Planning an international trip is an exciting process that will have you eagerly counting down the days until your departure. However, traveling abroad comes with its challenges, and managing your personal finances while in another country might not be the first thing on your mind.
Instead, you should consider a few things before you depart so you know exactly where you stand financially in case there is an emergency or your trip lasts longer than you originally expected. Here are five tips to keep your personal finances intact while traveling abroad:
1. Bring plenty of cash and cards
Traveling internationally can be an experience you'll never forget, but to ensure you make it a positive memory, make sure you don't run out of cash while abroad. If not you'll find yourself paying a ton of international ATM fees.
It's always smart to bring more cash than you think you'll need because your destination will likely have a lot of places that do not accept your credit card. Another thing to consider is bringing extra cards, Credit.com suggested. If you have more than one credit card, it might be helpful to bring the extra cards along. While you might think it's a bad idea having multiple cards on you that could be pickpocketed or lost, it's much more likely that you'll find yourself at a restaurant accepting only one type of credit card that you left at home.
2. Notify your bank about your travels
Most banking institutions are going to flag your account after two or three overseas purchases. If it's uncertain you're traveling abroad, your card could be shut off, which will turn into a huge hassle on your trip to restore your bank card, the Cleveland Plain Dealer reported. Instead, simply contact us before you depart so we don't suspect your card has fraudulent charges.
"Use your card once or twice at foreign locations, and your card carrier can (and likely will) flag the 'non-pattern' behavior and cut off your card," said Kathleen Peddicord, an expert on traveling and finances while overseas, Credit.com reported. "I've had three cards cut off over the course of a few hours on some trips."
3. Bring account information with you
In a worst case scenario, if your wallet or purse is stolen or lost, you will want to have your checking account numbers and bank's phone number with you, Credit Card Finder reported. Having this information on a piece of paper in your suitcase could help you get back on track while in a foreign country.
All of your information will be needed, and when you're abroad, it will be best to have it with you instead of having to track it all down from another country.
"Make sure your hotel has a vault where you can lock up extra cash."
4. Budget your finances
If you're traveling abroad, it's easy to get wrapped up in your trip and spend more money than you originally wanted to. Instead, the Plain Dealer recommended you plan your finances before you go on your trip. It's important to know how much you're willing to take out of your checking account and how much money you have stored in your savings account in case of an emergency.
5. Ensure your money is secured
While traveling abroad, it's important to make sure your hotel or hostel has a vault where you can lock up your extra cash and valuables. Traveling in an area you're unfamiliar with while holding a lot of cash is not the smartest way to travel, Alternative Tourism stated. Instead, make sure you carry only what you need for that part of the day or trip.
For more information about smart ways to manage your finances, contact Landmark Bank
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