Finance Tips for International Travellers

Travelling abroad can seem daunting, especially if it is your first time out of the country or your first trip to a new location.  There are always concerns about the language barrier, cultural differences, and not knowing how to find your way around.  But there are financial considerations that must be factored-in as well, as there are many ways travelers are vulnerable to lose money or find themselves in sticky situations.

Notifying Your Credit Card Company

One of the first things that needs to be done is to notify your credit card company, informing the staff that you will be using your card outside of Australia.  “In many cases, a credit card company will flag your account and potentially cancel your card if they suspect someone has stolen your account information,” said Ann Gorenkova at NordFX.  This can create problems if you need to use your card immediately and you have no other access to cash.  Luckily, it is easy to rectify these problems, as it only takes a simple phone call to the customer service number on the back of your card.  You will then inform the card lender of the areas in which you plan to travel.  Once this information is logged, you can be sure that your card status will remain active as long as you are travelling.

Criminals that Prey on Tourists

Another factor to consider is the criminal element.  As much as we might like to pretend it doesn’t happen, there are many locations that prey specifically on unwitting tourists and this will occur even more frequently when travelling to less affluent areas.  Common examples include ATM schemes or taxi schemes that prey on tourists unfamiliar with the surroundings and the general way things work in service payments.  The only real way to combat this is to do your own research on the country and look at journal logs of other travellers.   These days, there are many such resources available, so if you spend some time researching the area, you will be more prepared for the potential scams that might be found in your chosen location.

Carrying alternative sources of Funds

Last, it is always important to remember to have a backup plan and to carry alternative sources of funds.  This does not necessarily mean that you should carry around wads of cash — quite the contrary.  Instead, it makes sense to have a backup credit card in your hotel room, or to have some extra cash in your luggage just in case your card is lost or stolen.  Even if your credit card company is able to send a card replacement in express mail, it can take more time than you can spare.  Having a backup in another location can help to protect against this.

 

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