The world is smaller than it has ever been, before. Because of this, travel has also been democratized to the point where so many people can take to the world with a spirit of adventure. However, there are challenges that should be considered ahead of time, especially when it comes to money. This is the second part in a series about the various monetary complications that can arise when you travel, and the tips that you can use to manage your money as you explore the world. Here are some tips about how to manage money while you travel…
Do research ahead of time
Although it is always nice to have a certain amount of spontaneity when one travels, it is still important to keep a smart head about you. Particularly, you should always do some financial research before you travel to a new place. Figuring out the prices that you should expect is a crucial part of budgeting. Also, ATMs are not always going to be readily accessible, and certain cards aren’t accepted everywhere, so you should have your method of payment planned out before going. On top of that, figuring out the current exchange rate with a country’s currency will also have a profound impact on your budget.
Have a cash stash
Although you will usually be able to use card, in most places, or at least find an ATM, it is a good idea to have a separate stack a cash to use, in case of emergencies. While you don’t want to carry too much cash, in case you lose it or it gets stolen, a couple hundred dollars can be a real lifesaver in certain situations. Typically, you will get a better exchange rate on larger bills, but be sure to have a few smaller ones, just in case.
Tell your bank
Security in banks has gotten more and more advanced, nowadays. If your bank sees unusual spending going on in other parts of the world where you have never spent money, then it is going to raise a lot of red flags. What typically happens in this situation is your bank will place a hold on your account. When this happens, you will have to call them and go through a series of safeguards, in order to get them to greenlight your spending. This can all be avoided with a simple phone call to your bank to tell them that you will be traveling.