Spending Money Abroad: 3 Things to Think About

Traveling is an amazing experience, whether you are going on a luxury vacation or a budget backpacking tour. Spending and transferring money in foreign countries can be an intimidating experience, however.

Staying safe and keeping your financial information secure can be a problem at home, but when you are in a foreign nation it can be an even bigger concern. Before you book your tickets and get on a plane, read this simple guide to three things you should think about before you take your banking abroad.

Take Financial Security Seriously

When you are traveling abroad, whether on a relaxing vacation or on a backpacking tour, financial security is always a concern. You may be used to taking steps to protect your wallet from pickpockets when moving through a crowded market, but you also need to guard personal financial information from would-be thieves.

Before you go to a foreign country you should look for secure ways to monitor your funds and make transfers, preferably with a smartphone app. This lets you protect your sensitive financial data with the help of a secure app and your smartphone’s existing security features (e.g., biometric data like fingerprints and facial recognition), or a personal passcode. 

Make Sure You Are Tracking Your Budget

Having fun when traveling can be expensive. If you are on a budget, you need to be able to track your various payments and easily keep an eye on your balance and expenses. All it takes is a couple of days of overspending and you will soon need to make sacrifices on the quality of your accommodations or meals in restaurants.

Make sure you budget for your expenses each day and try to stay within it. Keep track of spending on an app if possible. If you do go over budget, you may need a friend or family member to send money online securely in order to boost your budget. This may have to happen in a hurry, so make sure you have a way to send and receive funds abroad set up before you travel.

Use Cards to Pay for Accommodations and Travel

Booking rooms and tickets with a credit or debit card can give you added peace of mind. Most credit cards give you added protection on purchases which can help you when something goes wrong. If a foreign travel company or hotel lets you down, you have a route to a refund from a business you can trust, i.e., your credit card company.

Paying through your smartphone can also help. You can use apps like Google Pay to make contactless payments at vendors across the world with an added layer of security. It also helps you to keep your wallet or purse hidden away while traveling. Your card details are kept secure behind your phone’s security system, making it impossible for anyone but you to use them.

Follow these simple tips and you should be able to spend, save, and transfer money while you are traveling with peace of mind and confidence.