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manage travel expenses
July 19, 2022 Travel
4 minutes, 22 seconds Read

8 Tips to Manage Your Finances While Travelling Abroad

manage travel expenses

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Travelling overseas is one of the most gratifying experiences that is linked to greater creativity and contentment. Even imagining yourself physically present at your dream location can give you an adrenaline rush!

We understand you might have saved money for months or even years for this much-awaited trip. But you must realise that you should not get carried away, especially with your finances.

Travelling can be expensive, but there are some ways that you can follow to spend your money wisely! And to help you with that, we have created this article with eight great tips to manage your finances while travelling abroad so that you can enjoy your trip with peace of mind!

Make a Realistic Budget for Travelling

First and foremost, you must thoroughly research the place you are about to visit. Talk to people who have already seen the site, read travel blogs and guides to learn about the location, standard of living, people, weather, etc. Then sit down to make a realistic travel budget!

Consider your trip duration and the amount of money you want to spend each day on it. Then, organise your finances and allocate specific amounts for your lodging, meals, sightseeing, shopping, etc.

Budgeting is the most crucial step in the travel itinerary. It helps you understand where your money is going, and accordingly, you’ll be able to control your expenses.

Get Your Foreign Currency in Advance

The moment you reach your destination, you will require local currency to pay for a taxi, purchase food, etc. Therefore, it’s better to take currency in advance from service providers like BookMyForex, where you get the best forex rates, book your order at the ease of your home as it is a complete online process, and same-day delivery. Furthermore, you will be able to avoid having to exchange your money at the airport, where the rates aren’t always favourable!

Travel Insurance is a Must!

You should think twice before making your travel arrangements without getting travel insurance! Travel insurance gives you peace of mind and protects you from potential threats you might encounter while on your trip, such as sickness, accidents, medical mishaps, luggage loss, theft, flight cancellation, etc. In addition, it prevents you from paying high hospital fees and fully compensates you for your losses!

Divide Your Money into Different Spots

No matter what, you should never carry all your cash in your wallet. Keep some money in your luggage bag with a secure lock in your hotel room. Besides, you can also put some money in your shoes before going out.

These tricks may not be appealing initially but can keep you safe throughout your trip, especially when losing your wallet to a pickpocket or accidentally dropping it somewhere.

Choose a Forex Card Instead of a Credit Card

Most people believe carrying a credit card on foreign trips is the most convenient option. But, on the contrary, relying on a credit card can be expensive as each transaction you make with it will include both a foreign transaction fee and a conversion fee. Instead, using a forex card is a much smarter option as it saves you from paying for both the fees.

A forex card is a globally accepted prepaid card that allows you to pay for your expenses or withdraw cash at an ATM in foreign currency. One of the best parts of getting a forex card is that you can carry multiple currencies on a single card. You can track expenses too from your app and reload your card easily at your fingertips without any paperwork.

Automate Your Payments

There will still be bills to pay back home when you travel, such as utility, credit card, smartphone, and loan bills.

Automating these payments is brilliant as it enables you to take care of your financial obligations and pay your bills on time, even when you are thousands of miles away from home. So for this purpose, you can use your banking app to set up monthly recurring payments.

Use a Smart Wallet for International Payments

The term ‘smart wallet’ now refers to various digital wallets, including Google Pay and PayPal. So firstly, determine which wallet is globally acceptable and use that one to make international payments.

Once you install a smart wallet on your mobile device, connect it to your savings account. Voila! You are good to go for making payments anywhere in the world. These are one of the safest and easiest methods for managing your money overseas.

Go for the Cheapest Mode of Transport

When travelling abroad, research all your alternatives for getting around in the place. And then choose the option(s) that best fits your budget., whether renting a car or bike, travelling via bus or rail, or even walking if the local attractions are near your hotel. Remember, you can get the most out of your trip without spending much money if you make a reasonable choice!

Where to stay when studying overseas?

Amber is one of the leading accommodation booking platforms worldwide, which offers students the best and most inexpensive options for finding an abode. So if you’re looking to shift into student accommodation abroad, their booking executives will assist you throughout your home-hunting journey!

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