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Financial Tips Before Traveling Abroad

May 31, 2018 - by Patrick Redo

Your plane tickets have been acquired, your itinerary is set, and you’re almost ready to go – to another country! Traveling the world can be exciting and is probably on your bucket list. Aside from experiencing diverse food, language and customs, you’ll also face financial variations.  Below are five critical things you need to do before departing on your trip of a lifetime.

Update Your Financial Institution

Your bank or credit union goes to great lengths to keep your money safe and secure. This includes flagging transactions that occur out of the country. This means that if you’re using your credit card abroad, the transaction may be declined.  While this can be extremely aggravating, you should also be reassured these are strict security measures. It’s easy to avoid this problem while you are traveling; tell your financial institution when you’re traveling and where.

Research Your Foreign Currency

If you start preparing your vacation early enough, you will have the time to order foreign currency. It’s not necessary to pre order your currency, but definitely avoid exchanging your currency at the airport. Other locations will have much fewer fees. Be sure to use the Currency app for help with the exchange rates Your debit card is another option when traveling. The exchange rate is better and it is safer than using and carrying cash in your pocket.  Remember, always have a second card on hand when traveling.

Get the Right Credit Card

A credit card is an easy option for payment, thanks to Mastercard and Visa. Be sure to review the terms on your card and check for any travel policy or fees. You may even be able to talk to your credit card provider about upgrading to a card that supports traveling abroad.

Research Health Insurance

You don’t want to think about the worse happening while on vacation, but what if you need emergency medical care in another country? Does your health insurance cover you in other countries. Travel insurance often has medical options, so if your medical insurance only covers domestic care, it might be worth looking into.

Once your vacation is booked contact allU.S. to learn about all the services we offer for your convenience while traveling internationally. allU.S. offers checking accounts with E-Services such as E-bill Pay and E-Statements so you can keep on top of your finances while overseas.

Plan ahead and have a fun and safe trip!

 

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