Simple mistake leaving Aussie travellers at risk of major banks blocking their money
Julia Juhasz was worried about this possibility with her ANZ account ahead of her three-week vacation to Europe. A spokesperson for ANZ told Yahoo Finance that failing to let your bank know where you're going to be can trigger a response from the fraud department.
If they don't know you're going to be in Croatia, for example, and suddenly a payment from that country hits your account, they might automatically assume it's a scam.
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Juhasz posted a video on TikTok asking how essential it is to let your bank in on your overseas plans.
It sparked a flurry of comments from people who found themselves locked out.
"My card got blocked just before I was leaving because I booked accommodation overseas, they said I should've told them," said one person."We're with Westpac and they blocked the card on the first transaction. We had to quickly call and let them know," added another.
But this isn't just for ANZ customers.
Those with Commonwealth Bank (CBA), NAB, Westpac and other financial institutions have also been encouraged to let them know if you're planning on spending your money outside of Australia.
August was the second-busiest travel month of winter last year for Australia, with nearly 1.7 million people heading overseas, according to the Australian Bureau of Statistics.
Why your card can still get blocked overseas
But the No Bad Days Skincare founder was slightly skeptical about the advice as her parents alerted their bank before a trip and their card still got blocked.
ANZ explained that the system isn't completely foolproof, but is designed to stop you from being rinsed of your hard-earned cash.
"While we recommend customers let us know before their departure to help minimise potential disruption to payments overseas, our fraud and scam protections continue to operate to help keep our customers safe," the spokesperson said.
"If a customer faces difficulty with payments while overseas, we'll do our best to prioritise getting them back focused on their travels."
How do you let your bank know if you're going on a holiday
Most banks will have a section online or on their apps that allow you to list when and where you're heading to.
Those details will help them monitor your accounts for any suspicious payments that might pop up while you're travelling.
They might also allow you to pop in your contact information so they can call, text, or email you quickly in the event your account gets blocked.
You can also call your bank to let them know of your plans if you don't want to go online or use the app.
CBA said you should always have some spare cash just in case your account gets flagged by the fraud department or if your cards go missing.
"Keeping your cash and cards separate is always a good idea," the bank said.
"Even the best laid plans go awry though, so it's best to have a back-up plan in case anything is lost or stolen. Stashing your cash and spare cards in a safe, or a lockable case, can give you a fall-back option if you need it.
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