Jetsetters should prepare early

Prospective travellers should work out their cash and card requirements early, writes

A LAST-minute dash to organise your currency can often lead to unwanted stress before you head off on an overseas getaway.

This time of year is one of the peak periods when Australians go on international adventures so it’s critical to get your currency sorted well in advance to save being slammed with excessive fees and charges.

National Australia Bank’s general manager of retail, Matthew Ricker, said organising a combination of travel cards, credit cards and cash was vital a few weeks before you headed off.

“The last thing any individual wants to be doing before they go is having a lastminute anxiety attack and you don’t need these sorts of worries,’’ he said. “A travel card can be used on-the-spot at point-of-sale and you can load up your currencies immediately.

“If you go to your bank to get cash your fees and exchange rates will probably be better than a cash booth, but give yourself a couple of weeks just to be safe.”

It can take a few days for the quantity of cash to arrive depending on the location of your bank branch.

NAB is offering no fees relating to the purchasing and selling of foreign cash in any branch in June and July. Mr Ricker said people signing up to a credit card should be mindful the application could take a few days to process and for the card to arrive in the post. Some CBD cash exchange locations can take days and in some cases more than a week to deliver currency, so it pays to order in advance to ensure enough time for the money to arrive and be picked up.

The Currency Shop’s director Justin Rampono said a disorganised traveller would get stung and there was one big nono when it came to getting cash for your travel destination.

“Don’t exchange money last minute at the airport, we’ve compared the fees and exchange rates from the city, suburbs, online and the airport,’’ he said.

“The airport are the worst rates and highest fees by a long way.

“Think about buying your currency at least a week before you head off, this will give you the most options and a better chance of getting the best available deal.”

Mr Rampono also suggests taking a combination of cash and cards – cash can be good to help avoid ATM fees while travel cards are handy for paying larger expenses such as hotel bills.

A traveller’s own debit and credit cards will be expensive to use, hitting customers with a range of charges including cross-currency conversion fees and ATM charges, but they are good as an emergency backup. GLOBAL REACH: Investor Peter Chapman is a keen investor in technology. Picture: BOB BARKER