Here Are A few Tips On How To Do This:
Every traveler knows how to get a perfect accommodation or how to book the best airplane to travel in. They know the shoes and clothes that fit well for the trip they are taking. They know how to pack their suitcases, what to carry and what not to carry. Most of them know almost everything there is about travel, but there is one issue that has always been a dilemma: Keeping their money safe and accessing it while traveling.
A huge number of complaints from travelers always revolves around lost money during their travel time. Carrying huge sums of cash while traveling doesn’t always end well. Most travelers end up losing their money and their trip ends up ruined.
Knowing how to travel with your money and the ways in which you can access it can make your life much easier and your money much safer. It is vital for you to be able to have access to your money when you travel abroad. The most effective way to do this is to use travel security products.
Keeping your traveller cheques, ATM cards, credit cards, and cash in travel security products ensures that you don’t lose them when traveling. Examples of these security products include mesh security products, money belts, security cable locks, and combination padlocks. Make sure you purchase these security products before embarking on your trip.
Let’s look at a few ways you can access as well as keep your money safe as you travel:
- Use Credit Cards
A credit card is a great fall back option for accessing money as you travel. You can use it to book flights, accommodation, and tours online, as well as pay for meals and shopping in places that accept payment via credit cards.
Withdrawing money in different currencies, however, attracts huge transaction fees. In the event that you lose your credit card or it gets stolen, your account details may be hacked and your money may be withdrawn which would result in huge losses. If such a thing happens, quickly contact your credit company to secure your account and money.
Ensure that you keep your credit card and your account details such as passwords private and safe.
- Using ATMs
ATMs are pretty much everywhere today. They offer the highest level of convenience in accessing your money as you travel. It’s important to ensure that your ATM card has the proper authorization to be used overseas before you start traveling.
It is also wise to travel with an extra ATM card in case you are not able to access money using one card. Keep in mind that overseas transaction and conversion fees may be higher and you may be charged more.
- Cash In Hand
Whereas you’ll need an easy and fast access to your money, it is not advisable to walk around with huge sums of money. In the event that you get mugged or your luggage gets lost with money in it, your holiday could end up as a disaster.
It is advisable to store your money in separate places as you travel. You can place some inside the travel money belt, and some inside your wallet. You can keep some extra money in your backpack. If anything wrong is to happen and you lose your luggage, you’ll still have money on you to sustain you.
It is important to convert some of your money to the local currency the moment you arrive at your travel destination. This way you can be able to pay for some bills such as accommodation, food, and transport. When traveling to a developing country, it’s more economical to bargain and pay for items using the local currency. This way you won’t overspend or get ripped off.
- Cash Passport Cards
These are becoming a more considered option by travelers and are being used quite often. If you don’t have this card, you can purchase it in your country and then deposit money on it in the currency used by the country you’re traveling to. The more common currency cards are Euros, US dollars, and UK pounds.
Once you’ve deposited funds on the card, you can withdraw it from any ATM in the country you’re traveling to without being charged conversion fees.
- Travellers Cheques
These cheques have lost popularity with the traveler since they are costly to make and are also costly for you to access money. Banks often give a bad exchange rate when you convert to a travellers cheque.
The benefit of this cheque, however, is that if you lose it, you can contact the issuing bank and have it replaced and you can have back all your unredeemed cheques.
It is, however, more advisable to use ATMs since they are easy to access and are more universal than travellers cheques.
In conclusion, it is wise not to carry huge sums of cash when traveling. The cash you have should be well distributed in your backpack, travel money belt, and wallet. Have two ATMs in case one denies you access to your money. Avoid using your credit card to withdraw money from an ATM as this will result in huge transaction fees.
Keep in mind that you can always use international money transfer in case you run out of money. This way you can never get stranded. Your money comes first. Ensure that you know how to keep it safe and how to access it.