Feb
5th
Author: admin |
Files under Travel Advice, Travel Learning
Traveling can be dangerous for your wallet. Here are eight steps to take -- before and during any trip -- to help you wisely and safely manage your money.
Sticking to a Budget
First, know your limits: Before you leave home, find out how much money you have in your bank account and credit card line of credit. Second, if you're traveling abroad, visit a currency-exchange website for the latest exchange rates, so you can quickly gauge prices, compare rates, and tip appropriately once there. Finally, once you've reached your destination, carry a calculator or "cheat sheet" in your pocket for quick and accurate conversions.
Cleaning Out Your Wallet
Leave everything you won't be using on vacation at home -- checkbook, department-store credit cards, etc. -- so
Sticking to a Budget
First, know your limits: Before you leave home, find out how much money you have in your bank account and credit card line of credit. Second, if you're traveling abroad, visit a currency-exchange website for the latest exchange rates, so you can quickly gauge prices, compare rates, and tip appropriately once there. Finally, once you've reached your destination, carry a calculator or "cheat sheet" in your pocket for quick and accurate conversions.
Cleaning Out Your Wallet
Leave everything you won't be using on vacation at home -- checkbook, department-store credit cards, etc. -- so
that you can't lose them. But be sure to pack the essentials must-haves for any trip: a photo ID, such as a passport or driver's license; two different credit cards and/or an ATM card and/or a calling card; and your health-insurance card. Also, stash enough US dollars to cover your time in stateside airports before you leave and upon your return.
Knowing Your Payment Options
Where you go should determine how you pack your wallet. If you're visiting a destination where ATMs are uncommon, pack more cash and/or travelers checks. (Luckily, ATMs are becoming more prevalent in airports and popular tourist areas, allowing you to withdraw money as needed.)
Don't Leave Home Without...
When traveling, you should always bring one or two credit cards for a number of reasons: maximum cash liability; protection should a purchase be lost, damaged, or stolen (check overseas coverage policies); access to travel insurance or medical and legal referrals (you may need to register before you go); plus the opportunity to accrue membership reward points. Credit cards also offer a great exchange rate and conversion surcharge (one or two percent, versus up to 10 percent when using US travelers checks or currency). Note: Your issuing bank may tack on a flat fee for each purchase; be sure to check the bank's policies before departure.
Carrying Cash
Before you go, convert at least enough cash to reach your hotel and cover tips. Why? Your plane may be delayed, exchange counters may be closed, or the airport's ATM may be out of order. In addition, convert extra cash if your first day there is a Sunday or national holiday. No time to hit the bank? Convert money at your departure airport, or see if you can order foreign currency for home delivery from your bank or credit card company. Once you've reached your destination, always keep some cash in your pocket for small purchases, tips, and getting around.
Exchanging Money
When available, ATMs are the way to go, offering the most convenience, best exchange rates, and lowest service fees. Before traveling abroad, ask your bank about the service charge per withdrawal, the withdrawal limits per transaction or day, and whether you can use your existing PIN code. One caveat for foreign ATMs: Some only have numbers on their key pads; so if your PIN is a word, be sure to memorize the corresponding numbers before you travel. No ATMs in site? "Comparison shop" exchange services based on fees and rates.
Preparing for the Worst
Make three copies of your wallet's contents, plus contact numbers to call in case of emergency. Keep one copy on you (but separate from your purse), one in your hotel safe, and one at home with family or friends.
Also, consider taking travelers checks, which can be used and exchanged like cash but, if lost or stolen, can usually be refunded within 24 hours. (The price for this peace of mind ranges from zero to four percent of the total amount.) If traveling to one country -- or any of the 12 European countries that share a common currency called the "euro" -- buy checks in that currency to avoid a conversion fee. You can buy checks online; over the phone; in person at a bank, credit union, or AAA office; and from many credit card companies. Note: Immediately sign each check and note its serial number in a separate place.
Don't Be a Target for Theft
Dress neutrally and be alert in crowded tourist spots, on public transportation, and at train stations and airports. Leave the flashy jewelry at home; if you must bring it with you on your trip, pack it in your carry-on, store it in your room safe, and wear it sparingly. Keep small bills and change in your pocket to avoid constantly pulling out your wallet, which should be kept in a zippered money belt or purse worn across the front of your body. Finally, never accept an unknown person's offer to snap your picture and be wary of noisy commotions. While one thief is distracting you, another can swipe your wallet!
Knowing Your Payment Options
Where you go should determine how you pack your wallet. If you're visiting a destination where ATMs are uncommon, pack more cash and/or travelers checks. (Luckily, ATMs are becoming more prevalent in airports and popular tourist areas, allowing you to withdraw money as needed.)
Don't Leave Home Without...
When traveling, you should always bring one or two credit cards for a number of reasons: maximum cash liability; protection should a purchase be lost, damaged, or stolen (check overseas coverage policies); access to travel insurance or medical and legal referrals (you may need to register before you go); plus the opportunity to accrue membership reward points. Credit cards also offer a great exchange rate and conversion surcharge (one or two percent, versus up to 10 percent when using US travelers checks or currency). Note: Your issuing bank may tack on a flat fee for each purchase; be sure to check the bank's policies before departure.
Carrying Cash
Before you go, convert at least enough cash to reach your hotel and cover tips. Why? Your plane may be delayed, exchange counters may be closed, or the airport's ATM may be out of order. In addition, convert extra cash if your first day there is a Sunday or national holiday. No time to hit the bank? Convert money at your departure airport, or see if you can order foreign currency for home delivery from your bank or credit card company. Once you've reached your destination, always keep some cash in your pocket for small purchases, tips, and getting around.
Exchanging Money
When available, ATMs are the way to go, offering the most convenience, best exchange rates, and lowest service fees. Before traveling abroad, ask your bank about the service charge per withdrawal, the withdrawal limits per transaction or day, and whether you can use your existing PIN code. One caveat for foreign ATMs: Some only have numbers on their key pads; so if your PIN is a word, be sure to memorize the corresponding numbers before you travel. No ATMs in site? "Comparison shop" exchange services based on fees and rates.
Preparing for the Worst
Make three copies of your wallet's contents, plus contact numbers to call in case of emergency. Keep one copy on you (but separate from your purse), one in your hotel safe, and one at home with family or friends.
Also, consider taking travelers checks, which can be used and exchanged like cash but, if lost or stolen, can usually be refunded within 24 hours. (The price for this peace of mind ranges from zero to four percent of the total amount.) If traveling to one country -- or any of the 12 European countries that share a common currency called the "euro" -- buy checks in that currency to avoid a conversion fee. You can buy checks online; over the phone; in person at a bank, credit union, or AAA office; and from many credit card companies. Note: Immediately sign each check and note its serial number in a separate place.
Don't Be a Target for Theft
Dress neutrally and be alert in crowded tourist spots, on public transportation, and at train stations and airports. Leave the flashy jewelry at home; if you must bring it with you on your trip, pack it in your carry-on, store it in your room safe, and wear it sparingly. Keep small bills and change in your pocket to avoid constantly pulling out your wallet, which should be kept in a zippered money belt or purse worn across the front of your body. Finally, never accept an unknown person's offer to snap your picture and be wary of noisy commotions. While one thief is distracting you, another can swipe your wallet!
