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Money Moves Before Traveling Abroad

June 6th 2017 by
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Your plane tickets are booked, your itinerary is set, and you’re almost ready to go – to another country! Traveling the world is exciting and on many of bucket lists. But aside from experiencing different food, language and customs, you’ll also face financial changes.

Here are five essential things you need to do before your big trip.

Alert Your Financial Institution

Your financial institution goes to great lengths to keep your account safe. This includes flagging transactions that occur out of your home country. This means that if you’re using your card abroad, the transaction may be declined.

While this may be frustrating, you should also be comforted that this a strict security measure. And it’s easy to avoid this mishap; tell your financial institution when you’re traveling and where.

Prepare for Foreign Currency

If you start preparing early enough, you do have the ability to order foreign currency. It’s not a big deal if you don’t, but avoid exchanging at the airport. Other places will have much less fees. You can also use the Currency app for help with the exchange rate.

Traveler’s checks are another option, with pros and cons. They’re safe in that they’re easily replaceable if you lose them, but fees can be high, plus they’re not accepted all places.

Get the Right Credit Card

A credit card is an easy option for payment, thanks to worldwide brands like Mastercard and Visa. But look at 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, but what if you need emergency medical care in another country? Does your health coverage have any policy on that?

Travel insurance often has medical options, so if your medical insurance only covers domestic care, it might be worth looking into.

Have a fun and safe trip!

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