Important Financial Tips To Keep in Mind When You Travel Overseas

2 min

Global business and economy. World globe crystal glass and calculator on various international money banknotes. Currency exchange rate. Financial investment concept

From new foods and cultures to history and adventures, international travel is a vacation that everybody should try to take at least once in their lifetime. However, it is important to remember that currency, along with its value, changes from country to country. In addition, your bank card that works in your native country may be unusable once you cross the border. For this reason, financial preparation is essential before you begin your overseas vacation. Check out these important financial tips to keep in mind before and during your trip.

Let Your Bank Know That You’re Traveling

If your bank isn’t used to you spending money internationally, it is not likely to accept you doing it without letting someone know first. You don’t want to risk getting stuck in a foreign country without access to your money, so be sure to notify your bank well in advance of your trip. Ensure your contact information is up to date as well, in case someone wants to verify your overseas purchases. Without the ability to do so, the bank may assume that someone is making fraudulent charges to your account and freeze your assets until you get home to verify the information.

Avoid Using Currency Exchange Centers

Before you even try to exchange currency, you should know the exchange rate for Asian country fund transfers or anywhere else you’ll be. Once you know the exchange rate, it is also important to avoid currency exchange centers. These centers tend to prey on tourists by offering exchange rates that aren’t on par with the current market rate and charging exorbitant fees to exchange money. You do have several other options. First, you can go to your local bank before you head overseas and exchange currency there. If you prefer to do so after traveling, you can exchange at the country’s local banks and often without paying fees or dealing with unfair exchange rates. Your final option is to use an ATM to withdraw local currency.

Sign Up for a Travel Credit Card

If you plan to spend a lot of money during your trip, consider getting a credit card that is only for travel expenses. This is especially true if you plan to take another vacation in the future. Travel credit cards often have perks that allow you to earn points or miles that you can put toward your future trips. You can even redeem cashback rewards to use for taxi fares or other immediate financial needs during your vacation. Some premium cards even allow you to access VIP airport lounges, have priority status at famous hotels or restaurants, or more. Be sure to determine what works best for your credit score and whether there are expensive fees or interest rates.

Have a Backup Plan in Place

Sometimes, emergencies occur. Maybe your entire wallet was stolen. Perhaps you’ve had a medical emergency while in a foreign country. For this reason, it is always important to have a backup plan. Consider having someone you trust hold money for you back home, just in case you need them to wire it to you in a foreign country. Make sure you determine which countries except funds transfers from which companies so that you don’t become stuck. For example, if you’ll be in Colombia, you’ll want to make sure the person you trust can transfer funds to Colombian banks if the need arises.

Whether you’re heading to a tropical island or planning to hike the rainforests, it is important to be prepared when you’re traveling far away from home. Keeping these tips in mind ensures you’re not left without the finances you need to have an excellent trip. 

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