How to Plan Your Finances When Travelling Abroad?

When travelling abroad for either business or pleasure, it is extremely important for one to plan out their finances in advance. The exchange rates are constantly fluctuating however; one needs to understand that the Indian rupee is at a disadvantage as compared to the currency of countries such as USA, Australia, Singapore and European countries. When an individual plans on going on a vacation abroad, there are several steps he must take to ensure they have enough money to spend and can access this money with ease. Here are a few tips one can follow to help plan their finances before they leave the country:

1. Inform Your Bank

The first thing that one must do is inform the bank in advance about their plans to travel abroad and the countries they plan on visiting. The bank will be able to provide all the guidance one requires on how to access their finances from another country. Informing your bank is also important since your credit and debit card may suspended if used from another country without prior warning to the bank. The bank may consider the card to be stolen and suspend it which can cause serious problems to the individual.

2. Set A Limit For Your Expenditure

It is always important for one to set a budget as to how much they plan on spending when on their vacations. This budget should not include the cost of stay in hotels and the travel to and from the country. Rather, the budget should take into account food, travel within the country and other miscellaneous expenses. Setting a budget will also help you plan out how much money you will require for the entire journey and stick to that limit.

3. Opt For A Prepaid Card Travel

Banks offer their customers with Forex cards which are a type of prepaid card for travel. A forex card is an ideal choice since it allows the individual to withdraw money from any country with ease. Also the exchange rate is frozen on the day the individual purchases the Forex card and is not subject to the daily fluctuations. Using a prepaid card travel allows the customer to fix the amount they wish to carry. This is extremely helpful as countries have a limit as to how much foreign exchange one can carry on them while travelling to another country.

There are international transaction fees which are charged on the use of one’s credit card. The individual is advised to carry along more than one credit card and debit card besides the prepaid card travel. This will ensure that the individual has other card to access his finances if one of his cards takes stolen.

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