It’s simple. To move money to your debit card overseas, you login into the account you want to transfer money from and transfer your Australian dollars to the bank account that is linked to your debit card overseas. If your bank uses OSKO or Pay ID this should happen immediately, even if you are overseas at the time.
If you choose a Macquarie, Up Bank, Citibank, HSBC or ING debit card then you will not have any ongoing fees with an overseas debit card. If you choose the Commonwealth World, the NAB Platinum or Westpac Choice debit card you will have ongoing monthly fees.
Luckily the days of having to call an international number to report a stolen or lost card are gone. In most cases you should be able to notify your bank through the mobile app your debit card has been lost or stolen and they will deactivate your debit card immediately to stop unauthorised spending.
The pros of using a debit card overseas is that they are very convenient as you can use them when you return to Australia to pay for everyday items like groceries and fuel. They are generally accepted in most places around the world especially if they are linked to Visa or Mastercard. The cons of using a debit card overseas is that they can get expensive if you choose one with foreign transaction fees, monthly fees and fees for withdrawing cash from ATMs.
The first thing to look for are no foreign transaction fees, these can be between 3-5%. Second, you need to look for a debit card that does not charge for overseas ATM withdrawals, as these can be $5 per transaction plus 3%. Therefore a cash withdrawal of $300 will withdraw $314 from your account. Third, you need to look for a debit card with no monthly fees or account keeping fees. Finally you need to choose a debit card with good security and is easy to transfer money into while you are travelling overseas.
You can use most Australian debit cards overseas, if you advise your bank you are travelling overseas in advance. In some cases you can not use your Australian debit card overseas, so it is best to check before you depart Australia.