Money Tips when Traveling Abroad

Two travelers waliking dowmn an alley
Flickr / UggBoy♥UggGirl [ PHOTO // WORLD // TRAVEL ]
Travelling to different countries is a fun and adventurous activity. There is only one thing that can make your experience not be so fun and that is money matters. Here are some tips to take with you wherever you go that will ensure you enjoy yourself but not hurt your pocket in the process.

1. Tell your bank you are traveling

This will ensure that you don’t get your accounts frozen because you tried to access them from a different country. If you don’t inform your bank that you are traveling, they will take it as a case of identity theft and freeze the accounts to protect you.

2. Find out what the bank policy is in case of emergency

In case you lose your credit or debit cards, how long does it take your bank to replace them. If it’s more than a day just ensure you carry backup cards.

3. Avoid changing currency at the airport

At the airport, you will always get bad exchange rates which will leave you with less money than you should have. Just change your money at the local bank as soon as you can.

4. Get cash from an ATM immediately after landing

This will ensure you have enough cash in case of an emergency to take care of a day or two.

5. Pay with credit at hotels and restaurants

This will ensure that you don’t lose too much cash. Your credit card company will only charge you up to 3 percent for each transaction while some credit card company won’t even charge you any additional costs.

6. Insist on being billed in local currency

When you allow yourself to be billed in your country’s own currency you will end up paying more than you should. This is because of the different exchange rates. The seller will always give you a bad rate so as to benefit more from you. Also, your bank won’t treat the transaction as a foreign transaction and thus won’t pay any extra costs.

7. Practice safe ATM and debit card swipage

Always avoid swiping your card in shady looking machines. Ensure you always take cash from a bank ATM to ensure that you don’t get robbed or get your card stolen.

8. Skip the traveler’s checks

These checks have bad exchange rates and you will end up getting less money than you should have. They are also charged with a 3-6 percent service charge when processed. So just carry your plastic cards it’s easier.

9. Don’t convert excess currency into cash

You should instead spend it while you are still in the country or if you plan to visit again, save the currency for the next trip.

10. Prepare for smart card debacles

You may travel to a country that uses smart cards for payment while you are still using the magnetic strip cards. Don’t worry if they accept Visa or MasterCard they are obligated to accept your card.

I hope this article was to your liking and was helpful. Happy travels. 🙂