Ask any traveler and you will be told how ridiculously painful it is to be stuck in the remotest part of the world with no money in your card and wallet.
Really, what do you do in such a situation?
Well, some of us, but only the few of us get real lucky and get assistance from strangers. However, it is not a good situation to be in, and therefore, should be avoided by all means.
It is imperative for travelers to learn to manage money wisely. Before you get ready to leave and travel, take a moment and plan your finances carefully. Have a plan, also a backup plan, if needed.
Let’s talk about ways to manage money while you are traveling.
Using ATM And Debit Cards
The less hassle-free way to use money is by getting cash in local currency. Using an ATM or debit card lets you withdraw money in local currencies. Of course, each cash withdrawal that you will make will be subjected to conversion fees, foreign ATM fees and/or any other charges that your bank and the local bank that offers the ATM services will charge.
Even the debit cards can be used to make any purchases, but with some fees on the service. It is a good idea to check with your bank about the debit card and ATM fees that they charge when used overseas.
Have An Emergency Funding Ready
What this implies is, have a relative back in your home country to be able to send you money when you need money in a hurry. Many travelers who are traveling solo always keep this option available for their convenience. In order to fetch the money transfer services, you will have to know few basic bank details, including the postal address of the receiving bank, the account name, and most importantly, receiving bank’s bank code. You need specific bank codes for online money transfer services within the country and also for international online money transfer.
Go to your relationship manager to provide you with a list of bank codes. In addition to that, also request for a web address where you can find bank codes of all banks as it will help you to stay prepared.
Also Read: Apps that Make Your Traveling Easy
Keep Your Eyes Open For Those Transfer Fees
Banks don’t offer money transfer services for free. Instead they charge heavy transfer fees to make transfers. It gets too heavy on the pockets when you look at regular monthly transfers. Explore transfer fees of different banks, and choose a bank that gives you great services and charge less transfer fees.
Cash is of course a lot easier to carry and spend as compared to other options, but it can also be a little risky. It is a good idea to distribute money wisely. For instance, carry some money in your pockets, some in the bag, and some of the socks too. You have to be smarty-pants when handling cash overseas.
Also Read: Most Important Apps for Women's Safety
Your Internet Banking Should Be Functional
Having an internet banking is a great tool to manage your money when you are traveling. Internet banking helps you to keep a track of your expenses and also lets you transfer money easily. With the help of online banking, you can transfer money easily and safely from any part of the world.
The only hitch with internet banking is having access to the internet. You may not find web access everywhere especially if you are traveling in the remotest of places. Although, most of the times, using internet café abroad is safe; however, you must make sure that you take all precautions such as logging out of the websites securely, deleting web history, and, of course, closing the browser page before leaving.
Quite understandably, it becomes pertinent to manage money wisely when travelling abroad since when you are in a foreign soil you open yourself to diverse possibilities, good and otherwise. Therefore, it is excruciatingly significant to stay smart with your money. Managing finances when travelling can seem quite challenging at first; however, when you set your own rules and flawless modus operandi, it will become easier gradually. And, most of the times, financial posts are quite boring to read, however, managing money is an important aspect of one’s life and should be dealt with mindfully.
Recommended: Reliable Websites to Make Money Online
As a reader latest in the sphere of finance, banking and investment capture my interest. I combine my interest and love for writing to cover financial, banking and money related issues faced by the millennials today. Besides this, I also work for Bankingdb.com , a complete online database that contains list of worldwide banking codes used for national and international banking transactions.