While vacations serve as great breaks from the daily grind of the working world, they can often make a larger dent in your pocketbook than planned. And, if you don't take a few precautions to protect your finances while traveling, especially abroad, you could fall victim to theft, fraud and a lot of headaches trying to recover your expenses.
Following are top financial tips for travelers :
Handling Credit, Debit and Travel Cards
1. Always while traveling abroad, take different credit cards, some local currency, a few traveler’s checks and a few US dollars. You’ll be prepared to pay for items where your credit cards aren’t accepted. You’ll also be prepared to pay in the local currency even if currency exchange counters are not available.
2. Before you travel, make a list of your credit card numbers, issuing bank names, expiry dates, customer service numbers, and emergency numbers. Print this information out and keep it handy in your clothing or luggage just in case your wallet is stolen. Having the 1-800 toll-free numbers handy to call from wherever you are can relieve you of major headaches.
3. Use your credit card to pay for goods as much as possible, unless the charges are too high. Carrying too much cash around is like asking for trouble. Your credit card is still safe, as long as you hang on it carefully and report theft immediately.
4. Don’t charge up your credit card in advance before traveling. You might think that putting funds into your credit card means you won’t have to pay interest or charges. It doesn’t work that way.
Handling Cash
5. Don’t carry all your cash in your wallet. Stow away some cash in hidden pockets within your jacket, pants or dress. Keep some cash in your hands-on luggage while flying. This way, even if your wallet is stolen, you’ll have some cash to fall back on.
6. Keep a few notes in different currencies in your wallet if you are traveling to different regions abroad. For example, if you are traveling to Europe, keep a few Sterling Pounds, US Dollars and Euros with you. Some cash-only establishments are particular about the currency they accept.
7. Don’t exchange money at airports or railways stations; you won’t get a good exchange rate for your dollar.
8. Buy sufficient destination currency before you travel. This way, you can avoid the high fees and other hassles that areassociated with currency exchange.
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