Vacation is the ideal time for fun and relaxation. We are so focused upon recreation and rejuvenation that we often forget about the potential dangers that we might get into; tourists serve as easy targets for criminals. Financial fraud is rampant these days, especially for people traveling overseas.
When you are stepping out of your country, you must be prepared to face the unexpected. Make yourself financially secure by following these useful tips by mymoneykarma.
Before You Head Out...
- Pack the Best Cards: As you start planning for the trip, you should also start planning for your trip expenses. Browse through the available options of carrying money abroad. Avoid using debit cards while traveling - you could keep them as backup options for emergencies. Seek out the best credit cards and forex travel cards. Research enough to locate the cards with perks and benefits for travel.
Many travel credit cards offer several trip-related insurances, attractive discounts on bookings and other travel benefits. A few cards do not charge foreign transaction fees and offer fair currency conversion deals. These cards can help you save a lot of money. You must also ensure that your cards are on a network that is accepted universally. Visa and Mastercards are your safest bets during international travel. - Get Some Local Currency in Cash: How should you spend when you are abroad? Since your INRs will not work in other countries, you need to get hold of their currency notes. It is best to carry around 30% of your total budget in cash. You should convert the currency before you leave, else you might end up paying a lot more on conversion rates if you plan on getting it done after you reach your destination.
While we recommend that you use your cards for most of your transactions, the cash adds an extra layer of backup. Cash is handy if you visit places where cards aren't accepted or you lose your cards or your cards are compromised. Just make sure that you keep your wallet safe from pickpockets. - Get RFID blockers: As we speak of pickpockets, let's not forget the smarter thieves. Fraudsters do not need to steal your physical wallets - they have hi-tech gadgets like RFID skimmers that can obtain your digital credit card information very easily without any direct contact with the cards. You could prevent such thefts by using an RFID-blocker. Some wallets are available with inbuilt RFID blockers that can keep your cards safe from the skimmers.
- Keep Your Bank in the Loop: Credit card issuers constantly lookout for fraudulent transactions, and overseas transactions come off as potential red flags. They might block your card or freeze your account. Don't let it roll so far. Inform your card issuing company about your upcoming trip - convey the location and duration of travel. You could do this by calling up their customer service department.
Some companies provide this facility on their websites too. Apart from this, you can also keep an eye on suspicious activities by signing up for fraud alerts to be sent to you through text messages or emails - Equip Yourself for Emergencies: Take photographs of your cards (both sides) before you start your trip and email them to yourself. You can also make photocopies and keep them somewhere safe and accessible. This will ensure that you have your card details even if the card is lost or stolen.
You should also note down the bank's contact information somewhere so that you can reach them during emergencies. Remember that the tollfree helpline numbers of your bank might not be reachable from abroad, and you need to know the specific numbers where you can call from a foreign country to seek support. - Consider Getting a Travel Insurance: If you don't have a travel credit card that provides travel insurance, you could consider getting yourself one separately. The correct insurance policy can protect you from the financial loss incurred if you lose or misplace your luggage, change the itinerary due to earnest reasons or during medical emergencies.
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