5 Tips For Managing Money While Traveling Abroad
Are you planning on going on vacation abroad?
When spending hours planning the trip, airfare, lodging, and transportation are usually at the forefront of your mind. Before you head to the airport, here are some tips to handle your finances so you can enjoy a stress-free vacation!
- Determine how you will access the local currency
If you have time before the trip and want to have access to the local currency, consider going to a financial institution to exchange currency. Make sure you shop around for the best exchange rates because the rates can vary from each institution. Exchanging currency at the airport is often very costly due to extra fees and often doesn’t give you the best rate. Instead of worrying about carrying around cash, trying to find places that use the best currency exchange rates or finding a place that will take traveler’s checks, banking with Liquid Cash can help take the worry out of planning where to get the funds. By providing the best exchange rates, you being able to get the most out of your money is the most important factor.
2. Notify your bank of your travel plans
As an extra level of protection against fraud, inform your bank of your travel dates and location to avoid an unwanted restriction placed on your card. Having access to your funds at all times is one of the best ways to stay stress-free while on vacation. Make sure you also know your bank’s international customer service number, just in case you have any hiccups!
3. Get an ATM card from an online bank
Traveling with a wad of cash can be dangerous, so having access to an ATM card that is compatible with use abroad can be very beneficial. If you run out of cash while abroad, the ATM card is another safety net to be used, even if you plan on setting a certain amount to spend on the trip. Liquid Cash offers users access to Mastercard ATM card, which is compatible in 210 countries and territories, with millions of merchants in those countries who will accept it.
4. Find A Card with No Foreign Transaction Fees
Many travelers use credit cards that charge a high foreign transaction fee, typically ranging from 1% to 3% of the transaction. This cost, though seemingly small, can add more expenses to a trip. For example, being charged €40 for a small lunch doesn’t mean you will be automatically charged $40. Based on the current exchange rate, this means a free $5 given to the bank of choice, instead of being spent somewhere enjoyed. Even if an international hotel was booked on a U.S. site, credit cards can still charge the foreign transaction fee. Liquid Cash is a service that charges no foreign transaction fees, helping keep your money in your wallet.
5. Avoid Dynamic Currency Conversion
Merchants can also process payments through a process called dynamic currency conversion if a consumer has to pay in dollars. The merchant can then set the currency exchange rate, adding as much as an additional 7% to the transaction. Liquid Cash solves this problem by having access to 150 currencies used worldwide, allowing you to spend your money with no strings attached.