Bank cards – tips for when you travel

Are you about to go on holiday, with visions of sun, sea and sand dancing in your head? myLIFE has a few tips on money and bank cards to bring with you, so you can leave your cares at home and make the most of your trip.

Before you go, get ready.

Card-linked insurance and assistance

Are you preparing for a trip, and planning to use your bank cards while you’re away? Now is when you should read about the perks you didn’t know they came with but also which one to use and when. Before it’s time to leave, review the insurance and assistance services your bank cards give you access to. In addition to purchase protection, your cards may include insurance in case of travel accidents, as well as protection against repatriation, flight cancellation, missed connections, loss of luggage, etc. Depending on your card, you could also benefit from services such as AirRefund, Smart Delay, access to VIP lounges at airports, LoungeKey, rental car insurance, and even payment of medical fees abroad. Check your card policies to ensure that you’re well protected and that you don’t take out multiple insurance cover with different providers, resulting in unnecessary extra costs.

How do I sign up? Insurance cover is linked to the use of your card, while assistance services are provided if you are a cardholder. If anything happens, contact your credit card provider to get the best advice. Generally speaking, only premium credit cards offer this type of cover, whereas debit cards and standard credit cards do not offer these benefits.

Foreign currency

Are you travelling outside the euro zone? If you need foreign currency, don’t forget to make arrangements on time! Some banks in Luxembourg have certain ATMs where you can withdraw US dollars (USD), pounds sterling (GBP) or Swiss francs (CHF), with no withdrawal fees. It’s always handy to arrive on holiday with a little cash, just to be on the safe side. For more exotic currencies, it’s usually better to exchange money once you arrive than to order it in Luxembourg before you leave. But if you’re dead-set on doing this, remember to order the currency at least a week before you go, to avoid any hang-ups. Be smart and check the card’s foreign exchange fees – choosing a premium card could save you a fair bit on your spending!

Card spending limits

When we’re on holiday, most of us have a tendency to treat ourselves to special purchases, spending more than we usually would for the month. It would be a shame to discover during your trip that your card is maxed out, leaving you unable to enjoy that final round of sightseeing.

So, check your card limits before you go on holiday. If necessary, increase your limit for the duration of your trip or on a permanent basis. Changes to your limit requested via your mobile banking app are usually processed instantly and are available 24/7. If the requested increase is significant or unusual, it may take some time to be approved by your banker during your bank’s opening hours. All the more reason to sort it out in advance!

Payment authorisations

Check that your bank’s app is up and running before you go on holiday, and rest easier – it lets you turn payment authorisations on or off in seconds! Block your card to prevent withdrawals, online purchases or payments outside Europe in a single click.

Good to know: always enable your notifications. That way, every time you use the app, you can check the payment details and the equivalent amount in euros straight away.

Payments made using your card are also more secure, as they offer some protection in the event of loss or theft.

Once you’re there, enjoy!

Card or cash?

Many tourists are still in the habit of travelling with large amounts of cash, but this is a mistake. Plastic is the best way to pay while you’re abroad. When using your card in another country, avoid the risk of a less favourable exchange rate by choosing to make the transaction in the local currency.

Payments made using your card are also more secure, as they offer some protection in the event of loss or theft.

Prefer to use your debit card for cash withdrawals, regardless of the currency

Have you run out of cash but need some cash for souvenirs or an excursion? If you’re travelling in the euro zone, you can withdraw money using your debit card. As a general rule, a Visa Debit will allow you to make a certain number of free withdrawals abroad. Outside the eurozone, a flat-rate fee will apply, but this will generally still be lower than the fee charged for a credit card withdrawal.Contact your bank to find out how many.

And if you find you still need to use your credit card at a foreign ATM? This withdrawal will be regarded as a cash advance, and you will have to pay fees on it. A fixed percentage of how much you take out will be added as an extra charge, meaning this amount could be high. That’s why it’s good to find out exactly what conditions apply, before you leave.

In your online bank account, you can easily view your card balance and all your past and pending transactions.

View your spending with real-time updates

When on holiday, it’s tempting to allow a sense of frivolity or nonchalance to wash over you. But if you make it a point to watch your budget, you’ll avoid any unpleasant surprises when you get back. In your online bank account, you can easily view your card balance and all your past and pending transactions. This means you can check the value in euros of any payments in foreign currency, and view any security deposits for your hotel or car hire. It’s an important thing to do if you want to avoid spending more than you can afford.

What to do if your card is lost or stolen

Even on holiday, there’s always a risk of losing your card or having it stolen, or simply forgetting where you put it!

• If you lose your card, block it temporarily directly via your mobile banking app (if your bank provides this option). Once you find it, simply unblock it to start using it again. If you don’t find it, declare it as lost and a new one will automatically be ordered for you.
• If your card is stolen, block it permanently directly via your mobile banking app. A new one will be sent to your home address as soon as possible.

How, you ask? Most banks allow you to block your card instantly from your online bank account, day or night. If you don’t have internet access, you can call Worldline on +352 49 10 10, and they will take care of it.

In summary:

• • I always book my holidays using my premium credit card to benefit from insurance and assistance;
  • I always pay locally in the local currency using my credit or debit card. If I have a premium credit card, I use it for payments in foreign currencies to get a better exchange rate and avoid unnecessary fees;
  • If I need to withdraw cash, I always use my debit card;
  • For my own security, I enable notifications in my mobile banking app and keep track of my spending regularly.

Bon voyage!