Category: Money Matters
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Sub category: Travel
1 April 2016

5 financial must-dos before you travel

Your flights are booked and… bam! You’re on a plane heading overseas and it feels like you’ve barely blinked an eye. You’re pretty sure you have enough money to get through the trip – you’ve got a credit card and they’re accepted everywhere, right?

If life is throwing you curve balls but you’re heading overseas soon, here are a few simple things you can do to save money, time and hassle while you’re away… and avoid any awkward moments when you’re reaching for the bill and realise you might not have enough to cover it!

1. Backpacking or penthouse suites?

The beauty of travel sites like Lonely Planet is that they can show you how far you can stretch your budget before you even get on the plane. Think accommodation, food, sightseeing and transport… even tipping! And love a good night’s sleep but don’t want to pay top dollar? Head to review sites like Tripadvisor or Booking.comto compare the best deals.

2. Spread the word!

Save money while you’re away by putting subscriptions or memberships on hold and tell the banks you have accounts with about your travel plans for extra security. ING DIRECT customers can now easily log their travel dates and destinations via the settings function in their iPhone or Android app! And to make sure you don’t come home to overdue fees, set up direct debits for any bills that might pop up while you’re away.

3. Know your Yen from your Rupiah.

Feel like you’re learning a new language when figuring out a currency conversion? Try to work out an easy comparison between the currency you’ll need and the Aussie dollar, using a currency converter like OzForex Limited. For example, 1,000 Japanese Yen is around $12 Aussie dollars but 1,000 Indonesian Rupiah is around 10 Aussie cents. It’s not perfect, but it can provide an easy and WiFi-free understanding of the kind of money you’re about to spend. And don’t forget to compare fees and charges from different currency exchange providers early to secure the best deal!

4. Prepare for pesky surprises!

No matter how well you plan, it’s always good to have something extra in your back pocket just in case. Find travel insurance that suits you and if you think your savings will only cover the basic expenses of the trip, look into securing a credit card or increasing your limit for emergencies. And don’t forget to check the expiry dates on your credit or debit cards and passport to make sure they’ll last until you’re back on home soil.

5. Explore like a local.

Data roaming can be expensive, so try to secure a local sim card or mobile WiFi before you fly for easy and cheap internet access. Do some research into how you plan to pay for things, whether it’s cash, card or travellers’ cheque, to give yourself time to coordinate before you leave. And be sure to get enough local currency for an initial transfer and a hotel deposit, so you can avoid ATM fees at the airport!    

Whether you like to plan every detail or see where the wind takes you, being financially ready before any overseas trip can save you a whole lot of money and hassle down the track. Plus, if you’re an ING DIRECT customer with an Orange Everyday bank account, you can use your VISA Debit card anywhere that VISA is accepted with a fee of only 2.5% of the transaction amount for international purchases and a $2.50 fee for each overseas cash withdrawal.

For more information about Orange Everyday fees and charges when you’re travelling, visit us here.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

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