Managing your money when you are at home can be challenging enough. Now, you about to embark on a fantastic trip where you will need to manage your money even more carefully, ensuring you do not overspend while abroad. Here are a few tips to help you manage your money when you travel, making your trip fantastic and stress free.
Open a New Account
Before you get on the plane, it is a good idea to assess your banks policies on international travel. Many banks will charge fines for overseas transactions. While the fees may seem small at first, they will quickly add up, especially if you plan on using your ATM card or bank services while abroad. However, you can find just as many banks that offer no or low international fees. Open and account that has a no fee policy and you will instantly be saving travel money.
Know the Rates
When you are abroad, chances are you will want to exchange your currency for the local form of cash. When you do this, it is essential to know the best exchange rates. Check online before you head to a nearby bank or currency exchange counter to see what the going rates are. Then, when you go to change that AUD to USD, you will know exactly how much you should be getting in the transaction. Exchange rates change daily so it is important to know the current rate every day!
Being able to see your bank account and analyze all the purchases and transactions is essential to managing your money. Make sure that you have online banking set up before you travel. When you are away, you will easily be able to go online, open your bank account and verify each transaction. You can see how you are doing on your budget and plan for the next day or two. You can also check for any fraudulent occurrences which can occur if your card is accidently stolen.
Take Multiple Cards
While you may rely on one debit or credit card when you are home, it is a good idea to take several with you when you travel. Bring your main bank card with you everywhere you go and keep your extra cards with your luggage or suitcases. If one card happens to be misplaced, you will have another one on hand. In addition, having more than one card will give you, personally, access to more money if needed. It is always good to have a backup!
Cash Before you Go
Before you travel, you may want to consider taking out some cash in the form of the local currency. This way, when you get to your destination, you already have the money you need on hand and won’t have to worry right away about cash exchange. Your local bank or credit union should be able to help get some of the foreign currency, exchanging your AUD to USD and having it delivered and in your hands before you travel. Use this money as an emergency fund and try to save it while on your trip.
Follow these money management tips and you are sure to come out ahead while abroad!