We are always reminded to keep ahead with our finances and to always know where we stand with regards to our money.
Well, when we are travelling abroad, then this is even more important. We must be diligent when it comes to looking after our hard earned cash and to try and get it to last for as long as we can.
Taking our financial situation for granted is a dangerous thing to do, as if something goes wrong(like some sort of fraud), then the trip is over for us to a certain extent.
We need to take clear, specific steps in order to make sure we’ve got things under control and manageable.
A good start would be to open a bank account with your local provider. A good idea is to open a new one specifically for travelling. That way, you can keep things separate from your personal accounts. This is always a good idea in the long run.
You will be able to see exactly how much you’ve got for your upcoming trip and you’ll be able to plan more efficiently for it.
There is added security if you have a savings account as you won’t be able to access your money as quickly as having a current account. Now, you will obviously need a current account while you are abroad, as you will need to access to your money when and where you want. But having a current account for your travel money before you leave could be a bad thing. This is because you may be tempted to dip into it from time to time.
Always make sure you have the correct numbers to call prior to leaving your country. Numbers for you bank, credit card company etc. The last thing you need is for some issue to arise and you have to go routing for a number for your bank. This can cost you money, especially if your cards got lost or even worse….stolen!
By keeping your wits about you and using common sense, a lot of the issues that arise while travelling in relation to money can be avoided.
Take time to sit down and look at all your options well before you leave for the trip. Tell your bank the countries you plan on visiting, so that they can give you exchange rates and conversion fees etc.
Also, let your credit card company know your travel plans as well, as otherwise you may find your credit card being restricted due to suspicious activity in a foreign country.