First time international traveller: 5 tips to manage your finances abroad

Last Updated: Fri, Sep 02, 2016 13:20 hrs

Travelling abroad - Ways to manage finances

Planning for a travel can be a lot of work ??? especially when you're going overseas.

It can be tricky to determine the best and most excellent ways to manage your cash before and during a travel. From setting a price range to trading forex, there are lots of points to think about when you are travelling overseas. To ensure that you have satisfaction on your trip, we've put together some key tips for managing cash before, during and after your journey.

Inform your financial institution you're travelling.

Before you set off, speak to your financial institution and let them know where and when you will be travelling. This will ensure that your credit card and ATM cards will not be temporarily suspended due to suspicious activity.

Also, ensure that you know what to do and who to get in touch with in case your bank cards go missing or lost. Create a copy of your credit cards and keep the document in your luggage or your hotel's safe. You should also preserve your valuable bank's customer support hotline in your phone so you can reach out to them immediately if something happens.

Set a price range.

What's your journey really going to cost you? Of course, this depends on where you are going, what you intend to do and the satisfaction you wish to have. Between airfare, meals, nightlife, gifts, public transit, hotels/hostels and attractions, investing can quickly add up. Creating a price range in advance will help ensure that your travel won't negatively impact your finances in the long run.

Plan ahead as much as possible.

Before you travel, purchase as much as you can on the internet in advance ??? book resorts, cabs, entertainment offers, rail passes, spa offers, etc. Preparing and purchasing in advance will help you to reduce time, energy, and bypass any issues with language limitations. It may also help you reduce costs by avoiding expensive cards usage charges or ATM charges.

Exchange forex before you leave

It's a wise decision to exchange some forex before leaving on an international journey. This way you will have some immediate cash on hand when arriving at your destination. Although many airports and resorts offer return services, they often have very high charges to do so. The best solution is visit your local financial institution to exchange in advance.

Take several financial institution credit cards and track your investing

It's a wise decision to take several credit cards when you are travelling overseas. If you are a couple with joint liabilities, take both credit cards associated with a forex consideration. Credit cards can get missing, stolen or consumed by an ATM machine. Having backup credit score cards is a great security blanket to have in any unexpected situation. Be sure to keep your backup card(s) in a separate location in the event that your wallet or purse gets stolen.

Before you travel, make someone the authorized signatory for your banking transactions. Needless to say, that signatory should be someone who you trust and should be close to you. It will come in handy if due to a sudden emergency situation, you need to take help of your banking institution. Also, inform your close relatives or parents of your travel itinerary, just in case any unwanted incident happens with you. That way at-least you will have a backup support in your home country which can help you get out of a tricky situation.

Naval Goel is Founder & CEO