Traveling overseas can be such an amazing experience! From trying on the local foods to experiencing different cultures, there’s a myriad of great things that come with traveling. However, you should definitely make sure not to allow yourself to be lured by the great benefits of traveling and forget about how to manage your money when you are overseas.
How to deal with your money overseas the best way? We have gathered some of the most important tips so read on if you want to find out more.
Don’t carry lots of cash with you
You wouldn’t walk around with thousands of dollars in your pocket if you were in your home country, so why would you do it when you are in a completely foreign one? Make sure you don’t carry too much cash with you and that you keep some cash well-hidden as well. We don’t like to think of the worst case scenarios, but unfortunately bad things can happen both at home and when overseas – so it is better to be safe, rather than be sorry.
Don’t spent too much on things you don’t actually need
You don’t need 10 refrigerator magnets with the major attraction you are visiting and you don’t need t eat out every single day for every single meal. Sure, there are certain pleasures it would be a pity to miss out on if you travel abroad (and eating local cuisine is definitely one of these things). However, it is important that you manage your finances well, especially if you are traveling low-budget. Eating and drinking out every day can be very expensive – and so can buying a million and one trifles as souvenirs.
Always have a backup plan
As mentioned before, nobody likes thinking about those worst-case scenarios. However, regardless of what country you are visiting, having a backup plan of some sort in store is very important. Talk to someone back home to help you with money in case your credit card and/or cash gets stolen, so that you can have enough money to book a ticket back home as soon as possible.
Avoid spending too much on transfers
Currency transfers can end up being very expensive when you travel abroad, so it is very important that you find a solution that is as budget-friendly as possible. To avoid exchanging currency in the country where you are (which can be much more expensive) and to avoid withdrawing national currency from ATMs, find a service such as Currency Fair, for example. This kind of service allows you to transfer currency without wasting money away, so it’s truly great for budget travellers.
Plan way ahead of time
To save money on accommodation and transportation (as well as on a series of other things), make sure to plan way ahead of time and to book your accommodation and transportation long before you even set foot to your destination. This will save you a lot of money and it will give you some sort of certainty over certain aspects of your travels.