6 Tips To Better Manage Your Money On Vacation

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By guest writer Mario Vitanelli

You have been planning your vacations for some time now. After securing your traveling documents, financial planning is probably the most important element. So here are 6 tips to better manage your money:

  1. Withdraw cash beforehand: In order to avoid high foreign exchange rates and transaction fees when using your debit or credit cards, you should withdraw part of the money you have budgeted in cash, and spread your dollar bills across several compartments to limit the risk of theft.
  1. Be familiar with your destination’s local currency: if you’re travelling overseas, try to avoid getting ripped off when changing monies. Just a tip, airport exchanges usually have the highest rates, so look for other legitimate options.
  1. Make sure your account is set-up for online banking: Online banking allows you to transfer funds between accounts, and this can really come in handy during an emergency.
  1. Advise your bank that you will be traveling to avoid your credit card to get flagged for suspicious activities, and eventually cancelled.
  1. Bring backup credit or debit cards to be kept in a safe location. This will provide you with a backup plan in case your wallet gets stolen; your main card gets cancelled or a defective ATM machine swallows your card.
  1. Traveler’s checks = antiques. The exchange rate is usually higher than charges on debit or credit cards. Prepaid charge cards are the new secure alternative to cash.

If you’re moving overseas for several months or years, a financial manager and a tax specialist can help you sort through the intricacies of fund transfers and tax returns.

Finally, don’t forget to bring photocopies of your passport and bankcards, and make sure you have the number for your local embassy, as well, in case of emergency.

Enjoy your summer and have fun!

Mario Vitanelli is a freelance writer who frequently blogs about travel and finances. When he’s not on the road or at the keyboard, you can find him practicing his golf swing or yelling at referees through the television.

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