How To Keep Your Money Safe When You Travel
Image Credit: Christopher Elison (flickr)
If you are planning to travel to a country that is foreign to you, there are a number of precautions to consider in order to make sure your money is safe. These precautions involve personal cheques, traveller's cheques and cash.
One of the first pieces of advice when traveling abroad is to take along two credit cards in the event that you may have underestimated the costs involved while on your trip. Before leaving for your trip, it is advisable to purchase a small amount of the foreign currency for taxis, buses or tips to use once you have arrived at your destination. It is also of importance to know that a few countries have regulations in place in regards to the local currency amount you are allowed to bring into the country.
It is never advisable to carry around a lot of cash. The safer option would be traveller's cheques due to the fact that you will be the only person that will be able to use them. In addition, you can have these checks replaced or reimbursed if they are stolen, misplaced or lost.
Traveller's cheques are usually available in denominations that will include $20, $50, $100, $500 or $1,000 cheques. It is advisable to use the lower dollar checks as they are much easier to cash in once you have reached your destination. When you purchase traveller cheques, make sure you immediately sign each one on the provided signature line.
The majority of travel experts recommend that travellers should carry with them at least 2 credit cards in the event of unexpected expenses. Typically, nearly all credit card organisations allow you to withdraw cash or pay for merchandise anywhere in the world. However, it is advisable to ensure that your credit cards are accepted in the country you decide to travel to and make sure you review fees involved when you use ATM machines in order to withdraw.
Money Tips For Traveling
Travel tickets are just as important as money, so keep them in a safe place.
When you purchase your tickets, make sure you only deal with an authorised agent particularly when traveling to another country.
Make sure you only exchange the money amount you plan to use. This will help you to avoid having to pay for two exchange-premiums.
You can bring along your chequebook with at least two cheques. If you run short on money, certain hotels may allow guests to cash cheques to the equivalent of $100. However be cautious, with growing fraud many hotels are just as likely to refuse personal cheques. An alternative is a cash advance against your credit card, some more high profile hotels will advance some cash for a small fee added and charged directly to your card. There are wire transfer services also available but depending on the country these can at times be quite slow and are generally expensive options and relying on these should be avoided.
Make sure that you book your trip through the right travel agent and consider these helpful tips when traveling to another country. You can look forward to a safe and fun-filled vacation and if something unfortunate were to happen to your money, you can be assured that you will not be stuck.
Kirsten Johnson runs a successful business and loves to write in her spare time. She helps to operate MerchCash.com, which was founded in 2015 to help businesses grow by obtaining the cash flow they need.