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The flights are booked, your bags are packed and a beautiful European summer awaits. But before you can embark on your road trip across Europe, there’s one important issue that needs to be solved: how will you manage your money while you’re overseas?
Travel debit cards provide an easy and convenient way to access your money all through Europe, without the inconvenience of expensive interest payments or overseas ATM fees. Let’s take a closer look at how you can find the best travel debit card to help you control your finances as you spend your way across Europe.
Just like a regular debit card, a travel debit card provides easy access to the funds you hold in a savings or transaction account. However, travel debit cards have a range of special features designed to make them convenient for overseas use. These include worldwide acceptance, no overseas ATM withdrawal fees, and protection against fraud.
There are several reasons why you should consider using a travel debit card to pay for purchases on your European summer holiday, including:
If you’re planning to use a debit card to pay for purchases on your European holiday, keep an eye out for any fees and charges that may apply to your spending, such as:
There are a couple of other issues you should also be wary of when using a debit card overseas. The first is what will happen if your card is lost or stolen – how long will it take before you can access a replacement card? You could be left stranded for a week or more while you wait for a replacement card to be sent.
The second issue concerns emergency funds. If you experience an unexpected emergency while travelling around Europe and need urgent funds, what will you do if there is no money is left in your account? In this situation, the extra spending power provided by a credit card guarantees added flexibility.
Finally, it’s also important to be aware that there are some purchases for which you may not be able to use your debit card. For example, if your Parisian hotel or Rome car rental agency requires card details to pre-authorise a booking, in some cases debit cards will not be accepted.
There are a few different types of travel debit cards worth considering for the European summer:
How to choose a travel debit card
How can you find the right travel debit card? Make sure you keep the following tips in mind:
By answering these questions and carefully examining your spending requirements, you’ll be able to find the right card for your needs.
There are some other alternatives to travel debit cards that you may wish to consider for your European summer holiday, including:
Travel credit cards work in the same way as any normal credit card except that they’re specifically designed to make overseas purchases more affordable. This means that you can avoid currency conversion and overseas ATM withdrawal fees, plus take advantage of complimentary travel insurance as one of the perks of your card.
A prepaid travel card offers convenient access to your cash overseas. These types of cards allow you to pre-load money in multiple currencies onto the one card, with the convenience of locking in an exchange rate before you head overseas.
Another travel option is to do things the old-fashioned way and carry cash with you as you travel your way around Europe. Having access to physical currency can be extremely convenient when travelling, but carrying money with you everywhere you go is a risky move. While having a small amount of local currency tucked away in your pocket is a good idea, carrying cash to fund all your overseas purchases is definitely not recommended.
There’s plenty more you can do to better manage your money on your European summer holiday, including:
The next step is to use the table above to compare transaction accounts that feature travel debit cards. Compare the fees and features of these accounts to see which one is best designed to meet your needs.
Once you’ve found a suitable account, click the relevant “Go to Site” button and you will be securely redirected to the website of the bank that offers that account. Once there you can read the full terms and conditions that apply and, if you’re sure the account is right for you, begin an application.
You’ll need to provide your personal information and contact details to sign up for an account, and your debit card will typically be sent to you within 7 to 10 business days. Then all you have to do is sit back and start planning the perfect European summer adventure.
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Soon to take a holiday in Europe.
Looking for a debit card which will let me transfer euros to it without having to see them converted to AUD first and then back to euros.
The point is that I am owed a debt in euros by a company in Sweden. But I’m struggling to find a way to get them onto a debit card without incurring two hits of exchange costs.
Any solution?
Hi Peter,
Thanks for your inquiry.
Here are some travel money options to deposit Euros into a savings account for your needs.
Multicurrency accounts are good for users who need to send/receive funds in a different currency other than AUD. These funds can either be exchanged into Australian Dollars or held in whatever currency they’re received in until you’re ready to exchange them. Foreign currency accounts can come in both business and personal versions, and depending on the account, may earn interest. Depending on who your account is with you can make deposits and withdrawals at a branch or online, although keep in mind that some accounts will only offer a smaller number of currencies which can be withdrawn at a branch.
As a friendly reminder, review the eligibility criteria of the account before applying and read up on the terms and condition. Feel free to reach out to the bank if you need any clarifications.
Hope this helps!
With Care,
Nikki