7 Suggestions Before Travelling Abroad
You have got your passport and visa. Your bags are packed and you have bought a travel insurance policy to stay well-covered during your travels. But before you go, you need to make sure that you are financially prepared for traveling abroad. Deciding on how to pay for your travel expenses is one of the most important decisions you will face when it comes to international travel. A lot goes into planning travel to a foreign country, be it for pleasure or business. What’s more, this planning is usually limited to the logistics i.e. airfare, lodging, buying travel insurance online or offline and transportation. When travelling abroad, you also need to plan financially. This can be done by letting your bank know about your travel plans; like when you are leaving, which country you are visiting and what kind of fees your debit/credit card will attract when used abroad. So, when you travel abroad, be ready with these 7 financial considerations.
1. Let your Bank Know Where and When you will be Traveling.
There is a chance that you bank might freeze your account if it suspects fraudulent activity, like an unexpected foreign purchase. So, it is important that your bank and/or your credit card issuer are aware of your travel plans. This will ensure the proper safeguard of your bank account.
2. Determine if your PIN Number will Work in the Country you’re Going to.
Around two months before you fly abroad, call your bank and let them know that will be flying abroad. Do ask them if your PIN will work in the country you are visiting. Four-digits PINs will work in most countries. However, there might be a problem in some non-network ATMs if your PIN contains zeroes. Also, many foreign ATMs don’t recognize four-digit PINs. Informing your bank prior to flying out gives you plenty of time to change your PIN, if needed.
3. Ask About International Transaction and Currency Conversion Fees.
It is vital to know what you will be paying for making ATM withdrawals or for using your debit or credit card, as fees and conversion rates vary widely. This will also give you ample opportunity of comparing fees and currency conversion rates between your bank and third parties. As you will want to get the best deals, knowing about transaction fees and currency fees will help you save money.
4. Know your Daily Withdrawal Limits
Banks will have different withdrawal limit than ATMs. Always keep this in mind that any individual ATM can have different withdrawal limits, and this may be expressed in the local currency. Knowing your withdrawal limit can help you strategize a backup plan that involves more than one way to pay.
5. Verify your Account Balance
Before you fly, make sure that there is enough money in your bank account to pay for travel expenses once you reach your destination. This will help you avoid overdrawing on your account during your trip. To reduce any chance of overdrawing, you can transfer funds from one account to another using a mobile banking app.
6. Obtain Telephone Numbers
Get all the necessary information you will need to contact your bank/credit card issuer from international locales. This will be helpful in case of stolen or lost cards. Most banks and credit cards issuers have a local number that you can call to report any mishaps when you travel abroad.
7. Use your Credit Card, When Booking your Hotel or Rental Car
It is advisable that you use your credit card for reserving a hotel room or booking a rental car. This is because hotels and rental car companies may place a hold on your card for a certain amount for incidentals. If this amount is placed on your debit card, then these funds can be tied-up for some time.
Travelling to other countries affords you experiences that you will cherish for a lifetime, but keep in mind that while your travel experience might be priceless, you might want to minimize the costs associated with it. A great way to do so is by getting a travel insurance cover. When you buy travel insurance, you get yourself a cover from a number of emergencies and other forms of risk, like lost luggage. You can easily buy travel insurance online at IFFCO Tokio, and remember to stick to these tips; travel safe, travel secured.
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**