Personal Finance Tips for Overseas Travel

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The holiday season is almost here and you might be planning to spend yours abroad. That’s very exciting and wonderful. If I were you, I’d probably already start packing now. But as much as you itching to jet off, there are key things you must take care of first. So let me wish you a safe and smooth trip while also urging you to check the personal finance tips below to still save money while having the best time of your life.

Get in Touch with Your Banks

When planning a vacation overseas, one of the first things majority of people do is plan their itinerary often forgetting the more important which is the financial matters. Don’t commit the same mistake by shoving this at the bottom of your priority list. Make sure you speak with your bank before leaving. Otherwise, you may risk your account being frozen. Just inform the bank that you’ll be overseas and will use your bank or credit card while there.

Open Online Accounts

If you want to keep a tab on your overseas spending more efficiently and conveniently, you’d want to open an online bank account. This will allow you to check your balances, funds, transfers and charges. You get to see your recent transactions thereby allowing you to stay on top of your finances.

Obtain a No Foreign Fee Credit Card

If you have time to spare, getting a no foreign fee credit card will save you a lot of money when travelling abroad. It is estimated that more than 90% of credit cards have hefty foreign usage fees. You might want to inquire with your issuer about said fees but you’re also better off applying for a specific credit card designed for overseas travel.

Make sure to take care of this a few months before you plan to travel. You can use the card to book flights, accommodation and activities. Foreign fees do not apply when you do which will leave you with more money to spare for souvenirs and shopping.

Bring Cash and Debit Cards

While your credit card should be enough to cover your expenses, you’re still safer when you prepare multiple forms of payment. It’s wise to open and bring a low to no fee debit card abroad. Withdrawals won’t be charged with high fees that can cost you.

Also equally important is to bring sufficient cash when travelling abroad. Just make sure that you convert only the amount you need and not all of it at once. Cash will come handy for cab fares, small purchases and on stores which do not accept credit or debit card charges.

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