Tips for Managing your Money Abroad
Money is a basic fear for every first-time traveller. Questions like, “how much will I need?” and, “how much can I afford to spend?” are sure to arise many fears before and while travelling abroad.
Here are some quick tips on managing your money while travelling for some peace of mind:
Get online banking access before you begin your journey.
These days it’s quite common to manage accounts online. This will let you manage your finances electronically even from a foreign land.
Carry your ATM card
This is the most easy way to access money abroad. ATMs have become a common sight in almost every city of the world. Even with your debit card, you should also keep some cash handy for those remote places with no ATMs.
Check your account’s overseas transaction fees before going on a trip
Usually a small fee is levied by banks on every overseas transaction. Debit/ATM cards are usually the best option for daily finances, as the transaction fee is not too high. Check with your bank about their foreign money transaction fees and choose the option with the least restrictions.
Carry other forms of payment
Carry other forms of payment with you, such as credit cards, travellers cheques, or cash. The best thing to do is to store them in different bags as a backup, in case of theft or lost luggage.
Use currency exchanges
Commercial currency exchange counters at stations or tourist spots are not the best place for exchanging currency. You are more likely to get a better exchange rate at the banks. Check around different banks to get the best possible rate of exchange. Also, check xe for currency rates around the world.
Don’t carry big notes
Keep small local currency bills and coins by your side. It makes spending easier and cheaper when it comes to local shopping or expenditure. Paying for local transport or purchasing by bargaining, there could be various situations where the vendor would not offer change or take advantage of your 100 dollar note.
Do your research
Keep yourself informed about local prices or, if in doubt, check with a local person about the ongoing rates. This is to prevent you from paying the high prices that other tourists end up paying. As a tourist, you are likely to get offered a more expensive price but you can easily learn from your (or other people’s) mistakes.
You don’t need to have a lot of money to have a great trip as long as your prepare your budget and manage your funds well. Got your own money management secret? Share it with us in the comments!