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The handy new tool that could save you money overseas

It promises to give you more control of your money

It’s sometimes hard to gauge how far the Aussie buck will go overseas, how much something really costs or whether you should pay in local currency or chuck it on the card. A handy new tool released by one of the big four banks hopes to help travellers have more control over their spending overseas.

NAB’s new Travel Tool provides customers with location-based currency advice, such as whether you should pay in Australian dollars or local currency (if you have the option) and how much something really costs. Say you walk into a shop overseas and see something you’d like to purchase. You’ll see a price in the local currency and while you may be able to do a rough calculation of how much it is, the Travel Tool will show you exactly how much it will be in Australian dollars, so you can see if it’s worth the money and if you’d buy it at home.   

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When you open the app, the tool will recognise which country you are in via GPS location services and give a welcome message with options to use a foreign exchange calculator and some other handy tools. To use the foreign exchange calculator, type in how much something costs in the local currency and the amount will appear in Australian Dollars below it. 

You can use the app offline as well, so it can be used on the go when you don’t have WiFi.

NAB’s executive general manager of digital Jonathan Davey said there are almost six million Aussies travelling abroad each year and travel can be daunting and stressful.

“Our customers have been asking us for assistance with things like foreign exchange rates so they have peace of mind on costs and can focus on enjoying their trip,” Mr Davey said. 

“Using the Visa Developer Platform and working with CIBC, who had identified similar customer travel pain points, we have collaboratively worked to provide our customers with simple travel information and advice to make their trip that little bit easier.”

The downside of the tool is that you do have to be a NAB customer to use it, but if travellers love it, the other banks may follow.

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