Tips to Effectively Manage Your Wallet During Travel

Today it is easier to access money when traveling than ever before. But doesn’t it make better sense to plan how you will do it, wherever you go? Thought it is easy, accessing money abroad can be expensive and there are many scamsters waiting to rob you of your money. But there are a few ways you can safely access your money abroad and some of them are mentioned below.

Travel wallet by mroach

Check with the bank first

Before you leave you should ask your bank how much they will charge. Using an ATM might seem to be a better option than exchanging cash but many banks charge a hefty fee for using this service abroad. If you plan to use a credit card in an ATM(if you have a PIN) then there are additional costs. You can let your bank and your credit card company know in advance so that they do not register the unusual transactions as fishy. You can also inquire if they have direct debit in the place you are going to.

Traveler’s cheques

Traveler’s cheques used to be common mode of money exchange until sometime back until ATMs become popular. It is still one of the best ways to exchange money if you are going to a remote country and you doubt that you will find many ATMs there. The downside is that you will be paying more transaction fees and you can only exchange them in business hours. If you have planned a long trip, then you can take travelers cheques to keep it aside, as an emergency fund if you run out of cash in a tight situation or lose your cards.

Keep details safe

Keep a record of credit and debit card numbers and any bank telephone numbers that will help you in case of an emergency. Do not disclose your passwords and pins to anyone. Always ask for a bill and sign it after you pay for anything. It is better if you don not engage in internet banking from a public computer.

Avoid putting all your eggs in one basket

Money should be kept in a combination. A debit card, maybe two credit cards, a little travel money and a few traveler’s cheques. Credit cards and traveler’s cheques are easier to replace and debit cards come with lower costs.

You can also try the old two wallet scheme. One wallet should contain important documents and credit cards. Keep a little money and a few other small cards in another old wallet. In case you are mugged, just hand over the other wallet. Like this your losses will be minimized.

What to do in case you are robbed?

It is always better to get a travel insurance for yourself. The first thing to do is to report the robbery or the theft to the nearest police station. Next call you bank and credit card company so that they can cancel the traveler’s cheque and the credit cards before anyone makes use of them. Then you can call your insurance emergency number. Depending on the severity of the loss and the insurance you had, you will be recompensed for the amount you lost.

Penny is a financial expert associated with Travel Money Deals a company that simplifies travel money rates on different currencies. You can buy euros online and exchange travel money by visiting the website.

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Category: Travel Tips