Planning ahead when you are going overseas is always a good idea. Of course, you have booked your fare, decided on your selection of clothes, toiletries, camera and other items, but have you given serious thought to your finances.
You have probably organised some funds into your account so that you can freely spend to your overseas budget, but there is one step that many people forget to do and that is to let your credit card issuer know of your travel plans.
You may wonder why you should do this and there is a simple reason: security.
Credit card issuers use security software that will track if a credit card is being used in an unusual way. If this happens the credit on the card is stopped until you have been contacted and have verified the usage. Not so difficult when you are at home, but when you are travelling around overseas it can be very difficult to contact you and could cause you major problems.
Tips for credit card use overseas
- Contact your bank well before your travel date and advise them you are going overseas and also check to see if you need any new or replacement credit cards. Check expiry dates of any cards you are planning on taking with you.
- Organise yourself with a chip credit card as they have extra security features.
- Organise a PIN for your credit card because some countries will only accept transactions that can be confirmed with a PIN.
- Carry a form of debit card or prepaid card as well as the credit card because you could find yourself in a situation where you cannot withdraw on a credit card.
- When landing in a new country carry a small amount of local currency but also carry funds in several currencies as well.
- It is a good idea not to carry all your funds in the same place but separate some for security purposes or in case of emergency.
- Make sure you are set up for internet banking because you can do internet banking from across the globe making managing your accounts at home so much easier.
- Set up regular credit card payments into your credit card so that you avoid any late fees.
- Arrange your travel insurance. The old saying 'if you can't afford to pay your travel insurance, you can't afford to go' is so true. Cover yourself and your cards in case anything goes wrong. There are some cards that allow you to get Overseas Travel and Medical Insurance so see if they are worthwhile.
- Leave contact numbers with the bank of a person at home that they can contact in case of emergency.
- Never let your credit card out of your sight. Try to be at the terminal to pay your bills in restaurants and other places.
- Ensure the merchant only swipes your card through one machine and if you suspect any foul play, contact your credit card issuer immediately.
- If you lose your credit card or misplace it, ring and put a stop on your card immediately to prevent it being used by someone else. A replacement card will be arranged.
- In an emergency you may be able to get a higher credit limit. Make enquiries about how to do this before you leave.
- Carrying a Travel Card is a good idea for a second card so make enquiries about this before you leave.
- Keep all receipts until you have had a chance to reconcile your credit card statement.
- Don't write your PIN down and if you change it don't use your birth dates or any other personal recognisable date.
- The use of a money belt is a very good option to keep your financial items and passport safe.
- Carry photocopies of your passport or have a copy of it in your email account.
- If you are in a situation where a hotel or hire company have performed a temporary transaction on your account, be aware that this will affect the balance until it is reversed.
- Register with the Department of Foreign Affairs and Trade so that you can be contacted in case of emergency.
- Take contact details for your bank, your bank account numbers, phone numbers for lost and stolen cards. Back these up with a copy of all the number you may need in your email account.
Travel with care and travel safe.
Credit Card To Travel Abroad With
If you are travelling abroad then the ANZ Frequent Flyer Credit Card is great card make purchases with because your ANZ Frequent Flyer Visa credit card gives you access to 29 million locations worldwide. This means even purchases you make while travelling overseas count towards earning Qantas Frequent Flyer points. Earn 1 point for every $1 spent on your ANZ AMEX card and 0.5 point for every $1 spent on your Visa.
- $0 p.a. annual fee for the first year ($95 p.a. thereafter) annual fee
- 19.99% p.a. on purchases
- Cash Advance Rate of 21.49% p.a.
- Up to 44 days interest free
- Minimum Income Requirement of $15,000 p.a.