Travelling can cost a lot so that’s why you need to plan your budget in advance especially when your destination is overseas. By travelling internationally, you may have to deal with expensive travel banking, high exchange rates, extra ATM fees, fraud, etc. However, it’s impossible for you to travel without your debit/credit cards and some cash. Those are needed for you to get around comfortably. 

Safety tips for efficient travel banking and cash management

International bank fee is one of the most common things travelers have to deal with when travelling overseas.  

Choose the right bank

One of the ways to obtain local currency overseas is to withdraw it from ATMs. However, you will likely to be charged up to $7 per transaction you make at different bank’s ATM. Sometimes, both your bank and the bank that owns the ATM charge you a fee. Hence, it’s best to choose the right bank that charge you no fee during international transaction. 

Consider open account at international bank

Choose a bank that doesn’t play around with your money, deliver great customer service, provide easy online banking, and give no minimum balances. Opening account at international bank is considered beneficial for travelers because it has ATMs all over the world. 

Consider using 3 accounts for your trip

One of the risks of international trip is financial fraud that is getting on the rise. Hence, you always plan smart strategies to be prepared for the worst scenarios. Consider having personal checking account, travel checking account, and savings account. Use the first one for personal use such as paying electricity bills while you’re away from home, and anything that’s not related to travel expenses.

Use the second account for travel expenses such as buying a ticket to museum, buying foods, and withdrawing money from the local ATMs. Then, use the last account as the place where the bulk of your travel money resides. With no ATM cards to steal, your account balance earns interest. You can also use it to replenish your travel checking account when it gets low. 

Take advantage of travel rewards credit card

Taking credit card with you for the trip can be practical. It provides financial security and the cheap international exchange rates. It’s also a great backup you can have in case of emergency. Many cards also have included basic travel insurance and auto rental insurance. In addition, you may get travel rewards the more often you use your cards while travelling such as free flights, voucher for dinner at restaurant, discount for booking a hotel room, etc.

Protect your cash properly

Cash is the most used when travelling internationally because it’s always accepted. However, cash is not traceable and if get stolen, you’ll never see it again. Get some secret pockets sewn into your shorts or pants. They are cheap to make and more practical than carrying around money belt. Or, you can also hide your money in some socks, inside travel toiletry kits, etc. Keep money in separate pockets and storage.