5 Money Related Elements to Consider Before Travelling Abroad*

It’s coming up to that time of year where everyone is jetting off on holiday. Sadly I’ve already been on my summer holiday and I’m now back to reality. My holiday went off without a hitch, but that isn’t the same for everyone. If you’re travelling anywhere this summer there will be a lot of things to consider, and one of the biggest worries for travellers is money. How much to take, how to keep their money safe are just a few of the questions commonly asked in these holiday Facebook groups. Today I’m going to be sharing some other questions you should be asking yourself before travelling abroad in regards to your money;

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Cash or Card?
Firstly, how are you going to take your money? Cash, card, both? In my experience taking both is a great idea. A card is the easiest to keep safe, especially if you need a pin number to use it, however not everywhere takes card and if you’re planning on eating out you’ll need cash to leave tips. When I go abroad I take most of my money on a travel card, I love Revolut as you get so many free cash withdrawals per year, there is no fee for using it abroad and you can exchange your money at the going rate. I’ve used mine in the UK, in France and in the US with no issues. I also take some cash for tips and if LM wants to pay for something herself. This is no more cash than I’d usually carry in the UK so I can have it on me all times rather than leaving it in the hotel room and worrying about it all day.

Is There Someone at Home Who Could Transfer You Money?
A few years back a classmate was on holiday and his bag didn’t arrive. He had nothing and he hadn’t taken out insurance. Thankfully his family back home were able to Google how to send money to Romania and use a service like Transfer Rapid to send him out enough money to pick out some clothes to wear for the week. Like a lot of people he’d only budgeted for his holiday and had a little put aside for emergencies, not enough to replace his lost luggage. Of course the moral of this story is always get luggage insurance so then the airline will be at cost to replace what was lost, not you, but without a money transfer service he would have been stuck in the same clothes all week!

Is Your Money Insured?
Speaking of insurance, do you have your money insured? That might sound silly but say your wallet is stolen if you have insurance you’ll be able to recoup anything spent on your cards and have any cost of replacing them covered. When I buy my travel insurance I always ensure that my travel money is also insured in case the worst happens.

Will Your Card Be Blocked for Transactions Abroad?
I found this one out the hard way a few years ago when I went to New York. It was near the end of my trip and I’d used up all my cash (this was back before I discovered travel cards) so I just started swiping my debit card. I was in Sephora (or course) spending well over $100 and my card was declined. I knew there was money in there as I’d been paid. I went outside and made a very expensive call back to my bank in England to find out they’d blocked my card due to “suspicious” activity. I confirmed my identity and had my card unblocked but it was still an embarrassing situation. Most cards have an option on their website that allow you to alert your bank that you’ll be abroad and using your card.

How Will You Carry Your Money?
If you’re not planning on trusting the safe in your room, how will you be carrying your money while on holiday? Although you can technically be pick pocketed or mugged anywhere, it’s proven that while abroad you’ll be a bigger target if you stand out as a tourist. Sometimes you just can’t help it, especially if like me you want to photograph everything! Choosing a money belt or having an inside pocket is probably the safest way to carry your money around. If your wallet is too big opt for one of those phone cases with a card slot so you can keep it close to your body (lets face it, we all do it!)

No one likes to think of worst case scenarios but while you’re abroad you can never be too sure! It’s always better to consider the possibility and how you can avoid them before ever leaving home!

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