Best Money Management Tips to Ensure a Smooth Trip Abroad
Before you board for your next trip, take a moment and think about those dollars or pounds that you are going to spend to make your holidays a lifetime memory. Obviously, you cannot carry wads of cash with you. It is not safe as well. So what is the best option for you? Knowing how you will manage your money during your foreign trip is vital for safe travel and avoids plenty of trouble. Here we have five money management tips for you while traveling overseas:
Prepare a Travel Budget
Make your travel budget and set your spending plan. Browse the places that are famous for shopping and entertainment and divide your money accordingly. Set an amount for shopping and shop from the places that are famous for souvenir and local items. Keep some extra amount to meet your day-to-day expenses as well during your overseas stay. You should also jot down your everyday spending to track your money and refrain from overspending.
Use Plastic Money
Plastic money can be your credit or debit card. It provides the ease of making payments in a foreign country. These cards work on PIN or OTP that you receive on your registered mobile number or email only. That's why it’s quite a safe mode of payment. If somebody steals your debit or credit card, you are still on the safe side. It is so because the money cannot be transferred without entering the security code. Thus, you can make foreign payments securely and confidentially with plastic money.
Buy Travel Insurance
If you can’t afford travel insurance, you cannot afford to travel. So, overseas travel insurance is indispensable for international travel. Any unexpected incident can occur during your trip, such as sickness, injuries, loss of baggage, theft, or flight cancellation. It saves you from paying those heavy hospital bills and covers your losses to the maximum extent. At, Religare, we offer wide coverage and minimal exclusions at affordable premiums. Having comprehensive travel insurance gives you peace of mind and save you from travel risks that you may face during your journey.
These days different digital wallets are available such as Google Pay, PayPal, Apple Pay, etc. that are called a smart wallet. You can make your foreign payments by using any wallet. You should research for smart wallets that are globally acceptable. Then you can install it in your mobile and get it linked to your savings account and use them accordingly. These smart wallets are also one of the safest ways to carry and manage money abroad.
It is the safest way to process your transaction while you are abroad. They are faster and more secure than manual payments. You can either install the app of your respective bank or can use NEFT or IMPS option as well. You should check the amount of fee levy on international transactions with your bank.
Travelers Cheques and Cards
The next option to manage your money in a foreign country is Travellers Cheque and Cards. You can get the traveler cheques from the bank for a fixed amount that you can use to make payments in a foreign country. These cheques work the same as normal cheques work in India. Second is, travel card, leading banks in India, also provide various traveler cards. You have to load it with a sufficient amount and use it for hassle-free payments to make foreign travel memorable.
Whether going for a solo trip, a family vacation, or a honeymoon escapade, money management should be on your top priority. Right management saves you from financial burden and sound travel insurance protects you during medical emergencies, and also reimburses your non-medical emergency expenses. Traveling overseas is an exciting experience. But knowing how to manage your finances in the foreign land smoothen your trip.