Travel & Foreign Exchange
International Funds Transfer
A secure, convenient and electronic means of depositing funds directly into an overseas account, in a specified currency with funds being delivered in as little as 3 business days. With a selection of over 100 currencies, we can provide you competitive exchange rates and expertise to meet your transfer requirements.
To organise a transfer, download and complete the International Funds Transfer application or simply visit one of our branches and we can complete a transfer for you.
An incoming overseas deposit allows you to receive foreign currency into your account that is then converted into Australian dollars (AUD). Receiving foreign currency from an overseas account is easy. We can provide indicative incoming exchange rates and can accept up to 16 currencies.
For a list of available currencies download the document below.
- It is essential to include 'FFC VTMB (Full Name & Member Number)' in the payment notes.
- When sending funds in a currency other than AUD, please advise the sending Financial Institution that the transfer must remain in the same currency and NOT be converted. This can also be included in the ‘Payment Notes’. Victoria Teachers Mutual Bank will arrange the conversion to AUD through our partners at American Express.
You can plan ahead financially for your overseas trip by organising foreign currency while still in Australia. You might not want to carry around a fortune, but enough to get you started is wise. Visit or call us a week or two before you leave and we can provide you with the foreign cash you require, no matter where in the world you are going, with the availability of over 60 currencies.
A secure way to send funds abroad. It is simply a bank cheque in the required foreign currency, with 16 major currencies to choose from, made payable to a recipient that allows them to deposit directly into their own account. Drafts can be ordered and made available within 5 business days.
To organise a draft, download and complete the International Draft application or simply visit one of our branches and we can complete a draft for you.
Travellers cheques are a safe and easy way to protect your money whilst travelling. Available in 6 major currencies, travellers cheques are universally accepted and have the added bonus that should they be stolen or misplaced, they can be replaced within 24 hours from almost anywhere in the world.
Terms and Conditions
*Your foreign cash will be available for collection within 48 hours from our branches.
Whether your trip is for work or leisure, changing between currencies can be complicated.
The following tips on currency will help you make the most of your money overseas:
Use your Visa card overseas
Visa Debit and Credit Cards will be accepted anywhere the Visa logo is displayed, at millions of locations across the globe. Use your card at restaurants and retailers, or find one of the ATMs in over 200 countries that will accept foreign Visa cards. If you choose to withdraw cash, it can be best to withdraw larger amounts at once however, as each foreign transaction may attract a fee.
- To make purchases press ‘credit’ and enter your PIN or sign for the transaction.
- To withdraw cash from an ATM select the ‘credit’ button and enter your PIN. This is a chargeable transaction; a fee of $2.50 is incurred on a pay per use basis.
- Over the counter cash advances are accepted at any bank displaying the Visa logo. Photo identification will be required. This is a chargeable transaction; a fee of $2.50 is incurred on a pay per use basis. Note, cash advances from your Visa Credit Card incur interest from the date of the withdrawal.
- Overseas banks may charge a fee for the use of their ATMs and for cash advances.
- A conversion fee to Australian dollars of 2% of the transaction value, applies to all overseas Visa Debit/Credit Card transactions.
What to do if your card is lost or stolen
Before you leave on a trip, make a note of your Visa Debit/Credit Card number(s) and the phone number you need to call if your card is lost or stolen overseas (+61 3 9834 8560). Keep the phone number separate from your card. Alternatively, the Visa International toll free number for your destination can be located via the Visa website.
Visa provides emergency assistance to all Visa cardholders 24 hours a day, 7 days a week. Visa Global Assistance can arrange for an emergency cash advance of up to US$400.00 within 48 hours (higher amounts may take additional time). An emergency card can also be provided within 48 hours. A fee of $150 is applicable (this fee is waived for the Visa Platinum Credit Card, refer Terms and Conditions Part B).
Please note: PIN’s are not provided with emergency cards and so cannot be used in ATMs or for any other PIN transactions.
You may also consider the services of Secure Sentinel. Secure Sentinel is Australia and New Zealand's leading provider of registration and protection services to reduce the risk of fraudulent use of financial cards and mobile phones and to assist in the return of valuables.
Prepaid Travel Cards
There are plenty of prepaid travel cards on the market, some with better terms than others. The advantage of these cards is that they are typically not linked to your normal accounts and are designed for overseas use. Purchasing a Multi-currency Cash Passport lets you load multiple currencies on to one easy-to-use travel money card and offer extra security and flexibility.
Terms and Conditions
Travel tips and advice
In the lead up to, and while on your next overseas trip, take a little time to consider the following tips and suggestions to cover yourself from some of the things that may go wrong on your holiday:
- Have your finances in order before you fly: If you are going to more than one country, change some cash over while you are still in Australia. Also consider using other sources of finance such as travellers’ cheques. By using different ways of accessing your money overseas, your bank balance will be healthier on your return – or you can spend more on souvenirs! Orders for Foreign Cash or Travellers Cheques can be made at any of our branches or online.
- Don’t just rely on your card: Avoiding transaction fees is easier if you don’t rely entirely on your card. Even though cards are incredibly convenient, every time you use yours overseas it will cost. Avoid these costs by mixing up how you access your funds. Purchasing a Multi-currency Cash Passport lets you load multiple currencies on to one easy-to-use travel money card and offer extra security and flexibility.
- Notify us you are going away: Victoria Teachers Mutual Bank employs a number of methods to ensure there is no fraudulent activity on your accounts. If suspicious activity is detected, for example, your money is being spent overseas by an identity thief, while you’re still at home, we would contact you to verify transactions. So if you are going overseas, ensure you notify us by calling 1300 654 822 or +61 3 9834 8560 (overseas) or email us at firstname.lastname@example.org.
- Organise adequate Travel Insurance: Travelling can be a very rewarding experience, but it comes with its own risks. Every year, Australians both locally and overseas discover the unpleasant costs that come when your trip doesn’t go to plan. Without adequate travel insurance, you might be paying for your holiday long after it’s over. Ensure your travel Insurance is comprehensive. For further information about our flexible travel insurance policies or to arrange a quote, speak to one of our Insurance Consultants on 1300 654 822.
- Keep an eye on your bank balance: It will be simpler to keep your transaction fees under control if you keep an eye on your bank balance. With the convenience of Internet Banking and Mobile Banking App you are able to check your bank balance while you are away. Keeping a tally of your spending and transaction fees will not only prepare you, it might make you more conscious and keep your spending on track. If you are planning on using Internet Banking overseas, take extra precautionary measures and do not use public computers (e.g. Internet cafes, libraries, hotel lobbies). If you have entered the login details on any shared computer, please change your passwords from your own PC at home or work.
- Be aware and sensible: Even though they are very unlikely to happen to you, try to acquaint yourself with any known scams in your destination country. Check Smartraveller website to see if any areas are unsafe, to avoid both petty and more serious trouble. Unfortunately some of the easiest scams to fall for happen at the airport. Every traveller has a story about exorbitant taxi fares or drivers who insist your hotel has burnt down. Always stick to metered, registered taxis. One of the easiest ways of keeping safe overseas is being sensible. If something seems risky, then it just might be. If the worst should happen, and occasionally does to even the most seasoned traveller, there’s no need to panic but you should act quickly. If your card is lost or stolen, contact us immediately to have the card cancelled.
- For travel advice or to register travel plans: Please visit the Smartraveller website http://www.smartraveller.gov.au/.