Departure preparation for your working holiday (the full guide)

Why you should meet your bank advisor

It’s always a good idea to make an appointment with your bank advisor before you leave to:

• • • Notify your bank of your upcoming travel plans: your bank may assume your card has been stolen and block it when you try to withdraw money abroad. Save yourself the headache and a few phone calls! Note that you are under no obligation to close your bank account during your stay abroad.
    • Apply for an overdraft: it’s a good idea to have a safety margin in case of big expenses—but make sure to check applicable fees.
    • Increase your weekly or monthly withdrawal limits: they are often not high enough for initial expenses (rent, deposit, furniture, etc.). Ask about limits on online payments as well because you may buy plane tickets.
    • Set up online banking: if you’re not already using online banking, now is the time to start. This is the only way to keep an eye on your spending and make money transfers during your trip. You should also find out about adding a beneficiary to make an Internet transfer. Some banks text you a verification code on your mobile phone (the one they have on file, so not the one you will have abroad) or send it by mail (to your home address…). Talk to your banker about options that could make the process easier once you’re several thousand kilometres away.
    • Ask your bank about changing the security features for online payments: If 2FA is enabled, payment can only be completed after entering a security code texted to your phone—and again, your bank won’t have your foreign phone number on file. Many banks now offer to send the security code on the banking application to validate the payment, but this option must first be activated by text from home.
    • Check your banking agreement: if your agreement is about to expire (e.g. because you are over 25 or 30 and no longer eligible for “student offers,” for example), you could find yourself without a specific banking package with a very basic account (reduced overdraft, additional charges for simple transactions, etc.) or find yourself with a default expensive package.
    • Set up a power of attorney: giving a power of attorney to someone you trust can be a good idea (to cash a cheque that arrived late, manage any banking problems, pick up a new bank card, etc.).

Then, you may want to start researching banks in your destination country because you will need a local card and account, especially if you’re planning to work.

Don’t forget to exchange some money

Find out about the local currency before you leave, especially the conversion rate.

You don’t have to take local currency with you, but it might be useful to bring some cash just in case you can’t find an ATM right away. Airport ATMs may charge a higher fee or be completely empty.