If you’re getting ready for international travel, you’re likely busy with preparations for your flight, lodging, activities, and more. During all the planning, it can be easy to overlook some important financials that you shouldn’t forget about. Before you leave for your trip, keep the following money tips in mind:
Carry your money wisely
One of the quickest ways to turn wonderful memories into something terrible is to get robbed. Even though crime is worse in some countries compared to others, you should always be extra cautious, even if you’re planning travel to a country that is relatively safe. Plan to only carry a small amount of money with you at a time whenever you leave your hotel room, and to leave the rest of your money in your room safe. You’ll also want to avoid carrying around bags that can easily be slashed or swiped right off your shoulder. Instead, invest in anti-theft bag for your trip, such as a security belt or pouch.
Learn about the country’s tipping customs
A lot of tourists don’t think twice about tipping, and although it’s standard practice in some countries, remember that customs do vary depending on where you’re going. In many countries, tipping is already included with a lot of things (such as your restaurant check) and adding extra gratuity is very uncommon. In other countries, tipping can actually be viewed as an insult, even if that’s not your intent. Look up the tipping customs for the country you’ll be visiting and plan accordingly.
Tell your credit card issuer
Before you embark on your trip, pick one or two credit cards to take with you and then notify the card issuer of your travels. You’ll need to tell them where you’ll be going and the dates, and they will put a note on your account. If you don’t notify them ahead of time, there’s a good chance your transactions won’t go through once you’re in a different country. Even though this is meant to protect customers against unauthorized use, this can easily ruin your vacation if it happens at the wrong time. Save yourself from this hassle by getting a travel alert placed on your accounts before you even leave.
Find a credit card that doesn’t impose a foreign transaction fee
Many credit cards will charge extra fees to their customers when they use their cards in another country. Whether you’re in the market for a new credit card anyway or you have plans to do a lot of international traveling, find a credit card that doesn’t impose fees for foreign transactions, which can help you save on your purchases.
Save on currency exchange
You’ll have quite a few choices when it comes to exchanging money: you can either do it before you leave or once you arrive, use an ATM, or just use your credit cards. No matter what you decide, try to compare the costs of these different options beforehand to figure out which one will cost you the less. The most convenient option isn’t always the cheapest—for example, exchanging money at the airport.
Do you need extra money for bills and expenses? Peachtree Financial Solutions may be able to help if you’re receiving long-term payments from an annuity or structured settlement. Contact Peachtree Financial Solutions today to find out how you can receive your money sooner in one lump sum.
Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.