Thinking about taking a trip this summer? If you have ‘come down’ with that travel bug and are looking at travelling outside of Canada – it is important to take precautions to protect your money.
You have worked hard for that money and want to continue to keep it safe. Perhaps you are also taking steps to pay down some of your debts – while still saving money this summer and enjoying a trip here and there.
Having bad credit doesn’t mean you can’t travel and can’t do the things you want to do – it does however mean that you need to be a bit more careful with your money.
Especially, if you are travelling abroad and are not always as aware of the customs and even potential financial hazards you can encounter, then having a few rules of your own to help protect your money at all times will be important.
Here are 4 financial rules to live by while you’re travelling.
1) Travelling Safely with Cash
While not all travellers believe in carrying cash, there are many instances where it is comes in handy – not to mention even necessary to pay with. First and fore most, of course you want to make sure you have the proper currency. If you will be travelling across multiple countries having some of each currency you will need is important. It is typically best to exchange your currency ahead of time, prior to leaving the your country as the rate of exchange is likely to be better.
You may even find that certain countries won’t allow you to pay with anything other than cash, as they may not entered into a ATM/Credit usage system. So cash it is – but you need to take steps to protect it. If you have a large amount of money, there is a rule about not carrying it all in one place. So you can leave some in a wallet and some in another secure place, such as a hotel safe. This way, if some of your money is lost – at least it is not all lost in one fell swoop.
While travelling you can also use money belts, as well as sneaky hiding containers such as ziplock bags in the bottom of your suitcase, film canisters and so on. Whatever you choose, as a rule only carry a reasonable amount of cash on you at a time.
On a final note, if you find you have some foreign coins left prior to your return, you should look to use this money for snacks and items such as souvenirs before you return home. You won’t be able to use this money once home, so use it where you can and while you can – so you aren’t wasting your money – even if it is only a few dollars or so.
2) Travelling Safely with Credit
If accepted where you are travelling – credit cards can be very effective when paying for trip related expenses, including making reservations and in case of an emergency. Prior to your trip, you also want to let your bank know you will be travelling and using your cards outside of the province or the country – and where.
Just like your cash, you need to take steps to ensure your credit cards are kept safe and secure. When using them to make a purchase you never want to let them leave your sight. While we may like to see the best in people, the truth is tourists are often the targets of scams that include cash and credit card theft.
Additionally, if possible you can also bring two cards and carry one and secure the other in a safe at the hotel. This is just in case you need to have access to other credit, you do have a backup card available. After all, you never know you might just find you need to use this credit in a pinch.
3) Travelling Safely with Travellers Cheques
This third financial rule applies to having a cash alternative – other than a credit card. Travellers cheques can come in handy when cash and credit is not an option, as they can also be used in emergencies or when larger purchases are required.
You do however, need to pay attention to the fact that travellers cheques are not always accepted everywhere you go and as such this source of income may not always be the best financial travel companion. That being said, if they are accepted then they can be very useful – not to mention if you lose them, they are a lot easier to replace compared to cash or credit!
4) Travelling Safely with Debit
Finally, we have the good old debit card. This card is likely one that gets used everywhere you go – not just when you are travelling. Of course you want to make sure you are using it safely while you travel.
If, for example you have a client or debit card that has a chip – as many do these days – this is a good thing as many ATM machines you will encounter in foreign countries are capable with these cards. So being aware of the client card you have and its suitability during travel will be important.
You will also want to make sure you remember your 4 digit PIN number – as this is typically required during all transactions, just like it is at home. You want to have this memorized, not written down as you want to avoid any bread crumbs that can lead to stolen funds or even identify theft. Of course, this rule also applies at home, but be extra cautious of it as well when you travel.
As a general rule, you should rely on one method of money while you travel. While some merchants even within the same country and city will accept different forms of payment – you need to be prepared for every possible outcome. The last thing you would want is to be left without access to the funds you need.
Lastly, protecting your money should also be a huge priority. In the end, this is not to say you need to be paranoid about your money, however you do want to approach the situation with a certain level of caution and of course awareness.
Ultimately, being conscious of where your money is at all times can be a financial life saver for you as you travel the globe. By following along with these financial rules, not only can you ensure the safety of your money – you can also make the most of your summer travel plans.
