Hi, me and my partner are planning to live and travel around asia for 2+ years and are confused what to do with our money while we are away.
We will have around $180,000 to put away and the idea of shares or investments scare us so we want to keep it simple and leave it in bank accounts. While we are away, we will have no income so that would have to be factored into what bank accounts we go for.
We will be using a 28degrees card while we are overseas.
Any recommendations?
I wouldn't be relying on only one card overseas.
Get at least the Citibank plus account for cash withdrawal and then use 28 Degrees for purchases.
To add a third card to the mix, the ING Direct Orange every day is also great for cash withdrawal (same visa rate as Citi plus) with a flat $2.50 per withdrawal (no good for purchases though, as they charge a %age fee on those).
Combine with a high interest account.
It sounds like you are talking 'Short-Term. Most investment categories should be viewed as 'Long-Term' anyway. I would recommend putting a large amount of funds not needed immediately into fixed term deposits with banks or similar, but have them maturing at different times if you need on-going access to some funds. In an emergency you can always get early release but will be penalised by a reduced % income.
we will also be going to england before our trip as my partner is from there, does anyone know if it is better to use term deposits in england or australia?
do you need to use the $180,000? If not, just put it under term-deposit.