Traveling for vacation is almost bound to be two things: fun and expensive.
Just because you’re on vacation doesn’t mean you no longer get to be responsible about money, even if it’s only temporary. You still need to be financially responsible and know how to handle money-related issue when it comes to traveling.
Here are five money tips for traveling abroad:
1 – Use The Right Type of Credit Card
By ‘right type of credit card,’ this means to use a credit card that allows foreign transactions and without fees. Some credit cards will allow foreign transactions but will charge a 1-5% charge for every transaction, while others will not even allow foreign transactions at all.
You should be able to research online to find out what the rules regarding foreign transactions are for your specific credit card(s).
2 – Use Local Currency Too
You don’t have to use a credit card for all of your foreign transactions. In fact, you won’t be able to use them for all purchases, such as for food or drinks at small restaurants and venues. You may also need cash to get into public parks as well. This is why you will need to carry cash and coins of the foreign currency on your person at all times. And how are you supposed to get cash in another currency?
3 – Use A Good Money Transfer Service
The answer to that last question is simple: you can convert your money into practically any other currency using a money transfer service, which allows you to convert the funds and send them to yourself before you leave on your trip.
The best money transfer services have low fees for converting funds as well as a guaranteed exchange rate, which can fluctuate drastically by as little as a few hours.
4 – Don’t Spend More Than You Have Too
Airfare is becoming notoriously expensive, as can hotel rooms as well. But you don’t have to spend as much as you may have thought. In fact, you can save several hundred if not thousands of dollars by applying rewards points and keeping close eyes on the ever changing prices. You can also search for promo codes online as well.
5 – Keep Emergency Cash On Hand
Just as it’s a wise idea to have an emergency fund of cash at home, so you’ll want to have an emergency fund of cash while you’re on your trip as well, in both American currency and in the currency of whatever country you’re visiting.
Keep some money and cards on your person, and more at your hotel room in a hotel safe. It’s always a good idea to have backup options.
Money Tips For Traveling Abroad
As was noted previously, traveling is no time to quit being financially smart or responsible. If you’ve never traveled abroad especially, the tips in this article will be absolutely invaluable for you to use.