plans.
You may be able to earn money when you're overseas through educational scholarships, Centrelink or working overseas. Depending on your travel plans and circumstances, you'll need to consider some or all of these factors:
After working hard and saving up money for travel as a student, it's important to make sure your dollars take you as far as they can. So if you compare a range of travel money options and look for specialised student offers, you'll be able to choose the right products for every trip you take.
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