Whether it's obvious advice like avoiding counting large sums of money in public view or something a little more obscure like paying your hotel bill in Australian Dollars, these 12 tips may help avoid a few headaches when abroad.
1 - Take the time to become familiar with a new currency before you go shopping to avoid being short-changed.
2 - Pay the hotel bill by credit card using Australian dollars rather than the local currency when you check out. This doesn’t cost any extra and saves on currency conversion fees.
3 - Counting bills from a large wad makes you a tempting target for thieves. Don’t flash your cash.
4 - Maximum daily withdrawals from overseas ATMs vary from country to country and bank to bank. Some limits are small – around $200 – which can leave you short of cash. Over-the-counter transactions are available from any bank and ideal for larger amounts.
5 - Overseas banks charge when travelers use a standard debit card to withdraw cash. Opt for one large transaction rather than multiple small ones and save (but remember to keep those extra dollars safely tucked away in your hotel).
6 - Prepaid cash cards such as Travelex (www.travelex.com) work like debit card but aren’t linked to a bank account so they offer peace of mind. If someone does swipe your wallet, a replacement card can be issued for a small fee.
7 - Tell your bank you’re heading overseas or your cards and/or accounts may be frozen due to suspected fraud.
8 - Check the expiry date on each card you plan on using while oversea.
9 - Check the fees for international transactions prior to going on holiday as some banks are cheaper than others.
10 - Work out a simple currency conversion formula before you go. For example, in Hong Kong AU$1 equals around seven Hong Kong dollars, so don’t whip out your calculator at the markets, simply divide by seven.
11 - Write down your credit card numbers and keep them in a safe place or email them to yourself. If the worst does happen, it will make canceling your cards far less stressful.
12 - Always leave a small ‘emergency cash stash’ back at the hotel to tide you over in an emergency.
