Your essential guide to managing money overseas

In preparation for your educational travel program, there are a few steps you can take to ensure you stick to your budget and manage your money overseas. Accessing and using your money abroad might seem daunting, but we’re here to offer a sensible approach to foreign spending. Take these factors into considerations to help you...
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In preparation for your educational travel program, there are a few steps you can take to ensure you stick to your budget and manage your money overseas. Accessing and using your money abroad might seem daunting, but we’re here to offer a sensible approach to foreign spending.

Take these factors into considerations to help you manage your money on your educational travel program:

Tell your bank – make sure you tell your bank where you’re going and for how long, so that your accounts aren’t suddenly frozen and they can watch for genuinely suspicious transactions.

Keep tabs on exchange rates – Watch the ups and downs of the Aussie dollar against your destination currency, so you can pick the best time to transfer the majority of your travel money.

Travel cash-card – Consider getting a pin protected MasterCard to use on your tour. These cards are not connected to your bank account and usually operate with a simple load-and-go system. These cash-cards may sometimes let you lock in exchange rates and by only loading what you need, you’ll keep track of your spending. Travel with confidence knowing that you can securely withdraw cash anywhere.

Arrive with some foreign currency – Bring a small amount of foreign currency with you for when you arrive, in case you can’t access an ATM machine right away. Keep in mind that a currency exchange at the airport could cost you up to 8% extra in fees.

Conceal your cash – You’ll likely be carrying and using foreign cash, however it’s best to avoid carrying large amounts. Consider using a small concealed money belt or a hip pack with a zipped compartment to keep your money and valuables at close range.

Prepare to haggle – Depending on your destination, haggling may be a core part of trade. Although it might feel unfamiliar, mentally prepare yourself to reject initial prices and gradually nudge the locals towards a fair price.

Protect your pins – Conceal your hand when entering pin codes at busy ATMs and avoid entering any online banking passcodes on public computers. It’s also wise to make a habit of checking the price in EFTPOS machines is correct before entering your pin.

With this advice, you can be sure you’ll have no nasty surprises on your tour and enjoy treating yourself with your hard-saved spending money.

For more travel insights from the experts, check out all of our travel advice articles here.

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