What You Need to Know About Money When Traveling Overseas
Guest Post by iCompareFX.com
Source: Wix Gallery
June 10, 2019
If you plan to travel overseas, money matters require your attention, and not just because you will be dealing with another currency. If you travel prepared, you minimize the possibility of running into any money-related problem. Fortunately, all you need to do is follow a few simple measures.
Determine the Cost
While there is no telling exactly how much an international holiday might cost, given that expenses tend to vary, it is essential to determine how much your trip might cost ahead of time. Flight tickets are usually at the top of the table, followed by the money you will need to spend on accommodation. The cost of eating out can add up quickly. You also need to account for entry fees to local attractions, local transportation, and any probable shopping.
Consider Getting Travel Insurance
Check if any of the credit cards you use comes with free travel insurance. If not, consider getting it on your own. While travel insurance comes at a cost, it works in providing that much-needed peace of mind. With the right type of cover, you can get protection against medical expenses, missed and canceled flights, as well as lost or misplaced baggage.
Inform Your Banks
It is not uncommon for banks to temporarily block cards when they suspect fraudulent transactions. Blocking cards may occur if you end up using your card in another country. As a result, make sure you inform the issuers of your cards about your plan to travel overseas before you depart.
Get and Use Local Currency
Consider buying some local currency before you leave your home country. To do this, carry out some research about which providers offer the best exchange rates. This way, you do not have to worry about exchanging currency at unfavorable rates at airports or hotels. The amount of money you need in the form of cash depends on your destination country. For instance, while cards are commonly accepted across North America, Europe, and Australia, this is not the case in several parts of Asia, Africa, and South America.
Use Cards Sensibly
If you plan to travel anywhere in Europe, make sure you carry chip-enabled cards. Visa and Mastercard cards are the most commonly accepted globally. You might have trouble finding small merchants that accept American Express cards. Don’t expect to find takers for Discover and Diners Club cards outside of the U.S.
Most credit cards come with international transaction fees, and in such cases, using your debit card makes more sense. If you wish to withdraw money from an ATM, use your debit card instead of your credit card. This is because the latter will come with a cash advance fee, and you will need to start paying interest from the day you make the withdrawal.
Multi-currency cards work well for people who travel to different countries reasonably regularly. These cards come with different types of fees, which include issuance fees, ATM fees, loading fees, inactivity fees, and balance refund fees.
Pay in Advance
Making payments toward your accommodation in advance does away with the uncertainty of what exchange rates you might get in a foreign country. To do this, compare leading overseas money transfer companies depending on where you live and make a selection according to your needs. You can also pay for your car rental in advance.
Traveling overseas for the first time can seem a little overwhelming, especially when it comes to planning and managing finances. However, paying attention to a few simple aspects ahead of time ensures that you get to focus your energy on what matters once you’ve reached your destination, be it work or pleasure.
About the Author
Jon work as a researcher with iCompareFX. This website gives its readers an easy way to compare the world’s top overseas money transfer companies. When he’s not working, Jon likes to cycle as much as possible.