Getting the chance to travel overseas doesn’t always happen often. However, as exciting as it is, there are still some things you will want to take care of before your actual travel begins. With that in mind, here are some travel tips including some of the best ways to protect yourself before your journey.
Know the Conversion Rate
No matter what country you are traveling to, you will want to know the conversion rate. While 20,000 Japanese Yen sounds like a lot of money it is equivalent to less than $200 US. The point is that it won’t get you very far while you’re on vacation. By knowing what the rates are, you can get a good idea of how much money to bring.
Bring Credit Cards
Make sure to bring at least one credit card with you. If you have numerous cards, use the one that provides the most overseas benefits. The main benefit to look for is no extra transaction fee when you are in a different country. If they all have transaction fees, look for the lowest one possible. This works to your advantage as well in the event you lose your card or it is stolen, you can call and get it frozen while the card company issues you a new one.
Take Out A Loan
Let’s face it, it’s normal to spend more money than originally planned when on vacation. To avoid any issues from this occurring, it may be best to take out a loan to pay for the vacation instead of emptying out your savings account built for a rainy-day fund in case of emergencies. You can apply for a loan for amounts from $1,000 to $100,000 from a private lender and make sure that you have the funds to spend when you are overseas. Then when you return from your trip, you can simply repay the loan with the money you had saved. You won’t pay much in interest since it is repaid quickly and you have the added benefit of it positively affecting your credit as well.
Local Currency
Keep in mind that not everywhere you go to in another country will accept credit cards. This is especially true if you are taking local travel options such as a train or a taxi. You will certainly want to carry an amount of local currency on you. Talk to your bank about the best way to do this. There are usually places in each country dedicated to converting cash, however, each country varies.
Let Your Financial Institutions Know Your Travel Plans
It is absolutely essential that you alert your bank and all companies that issue your credit cards that you will be travelling and to what countries you will be visiting. If you do not do this, it is highly likely that your cards will be frozen because of security concerns. This may leave you in an uncomfortable position because they will not be unlocked until you contact the issuing bank. Depending on the time of day where your bank is when the occurrence happens, it could be hours before you regain access to your funds.
