10 financial travel tips for a smooth journey
Traveling, really fun! But even if you are an adventurous traveler and don’t want to plan ahead too much, there are certain things that could be very useful to think about in advance.
1. Bring some local currency ?
Bring some local currency for at least the first days. Sometimes it takes some time to get to a place where you can get cash. Having some in your pocket gives peace of mind. Also, I always carry 50 USD for ‘just in case’ situations (while traveling in Asia, for Europe, bring 50 EURO) Up to now, it always came in useful.
2. Bring a creditcard ?
In some countries, you can not always pay or draw cash with your normal bank-card. A credicard is therefore always beneficial to have with you (VISA or MasterCard is commonly accepted). You can also consider a debit card.
3. Second card ? ?
In fact, make sure you have at least 2 methods of drawing cash/paying. In case one fails, you always have a back-up.
4. Inform your bank about your travels ?
Inform your bank that you are going to be traveling to avoid them blocking your account due to strange foreign activities. Also, it is helpful to make sure you can draw money all over the world (some cards standard have only national coverage).
5. Spreading the risks ⚖️
Always keep the most important items close to you while traveling. That means specifically your financial means. It is too bad if you loose your backpack wherever, but it is way worse if you loose your financial means. It is best to keep your financial means close in a separate place, but also keep at least 2 days worth of cash somewhere (hidden) in your backpack or suitcase. It is your ‘plan B’ just in case you may get robbed or if you somehow loose your wallet bag (believe me, you would not be the first).
6. Travel Insurance ?
Always arrange travel insurances. Just in case something happens. In some countries you will not receive help even without insurance. Or you end up with huge hospital bills (worst case scenario).
7. Tip money ?
Carry some small bills for tips. It is sometimes awkward if you need to change a big bill to give a smaller one to a person. Sometimes changing isn’t even possible. For instance: the guy that carries your bags to your room in your hotel..
8. Budgetting ?
Set a budget per day/week if you don’t have much to spend. This should minimize your financial worries. Also, always keep some money aside as a buffer, in case the world turns against you.
9. Financial obligations ✉️
Set up periodical automatic payments for your monthly financial obligations at home. Also, make sure someone opens your mail at home, especially when you plan on traveling for a longer period of time. This to avoid not paying incidental invoices and related fines. Even better is to ask if your paper invoices can be send to you by email.
10. Exchange rates ?
Sometimes changing money may be cheaper at certain places. Do your research to save money.
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