Travel money and insurance

Always carry cash so you can pay for things you can’t purchase by any other means. Of course, lost or stolen cash can’t be replaced so don’t carry large amounts, and keep what you carry in a safe place.

If you’re leaving Australia, get some foreign currency before you go. If your plane arrives late at night or early in the morning you may need some money to pay for things on arrival.

Prepaid cards (including prepaid Debit or Travel Cards) give you access to your own money without the need to carry large sums of cash. They work in a similar way to a credit card, only you’re using money you’ve loaded onto the card, not credit. (This is not to be confused with your everyday Debit card which provides access to your everyday account.)  Travel cards also include a number of additional benefits, such as backup cards, no transaction fees on purchases and you can lock-in exchange rates before you leave.

Travelling with a credit card means you can make purchases without carrying cash and have access to emergency funds. In many countries, you can withdraw cash with your credit card from an ATM in the local currency. Remember cash advances incur immediate interest charges.

If you're thinking about obtaining or updating a credit card for your trip, there are a number of things to check.

• Is the card recognised in your destination(s)?
• Do you have a PIN number?
• Is your card linked to your day-to-day account?
• Does the card give ATM access to your account in your destination(s)?
• Can the card be replaced quickly if lost or stolen?
• Is the interest rate competitive?
• Does the card provide an interest-free period?
• Is the credit limit sufficient, or is an increase needed before you go?
• Are you aware of all the fees and charges associated with using your credit card overseas?
• If your credit card account is in credit, will you avoid cash advance fees?
• If your credit card bill will arrive while you're away, make arrangements for it to be paid on time.

Debit cards

You may be able to use your card to make direct cash debits from your savings account. You receive the money in local currency and may be able to check your account balance.  
Find out whether this facility is available at your destination. You should also check what fees and charges apply when your debit card is used overseas.

The advantage of travellers' cheques is that they can operate like cash but can be cancelled if you lose them or if they're stolen.

Before you leave, ensure your cheques are recognised in the countries you plan to visit and that they can be conveniently replaced if lost or stolen. Some places don't accept travellers' cheques at all.

The exchange rate varies with market fluctuations, but unless you're changing very large sums, your purchase timing is unlikely to have a major impact on your holiday spending.
A more important concern may be the exchange rate you receive while overseas. Many hotels cash traveler's cheques and exchange foreign currency, but you may be disappointed with the rate they offer.

Paying bills at home

If you're away for an extended period of time, arrange automatic payments for regular bills, or entrust a family member or friend to check mail and pay your bills on your behalf.

The priority you place on insurance depends on your comfort level but the general rule is if you can't afford to protect yourself while travelling then perhaps you can’t really afford to go.

Whatever type of insurance you want, shop around and read the policy carefully before you purchase. You need to compare and know exactly what you're covered for and what’s excluded.

Insurance needs to cover the following:
 

• your travel, in case you need to cancel or delay your plans
• your health, including dental and emergency medical evacuation
• your belongings.

Read the fine print and compare cover before purchasing.

A health problem overseas can be traumatic and extremely expensive, sometimes causing years of debt.  The standard and cost of medical care in other countries can differ markedly from ours.

Can you save on your private health insurance at home?  

In some circumstances, if you’re going to be away for an extended period and you take out travel insurance, you can arrange to pause your private health insurance while you’re away. Talk to your provider to see if they offer this facility and what impact if any it has on your ongoing cover.

If you are traveling for work or pleasure then we have a range of options to support you while you are away.

Notify us of your travel - For peace of mind, provide ANZ your overseas travel itinerary using ANZ Internet Banking.  That way, we know when you have used your credit card and other ANZ accounts overseas.  This helps avoid transactions being stopped by ANZ Falcon™ when we detect overseas purchases.

Lodging your travel details is easy to do:

• Simply log onto ANZ Internet Banking
• Select ‘SecureMail’
• Select ‘Create Message’
• Select ‘Inform ANZ of your international travel plans’ and provide us your details.

• ANZ Travel Insurance – can protect you from the financial impact of a cancelled trip, lost luggage, theft along with illness and injury. Medical expenses overseas can be financially beyond reach. Ask yourself this, if I can’t afford travel insurance, can I really afford to travel?  Find out more about ANZ Travel Insurance.
• ANZ Travel Card – a secure and convenient way to access your money while you’re abroad, with no transaction fees on purchases. You can load funds in up to 10 different currencies on a single Prepaid Visa card which is accepted at more than 29 million locations worldwide. Find out more about ANZ Travel Card.
• Credit cards¹ - A flexible payment option while you're overseas. Choose from a range of rewards credit cards and you could earn points for travel purchases. Our platinum credit cards come with many built-in travel benefits such as Overseas travel and medical insurance. Compare ANZ Credit Cards.
• Personal loans – we could hep you find the money to fund your journey. Find out more about ANZ Personal Loans.
• Foreign exchange – you may need some cash in the local currency for the things you can’t pay for using any other method. See current exchange rates.

And remember all ANZ Credit and debit cards come with the added security of ANZ Falcon^TM and ANZ Fraud Money Back Guarantee.