This week in banking - All things Coronavirus from travel insurance to credit cards

- Travel insurance: Keeping up with Coronavirus
- Got credit card travel insurance: are you covered for Coronavirus?
- Coronavirus: what it means if you want to make an International Money Transfer
- Heard of the Coronavirus stimulus package: here’s what it means for small businesses
- AUD hit hard by the Coronavirus: should you lock in a foreign exchange rate now?
- Interested in other non-coronavirus banking news? Here’s a roundup
All in this week’s banking recap.
Coronavirus and travel insurance: have you kept up?
It’s muddy territory when it comes to the future of Coronavirus (COVID-19), leaving many Aussies scratching their heads about what the outbreak of the disease means for their travel plans.
And one of the main questions floating around at the moment is: am I covered for Coronavirus under my travel insurance policy?
Well, unfortunately, there is a bit of grey area when it comes to insurance - whether that’s medical cover or cancellation cover.
In some cases insurers will cover you if you booked and paid for your trip before January 2020, but in others any financial losses as a result of epidemics or pandemics, or breached quarantine won’t be covered at all.
Read full article: Keeping up with the Coronavirus to find out which travel insurers cover Coronavirus.
Does credit card travel insurance cover Coronavirus?
Complimentary travel insurance is a great feature to any credit card, but with the breakout of Coronavirus this feature may not be so shiny anymore.
In short, if you are relying on credit card travel insurance for your future travel plans, you may want to ready up on your policy.
Depending on the credit card provider (and their insurance underwriter), some have restrictions on the level of cover they will provide when it comes to the infamous Coronavirus or COVID-19.
Like regular travel insurance, there may be a timeframe where you are covered - like if you booked your holiday before January 2020 - while some others won’t cover any losses due to pandemics or epidemics.
Read full article: Are you covered for Coronavirus under your credit card travel insurance? for a breakdown of what major credit card providers say about what they do and don’t cover under complimentary travel insurance.
Meet the Coronavirus stimulus package for small businesses
Yesterday, the Federal Government announced a stimulus package which is aimed to help relieve small business’ financial stress as a result of the outbreak of Coronavirus.
The package will provide $17.6 billion worth of tax breaks and subsidies to small businesses that have been hit, in order to help them stay afloat.
It’s predicted that this new stimulus package will benefit 700,000 small and medium size businesses across the country and 7.8 million workers.
Read full article: What the coronavirus stimulus package will mean for Aussie small businesses to check out more of what small businesses will receive.
Sending money overseas? Here’s how to save it amongst Coronavirus panic
For Aussies making international money transfers (IMT), now’s the time to be extra careful with your hard earned cash!
The Australian dollar has dropped dramatically as the Coronavirus crisis grows and spreads, meaning people could lose hundreds of dollars (compared to previous levels) when exchanging their AUD to foreign currencies.
Recent data from IMT provider Send FX showed that the AUD and USD pairing fell a massive 4.52% at the beginning of the week.
So what does that mean? Well, say you exchanged $10,000 AUD to USD after Monday’s movements - you could see a possible loss of around $US300 on your international transfer.
Read full article: How to rescue your international money transfer from coronavirus panic and discover the handy features offered by IMT providers to help protect your cash!
Coronavirus AUD struggle: Why you should consider locking in an exchange rate now on your prepaid travel card
Whether it’s the bushfires, RBA cuts or the latest Coronavirus hysteria, the Aussie dollar is struggling (at the lowest point it’s been in 11 years), with no indication of when it will strengthen.
On March 11, 2020, the Australian dollar sat at 65.05 US cents, whereas six months prior on September 11, 2019, it sat at 68.75.
So if you are planning to travel in the near or far future, it may be worth considering a prepaid travel card as your travel money option - so you can protect yourself if the dollar drops even further.
The benefit of these cards, in comparison to a regular debit card, is that you can lock in a rate before you leave, so that every time you top up the card you receive the original rate rather than whatever the exchange rate is on the day.
Read full article: Prepaid travel cards: Should you lock in a foreign exchange rate now? for the latest RBA data on foreign exchange rates and more on how prepaid travel cards work.
In other Non-Coronavirus banking news…
While Coronavirus is a hot topic in the news at the moment, other things have happened in the world of banking that you don’t want to miss!
Here’s a rundown:
- Remember the Reserve Bank of Australia (RBA) rate cut last week? Well, 52 lenders in the Mozo database have cut rates over the past two weeks. Read full article: Which banks have cut savings rates following the March RBA decision? for more.
- Popular online bank, ING, has celebrated 20 years in Australia, plus it hit 2.6 million customers across Australia! Read full article: ING reports record customer growth on 20th anniversary! for more.
- Need a helping hand going greener? Meet the green personal loans which are set to help Aussies cover eco-related expenses. Read full article: What is a green personal loan and where can I get one in 2020? for more.
- Aussies under 25 lost over $5 million to scams in 2019, says the ACCC, and the number is set to rise again this year. Read full article: Gen Z falling victim to scams at alarming rate, finds ACCC for more.
- If you have a wedding coming up this month, but need a little extra financial boost, a personal loan may be the answer! Read full article: Hear wedding bells? It may be time to consider a personal loan for your big day for more.
- Suncorp has waved goodbye to all account keeping fees across it’s deposit accounts. Read full article: Suncorp ditches account keeping fees on ALL deposit accounts for more.
Want to find out how other bank accounts compare? Check out the table below or jump over to our bank account comparison tool.
Bank account comparisons on Mozo - last updated 8 December 2023
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AMP Cash Manager
$0.00
Apple Pay, Google Wallet, Samsung Pay
0.60% p.a.
Earn up to 4.80% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.
CompareCompareAMP Cash Manager
Earn up to 4.80% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, Samsung Pay
- interest rate
- 0.60% p.a.
- ATM networks
- None
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.60% p.a.
Balances from $10,000.01: 4.80% p.a.
Balances from $250,000.01: 4.35% p.a.
Balances from $5,000,000.01: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from internet, phone, EFTPOS, AusPost deposit.
Read our Mozo Review to learn more about the AMP Cash Manager
-
Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
0% p.a.
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
- interest rate
- 0% p.a.
- ATM networks
- MyState
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free internet transactions.
Read our Mozo Review to learn more about the Glide Account
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Wisdom Saver Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit, Garmin
0.05% p.a.
IMB’s Wisdom Saver Account is a high interest transaction account available to members 55 years or over, or members who receive an eligible permanent pension. Enjoy unlimited fee free IMB transactions (T&Cs apply). Great interest rates and at-call access to your money. No monthly account keeping fees. Access to real time payments through Osko. Free Internet, Mobile, and Phone Banking.
CompareCompareWisdom Saver Account
IMB’s Wisdom Saver Account is a high interest transaction account available to members 55 years or over, or members who receive an eligible permanent pension. Enjoy unlimited fee free IMB transactions (T&Cs apply). Great interest rates and at-call access to your money. No monthly account keeping fees. Access to real time payments through Osko. Free Internet, Mobile, and Phone Banking.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit, Garmin
- interest rate
- 0.05% p.a.
- ATM networks
- IMB
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.05% p.a.
Balances from $10,000: 1.65% p.a.
Balances from $50,000: 2.05% p.a.
Balances from $250,000: 2.55% p.a.
- Fee free transactions
- Unlimited transactions from counter deposits and withdrawals, phone, internet, purchases and network ATMs. $2 monthly transaction allowance for customers outside postcodes 2500 to 2580
Read our Mozo Review to learn more about the Wisdom Saver Account
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Mozo experts choice awards won:
- Travel Debit Card - 2023
Everyday Options
$0.00
Apple Pay, Google Wallet, PayID
0.01% p.a.
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareEveryday Options
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Everyday Options
-
Spend Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
0% p.a.
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
CompareCompareSpend Account
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
- interest rate
- 0% p.a.
- ATM networks
- none
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited eftpos, debit, ATM, and banking app transactions using internet banking or the ubank iOS or Android app.
Read our Mozo Review to learn more about the Spend Account
^See information about the Mozo Experts Choice Bank Account Awards
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While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.