Having problems with money while overseas is something that gives many people nightmares when they are planning a trip, but while it may sound like a minefield, negotiating it is easy for those who understand what help is available and that follow some basic budgeting principles.
Simple money management
First of all it is important to get a good deal on currency exchanges. It is often recommended to avoid exchanging money at the airport, as the rates are usually less favorable than at other bureau de change outlets. It is also worth noting that the concept of the traveller’s check is fast becoming outdated. It is now possible to get a debit-style card that the holiday money can be pre-loaded onto, being withdrawn at an ATM as and when required. This is a great way to help with budgeting if the traveller can be strong-willed enough to withdraw just the allowance they have allocated themselves each day.
The use of ATMs abroad can be a contentious issue. In the major holiday resorts there are generally plenty of ATMs so getting hold of cash is not normally a problem, provided of course that the traveller has the necessary funds in the bank account or on the pre-paid card. However, the rates for using a card in another country vary a great deal, and many people have discovered that fees can eat up a lot of the available cash in their accounts, which could leave them short of funds for the rest of their stay.
In some destinations – those generally off the beaten tourist trail – there may not be an ATM. To be prepared for situations like this, carrying some cash with you is always wise.
Potential problems
Loss of cash and a wallet are a common enough problem while abroad. This could be due to carelessness or thanks to a pickpocket. In the event that this occurs, it will need to be replaced quickly. Travellers cannot simply call their bank and receive a new card the next day. Some insurance policies will replace cards and cash fairly quickly but it still takes time. Contacting the local embassy or consulate for your own country can help. Some will provide travellers with some cash to help them until their replacements arrive.
Online money transfer – a potential solution
Most people have heard of the concept of wiring money. The online money transfer is the modern version of that kind of transaction. There is often a small fee involved but there are many convenient outlets where cash can be collected following the money transfer.
Online money transfer delivery times are very fast and provided there is money in a bank account at home replacement funds can be there in a matter of minutes. It is a quick process, it is convenient and most importantly, it is safe, thanks to the latest data encryption technologies. https://www.transfast.com/ offers quick and easy transfer for a small fee and this can offer peace of mind when online money transfer delivery times need to be fast.
Being abroad is no longer the problem it used to be when it comes to money. There are plenty of different options available to travellers and thinking ahead can be the key to avoiding troublesome issues.