Travelling abroad is perhaps one of the best and most rewarding experiences you can have. But before you get on that plane, there's a lot of admin you need to sort out first, the most important being your budget and access to money. The last thing you want is to be without money in a foreign country, having to contact your bank to sort out your card.
Fortunately, Old Mutual's Money Account allows you to access your funds from other countires. But there're a few best practices you should follow to keep your card and details safe while travelling.
Instead of withdrawing money, choose to swipe your card for purchases instead as it works out cheaper. The fee for swiping your card to make an international purchase in-store is R7.00 per transaction. For purhcases like meals and hotel stays, this works out cheaper, and it's safer as it negates the need to carry large amounts of cash on you.
If you intend to visit a remote area and need to draw cash, make sure to draw enough money to last at least a few days so you don't have to make many withdrawals. You can use your Money Account card to draw money at any VISA ATM. An ATM withdrawal will cost you R35.00 and a balance inquiry will be R7.00. For a comprehensive list of what your international transactions will cost you, view our Money Account page.
When you make a withdrawal, remember to always draw money in the currency of the country you're currently in. ATM machines will give you the option of withdrawing in your home currency, which means it will do a currency conversion based on its own exchange rate, which would cost more.
Tourists often get targeted while they're travelling because they tend to let their guard down. This is easy to do in a foreign country, but you need to take extra precautions to protect your valuables. Don't keep all your cash and money in one place and keep some backup money close to you when walking around, like in a hidden travel wallet that fastens around your waist under your clothes.
If your Money Account card happens to get lost or stolen, you should cancel your card immediately. You can do this in one of the following ways:
If you don't have a Money Account and would like to find out more about its benefits, visit our website for more information. Alternatively, sign up for our Money Mailer. In this free monthly newsletter, we serve up articles on topics ranging from saving to borrowing and everything inbetween. If you've ever wanted to know how to save for university, how to reduce your living expenses, or how to improve your credit score, the insights in these article can leave you wiser, wealthier, and better equipped to make the most of your money.