The world doesn’t stop when you go away. So if you’re going for a while, you’ll need a plan to make sure your bills and other responsibilities are looked after. You’ll also need to know how to manage your money from afar.
Managing your money from a distance
Whether you’re on a beach, trekking through the jungle or shopping up a storm, it’s easier than ever to stay on top of your finances from almost anywhere in the world.
Internet banking
You can access Internet Banking from anywhere you can get online. It’s the easiest and most comprehensive way to manage your money from a distance. If you’re not already connected, make sure you sign up before you take off.
Mobile, Smartphone or iPhone banking
ABC Bank’s Mobile site is also accessible through your iPhone or other web-connected mobile from all over the world, but be aware that data roaming charges can really add up. You can find more information here.
Paying bills automatically
If you have bills due while you’re away, it’s easy to set up bill payments and make sure they get paid automatically. You can also pay most bills by direct debit, to make life easy whether you’re home or away.
Managing money overseas
The most important thing about spending money overseas is making sure you understand exchange rates. If you’re converting US Dollar into a foreign currency, just multiply your US Dollar by the exchange rate. If you’re converting foreign currency back to US Dollar, you divide the foreign amount by the exchange rate.
Using ATMs abroad
If you have a Credit or Debit card, it’s really easy to access cash from most banks’ ATMs. It pays to look for the symbol of the type of card you have, to make sure your card will work in that ATM. You should also be aware of the cash withdrawal and currency conversion fees that apply. Many people minimise these by making a few, larger withdrawals rather than lots of little ones. You may also be able to use your EFTPOS card overseas – just look out for the international Plus symbol.
Travelling to Japan? You’ll need to look out for an ATM in a 7-Eleven store, Post Office or a foreign bank like Citibank – these are the only places non-Japanese cards can be used.
Staying safe when banking online
If you use Internet Banking while you’re away, you should be extra aware of potential threats. If you have to use a computer in an internet café, make sure no-one is watching what you do – and always double check for the “https://” at the beginning of the web address. It’s also vital to logout and close your browser window after you’ve finished using Internet Banking. You should also logout if you’re leaving your computer – even for a short time.
