Overseas travel banking doesn’t come to every traveler naturally. It’s painful, tests patience and makes you regret over a countless decisions you made. But not every traveler has to go through this trauma. We know how nerve wracking it can be to arrange foreign transactions, so here are some travel banking tips that are certainly going to be a huge sigh of relief for you!
Naturally, each one of us wishes to be great at travel hacking, save money, get hold of the best exchange rate and avoid any extra fees when we travel abroad. Here’s how all these travel goals are within easy reach.
…if you haven’t done so already. For a traveler, this is an absolute essential. It’s the best way to manage and keep a track of money while you’re on the go, without doing estimations on your own.
The best you can do is to download your bank’s app from your smart phone and stay updated throughout your trip. The convenience of mobile banking is undoubtedly great. However, due to fraud and identity theft protection, a lot of travelers wish to stay away from it. To avoid putting yourself in any troublesome situation, avoid accessing any open network that you can’t trust.
Your money is hard earned, and all the savings you make for a trip to be a successful one must be valued. When you’re on the go, ATM fees can really add up to your trip costs. Why should you give all that money to the bank when you could use it for something else instead? Maybe a quick meal?
There are a number of ways to avoid these fees. Firstly, choose a bank that is part of the Global ATM Network. These banks don’t charge you anything for the ATM withdrawals. It’s also a good option to choose a low-fee card. Even when the charges aren’t nill, they are still way lesser than all the rest. It’s best to consult your local bank about the ATM fees to be clear about the charges.
Using credit card to pay for the travel expenses is a common practice. It’s a great way to handle foreign exchange because you don’t have to worry about carrying cash everywhere. The leading credit cards are widely acceptable around the world and helps you to travel free of stress.
An invaluable travel banking tip for me is to opt for a credit card that doesn’t charge you a hefty amount of annual fees and offers a basic travel insurance coverage as well. The credit card foreign transaction fees is also a huge pain, so you must keep that in mind before selecting the right credit card for your travels.
It’s also important to note that credit cards are not accepted anywhere and everywhere. You must have alternative payment methods.
Getting foreign transactions from the airport is considered one of the most convenient ways. Without hunting, there is an abundance of airport kiosks that help you get the foreign exchange in no time.
However, there is always a charge for the convenience. As a mindful traveler, this is a fee that can be easily skipped. Plan your foreign currency ahead of time and avoid the airport kiosks at all times!
It’s heart breaking to listen to tales of travelers who lost their money while visiting some famous attraction. You could be a victim too, so it’s very important to protect your cash when you travel.
Once lost, you won’t be able to trace your cash so it’s best to find out what would work out for you. You might opt for a secret pocket or money belt, or even carry a dummy wallet. I believe most of the times we end up losing cash because we have so many other things to take care of. Carry the least you can, and be mindful about your surroundings.
Informing your bank about your travel plans is probably the most important travel banking tips that you simply can’t do without. Banks are particularly careful these days when it comes to any suspected activity or even a lot of transactions on your part. Without informing you, they mind end up blocking any activity from your account.
For this reason, it is important to inform your bank about the travel plans. You’re likely to get some valuable advices when it comes to foreign transactions!