Accessing my money while overseas
While travelling you'll need money, so make sure you can get it when you want it and safely.
- Before you go, make sure your credit or ATM cards are usable around the world. Consider taking two different credit cards just in case; after all, you don't want to find yourself deep in the middle of nowhere without a brass razoo.
- Also check with a bank or foreign exchange agency about the best currency to take, because some countries don't accept Australian currency and travellers cheques. Your safest bet is the US dollar.
- If you are going somewhere far flung, check with your bank about the ease and/or cost of transferring money internationally between your Australian accounts and one in the country you're working in.
Scam Watch - SMS security
It's a big bad world out there and not everybody's intentions are honourable, which is why SMS security is a neat idea.
It works like this: within seconds of making a payment, no matter where you are, your bank SMSs a unique one-time password to your mobile (presuming you take one) which you to enter in to an Internet Banking payment confirmation screen to authorise any payment.
The beauty is scam artists don't have your mobile phone to get the SMS code, so it stops them dead. Plus the other cool thing is that SMS security serves as an alert if an illegal attempt has been made on your account. Too easy!
Am I liable if there is an unauthorised electronic transaction from my account?
Yes and no. For the fine print check out the EFT Code at www.fido.asic.gov.au but as a guide you'll get all of your money back if:
- The transaction took place before you received your card, PIN or code
- There was fraudulent conduct by employees of your account institution or merchant
- A forger, expired or cancelled PIN or card was used
- A merchant incorrectly debited your account more than once
- The transaction took place after you told your bank that your card had been lost or stolen or that someone else may know your PIN or password
- It's clear you haven't contributed to the loss
But there's no joy if:
- You unreasonably delayed telling your bank your card was lost or stolen or that someone else may know your PIN or code
- You acted fraudulently
- You didn't keep your PIN or password secret
Usually liability is split between you and your bank, but you won't have to pay more than $150. Your bank is liable for any failure of their equipment or system and they can't get out of it just because another party like the merchant caused the problem.
When must I tell my bank?
As soon as you become aware of suspect that:
- Your PIN or any other codes or passwords you use with your account become know to someone else
- Your card or authentication device has been misused, lost or stolen
- There is and error or unauthorised access or transaction on your account
Internet banking overseas
While travelling you're a long way from your local bank, but in this increasingly global world online banking brings your local branch to you, no matter where you are. It's the easiest way to pay ongoing bills while overseas, as well as to do transfers from one account to another or from yours into someone else's. You just need all the relevant bank account details.
Travellers cheques
Travellers cheques are not as common now that ATMs and credit cards are everywhere, but if you lose your wallet with all your credit cards or if you arrive to discover that your cash card won't work in the ATM they are a good back up.
The beauty of travellers cheques is that they be replaced if they're lost or stolen, so keep a record of your travellers cheque numbers in a safe place. They are best in US dollars, euros or British pounds. Make sure that you sign them when you buy them, but do not countersign them until you are ready to use them.
