So you’re heading off overseas? It’s an exciting time and you’ve probably got a million things to do – from packing, to sorting out visas and itineraries. Remember that travel finance is one of the most important things to do for any trip.
Getting organised in advance and being ready for every financial situation when you travel can help you to avoid getting into difficult situations as well as keeping you and your money safe.
Follow these top tips:
Always make sure you have two copies of all important documents. You need to photocopy your passport and driving licence in case your original documents are lost or stolen and you need to prove your identity.
Use cash wisely
It can be hard to avoid spending cash especially if you’re travelling to countries, which rely heavily on or deal mostly in cash. Make sure you have enough cash to cover you if you’re going to be far from an ATM, but try not to carry around large amounts, which could make you a threat.
Find out the charges
Speak to your bank and find out how much you’ll be charged for making withdrawals abroad. This can vary hugely depending of different providers and it’s worth figuring out the best method of spending your money ahead of time to help save you dollars.
Tell your bank and credit card providers where you’ll be
This is really important. If banks or credit card providers see multiple transactions made in a foreign country or in a number of different countries, they may block your card immediately meaning that you will be stuck for funds. Letting them know in advance should stop this from happening.
Exchange money at the best places
Ideally, you want to avoid bureau de changes which don’t offer good rates. These can often be in areas specifically targeting tourists such as airports or shopping malls. Finding a good exchange rate could really benefit you financially when you’re travelling.
Consider a pre paid debit card
These are pretty popular. Try loading up a card with a set amount of money on which you can spend as you go. Whereas travellers cheques have really decreased in popularity, this travel finance option is a good way of spending money without incurring huge charges or having to withdraw amounts at an ATM.
It goes without saying that you should only spend within your means. Don’t get carried away just because you’re on holiday or travelling to a new place. You’ll still have to pay back anything you spend on a credit card when you’re home – so remember to budget and spend wisely.