As May ends and summer approaches, it's time to finalize your international summer trip plans. Although a budget is crucial, other financial topics should also be considered when planning your spending. There are important steps to take both before and during your trip to manage your international travel finances. Keep reading for Vibe's ultimate guide to international travel finances and make this summer one to remember.
Before You Travel
Check Exchange Rates
You can contact your financial institution or do your own research on the current exchange rate between your home country and your destination. This will give you an idea of how much your money is worth before your travels and an opportunity to make the exchange before your trip. Managing your international travel finances starts with understanding the value of your money.
Notify Your Financial Institutions of Your Travel Plans
Remember to notify your credit union, bank, or credit card companies of your upcoming international trips. This is a crucial step to avoid account freezes due to abnormal activity.
Set up Mobile Banking
Mobile banking allows you to access your account online, making it easy to monitor your transactions and manage your money. If you need to transfer or receive funds, mobile banking can help you get it done almost anywhere.
Look Into Travel Insurance
There are different kinds of travel insurance, so it's up to you to decide what you need. You can get insurance for medical emergencies, including accidents, illness, or emergency evacuation. Travel and Transportation insurance options are available for flight delays and cancellations, lost luggage, and unforeseen circumstances. These protections can offer peace of mind and financial security during your trip.
During Your Travels
Carry Multiple Payment Methods
Have a backup plan when it comes to payment methods during your travels. Carry at least two different methods of payment, such as cash and a debit or credit card. This will prevent emergencies where your primary payment method is lost or unavailable, keeping your international travel finances secure.
Keep Track of Your Spending
Establishing a budget before your trip is only the first step, sticking to it on your trip is even more important. We recommend using a budgeting app or your mobile banking platform to keep track of your spending and manage your international travel finances effectively.
Be Smart About ATMs
Before you use an ATM, do your research. Check Global ATM networks for fee-free or lower-fee transactions and know your financial institution's limits. Balance the number and amount of your transactions. The more withdrawals you make, the more fees you may incur. If you withdraw larger amounts, be cautious about carrying it around to protect your international travel finances.
Have an Emergency Plan / Fund
If the worst does happen, it's crucial to have a solid emergency plan. Look into your phone's service plan and international availability. Some companies have add-on international plans and Wi-Fi messaging as an option.
By taking these steps to manage your international travel finances, you can focus on enjoying your trip stress-free. With proper preparation and smart financial habits, you can make the most of your adventure.
If you're looking for more information on budgeting for your summer travels, check out our blog, The Ultimate Guide to Budget-Friendly Summer Travel. Safe travels and happy exploring from everyone at Vibe Credit Union!
