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Thursday, September 10, 2009

How to manage money while travelling

Money Back GuaranteeImage by Roby© via Flickr

One of the most important decision when you are about to go on a trip, at home or abroad, is to decide how you are going to pay for yourself. There are a few options, some better than others, where cash, credit or debit card and traveler's checks are best. Often the answer depends on the country you are going to, and in most cases, it might be advisable to choose a mix.

Tip 1: Browse the Internet for information and see what cards are accepted in the places that you are about to visit, not every country have the same rules and regulations. See what charges and fees apply for the cards as well as the travelers' checks. Depending on the answers, you will be better equipped to make a decision.

Tip 2: It's advisable to always carry a small amount of cash, no matter what option you are choosing as you might have to tip, pay for the taxi, make a call or find that the card is faulty.

If you do decide to opt for a debit card, you have made a wise decision. By having a debit card, you won't have to bring too much cash with you. Seeing as your debit card is connected to your bank account, the money you are about to spend, is the money that you have saved and is yours. You won't get a credit card bill in the mail a few weeks after the trip. No unpleasant surprises here.

Tip 3: With the ATM receipt, you can keep track of the money you have withdrawn. If you are connected to the Internet bank, you might also be able to go and see exactly how much money is in your account and how much they have taken from the account. This is especially good if you are withdrawing money in a different currency.

If you lose the debit card or it is stolen, you will be able to call your bank and have it disconnected immediately. There is also a safety net as you are only liable for some of the loss if thieves manage to withdraw money.

Tip 4: Have someone at home help you with your money. If you only have a few hundred dollars in the account at any single time, you will feel safer. When you have used up your money, simply call home and ask them send more money into the account,

Tip 5: Never show anyone your pin number, and don't leave the card to someone and let them walk away with it. Make them bring the machine to you. That way that can't copy your card.

Tip 6: If there is a fee for using the ATM, try and pay as much as possible with the card, and plan your withdrawals carefully.

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