MY MONEY

Behind the 2017 Money Travel Awards: the methodology

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Methodology

As well as flights and hotels, anyone heading overseas needs to think about the best way to take spending money, stay in touch and make sure they are protected but finding the best products can be hard.

Money teamed with research group finder.com.au to do the hard work for you and we're proud to bring you the Travel Awards for a second year.

Here is a look at the categories and the methodology. For the list of winners pick up a copy of the November issue.

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TRAVEL MONEY

Best Travel Transaction Accounts

Transaction accounts were excluded from this category if they charged a monthly account-keeping fee that was unavoidable, and those that were not publicly available. Rankings were based on lowest overseas ATM withdrawal fee, followed by lowest overseas (EFTPOS) transaction fee.

Best Travel Money Cards

Rankings were based on the following:

  • ATM Fee - 30%
  • Establishment Fee - 30%
  • Reload Fee - 30%
  • Number of Currencies - 10%

Best Travel Credit Cards

Rankings were based on the following:

  • Foreign currency conversion fee - 30%
  • Annual fee (first year) - 20%
  • Purchase interest rate - 20%
  • Cash advance interest rate - 15%
  • Overseas ATM withdrawal fee- 10%
  • Number of interest free days - 5%

GLOBAL ROAMING

Best Global Roaming Service

The selection was based on telcos which offer a roaming add-on this year. The winner was chosen on cost and data allowance.

Best Prepaid Local SIM

The winners are based on the best value obtained from an approximate $60 spend, with calls and texts included for five most popular destinations for Australian travellers - USA, Indonesia, New Zealand, United Kingdom, Thailand.

TRAVEL INSURANCE

Best International Travel Insurance

Rankings were based on the following:

  • Premium cost - 50%. (Quotes were obtained on August 14, 2017, for a solo trip for a 30 year-old, to travel on January 1-14, 2018, to five separate destinations - USA, England, China, Italy and New Zealand. Ski and cruise coverage was excluded.)
  • Overseas medical expenses coverage 25%
  • Luggage and personal effects coverage 25%

Best International Travel Insurance Family

Rankings were based on the following:

  • Premium cost - 50%. (Quotes were obtained on August 14, 2017, for a trip for four people aged 35, 35, 5 and 7, to travel on January 1-14, 2018, to five separate destinations - USA, England, China, Italy and New Zealand. Ski and cruise coverage was excluded.)
  • Overseas medical expenses coverage 25%
  • Luggage and personal effects coverage 25%

Best International Travel Insurance Multitrip

Rankings were based on the following:

  • Premium cost - 50%. (Quotes were obtained on August 14, 2017, for an annual worldwide multi trip for a 30 year-old, to travel from January 1, 2018. Ski and cruise coverage were excluded.)
  • Overseas medical expenses coverage 25%
  • Luggage and personal effects coverage 25%

Best International Travel Insurance Family Multitrip

Rankings were based on the following:

  • Premium cost - 50%. (Quotes were obtained on August 14, 2017, for an annual worldwide multi trip for four people aged 35, 35, 5 and 7, to travel from January 1, 2018. Ski and cruise coverage were excluded.
  • Overseas medical expenses coverage 25%
  • Luggage and personal effects coverage 25%

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