Women spend a whopping $15 billion overseas per year. According to research that includes a $148.5 million spend on international ATM fees. Are you aware of the amount ATMs cost to use when you’re overseas? If not then you could be blowing your daily travel budget.
Research from Westpac’s 2016 Travel Finance Report reveals, while millennials (both women and men) are responsible and budgeting ahead of their overseas trips, they are not considering the price of international ATM fees.
International ATM fees cost around $7 per transaction. If you use an ATM on average seven times per overseas trip, the price tag of these fees can add up.
Select ATMs, those that are part of the 50,000 plus Global ATM Alliance, allow Westpac credit card users to access their cash without withdrawal fees.
Use the Westpac mobile banking app ATM locator to pinpoint the exact locations of the Global ATM Alliance ATMs in the area to which you’ll be travelling. If you do this ahead of departing, you’ll know exactly where to go as soon as you land and won’t need to rely on an internet connection or attract overseas data usage fees.
Research your destination in advance and create a daily travel budget that takes into account current exchange rates, the cost of food and drinks, transport and sightseeing expenses. It’s important to be realistic when planning a budget.
Here are some top tips for managing your finances while travelling overseas:
Understand the value of the Australian dollar in your travel destination, so you’re not over estimating (or under estimating) how much you’re spending.
Inform the bank before you leave that you will be using your card(s) overseas (online banking allows you to do this quickly and easily). If you don’t tell the bank security could freeze your card when you access it internationally thinking it has been hacked.
Use the Westpac mobile banking app (before you leave) to pinpoint the exact locations of the Global ATM Alliance ATMs in the area to which you’ll be travelling, so you know exactly where to go to avoid ATM withdrawal fees as soon as you touch down.
Create a budget. Create a daily travel budget that takes into account current exchange rates, the cost of food and drinks, transport and sightseeing expenses. It’s important to be realistic when planning a budget – this is where researching prior to your trip will really come in handy.
Don’t carry wads of cash. While you’re on holiday you can often let your guard down – the more you have on you, the more you have to lose in the unlikely event that you’re pickpocketed or a victim of theft. Accessing your cash via Global ATM Alliance ATMs means you can withdraw the right amount of money each time you use an ATM, without worrying about ATM withdrawal fees.
Resist impulse buys. It’s easy to get carried away when you’re on holiday and to justify a lavish purchase that you’ll (almost certainly) never use when you get back home. Controlling impulse buys prevents suffering from buyer’s remorse down the track. On a purely practical level: you have to fit your purchases in your suitcase and you have to carry it.
Take the time to book as much as you can in advance such as tourist attractions, tickets to shows and accommodation to avoid having to break your daily budget due to last minute peak prices.
Westpac Global ATM Alliance https://www.westpac.com.au/travel-centre/access-money-overseas/global-atm-alliance/