The top approaches to manage your cash when traveling
Discussed below are some best approaches to managing your money when you are traveling.
- The pros and cons of cash: Using cash is one of the easiest options for shopping or making other purchases when traveling. If you have calculated the amount of cash needed during the trip, then all you need to do is make a single trip to the ATM and take out the needed amount of money. However, it is not very safe to carry large amounts of cash, especially when in a foreign place. It is best to carry only what is required and make several ATM visits to take out cash as and when needed. This will help prevent excessive loss if the wallet is lost or stolen. But, you should know that banks charge high transaction fees when using the ATM in a foreign country. You should talk to your bank to verify the fees and ways in which it can be reduced.
- Clean the wallet: All of us keep a lot of unnecessary things in the wallet. So, before travelling drain the wallet of all non-essentials such as the club membership card, etc., and carry only those things that are needed. You may keep some cash and a few cards in the wallet. This will prevent you from fumbling in the wallet to locate money or other things and thus avoid attracting pickpockets. It may also be noted that a fat wallet is a big temptation for thieves.
- Prepaid cards vs. Credit cards: Prepaid cards are becoming very popular with travelers nowadays. It is very easy to use them to make purchases when traveling. Such cards are available online or at banks. All you need to do is buy the card and then register and activate it. Then you can transfer as much money as you want into that card. If the money runs out, you can load more money into it if the card has reloadable facility. Prepaid travel cards typically work the same as other cards, but some details may differ from one bank to another. Also, it is important to keep track of the money spent (to avoid running out of cash) since the amount of funds available in such cards is a fixed amount. Credit and debit cards have varied fees and transaction charges, for every swipe, when used in a foreign country. Such fees can total up to a big amount. Hence, it is a good option to give prepaid cards a go when on the next vacation. The plus point of credit cards is that you do not have to worry about running out of money when holidaying. Additionally, if the card is lost or stolen, then you do not have to pay for any charges made on the card after it gets stolen or lost. You can check with the credit card provider about the transaction fees, etc. The card company can also offer specific information about a stolen or lost card when traveling, travel discounts, trip insurance policy, and international travel credit cards.
- Carry more than one debit or credit card: It is better for travelers who intend on using debit or credit cards to carry two cards, instead of just one. This will ensure that you have access to funds if you happen to lose one card. You can keep one of the cards in your hotel safe and carry the second card when out and about.
- Carry storage accessories: Body pouches, fanny packs, money belts, and under-garment storage places can be of great use for storing your cash and other precious items close to the body, thereby preventing them from getting robbed. Backpacks and purses, which are popular storage options, tend to be an easy target for thieves.
- The benefits of giving allowance to your children
- Credit Cards vs. Payday Loans
- What is the difference between hard and soft credit pulls?
- The top approaches to manage your cash when traveling
- What Is Microlending And How Does It Work?
- Strategies for paying your Credit Card Bill on Time, Every Time
- Why You Should Use Your Credit Card to Pay for Everything