Bucks
without borders Cash in Japan, traveller's cheques in China, ATMs in the US ...
Barbara Drury looks at what funds to use overseas.
Doing their
block
If you are heading overseas, relying on only one credit card could
land you in embarrassing situations if your bank decides it has
been stolen and puts a stop on it.
Safe, not
sorry
The free cover on your credit card may not offer proper protection,
reports Barbara Drury.
Landing
sites The strategy To organise my travel online. Is it better to do
that?
Bon
voyage
With rising fees making cards expensive, Ian Hamilton explores
alternatives for overseas spending.
Hunt out deals
You won't get a good accommodation deal if you don't ask for
one. Travel.com.au supervisor Linzi Orr says smaller hotels are
likely to offer good rates on the day if they have rooms free.
The larger international hotels are less likely to have last-minute
discounts but it's worth asking if there are any special deals for
which you might qualify. Self-catered accommodation is often the
cheapest option for families and groups.
Don't forget to barter when you're out shopping, particularly if
you are buying in bulk, but remember to check the customs rules
first. Bargains are only bargains if you don't have to leave them
behind when you return home. See www.customs.gov.au for the latest
rules.
If bartering doesn't get you anywhere, ask traders to drop the
price if you pay cash. Exploring on your own away from over-priced
tourist spots is a good way to save on meals and souvenirs. "If you
go to the local shops you'll pick up better bargains and they are
probably more authentic," Orr says.
Guide Travel insurance
Be fully prepared for that trip of a lifetime by choosing
appropriate travel insurance and learning how to make a claim.
Guide
to debt management
Head off potential debt concerns and learn strategies such as debt
consolidation to manage debt.
Guide
to credit cards
Streamline your credit needs with convenient online facilities and
applications forms.
Compare
credit cards
Select the type of features you want from a credit card and your
location. Results show card types, fees charged and interest
rates.
Clever credit
Credit cards are a handy way to carry money, as they save on
transaction costs and offer reasonable rates of exchange.
The trick is to deposit enough money on to the card to fund your
trip before you leave so it acts as a debit card instead of a
credit card. Withdrawing money from a credit card that isn't cashed
up is treated as a cash advance.
Withdrawals generally attract a high interest rate which kicks in
immediately. The cost of whatever you bought with the cash you
withdrew will multiply before you've landed back on Australian
soil.
Flight Centre spokesman Haydn Long advises taking more than one
credit card.
"Don't assume your American Express card will be accepted
absolutely everywhere," Long says.
A good combination is a Visa or Mastercard and an Amex or Diners.
Carry the cards separately in case one goes astray.
It's a good idea to have some local currency when arriving in a
country to save having to change money at the airport.
WealthPartners financial planner Andrew Heaven learnt that lesson
the hard way. "I got to the local airport in Austria, realised I
had no local currency and was belted with the exchange rate,"
Heaven says. Heaven advises also having some travellers' cheques
issued in local currency before you leave home to avoid
unfavourable exchange rates. To get around paying fees, instead of
cashing the cheques at local banks, buy something small with a
large cheque and use the change.
Heaven also advises keeping all receipts from credit card
transactions in case you need to dispute any unauthorised charges
later.
