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Tag: money tips

  • Keep Your Money Safe – Travel Tips for Vacation Finances

    Keeping money safe is one of the chief concerns of any frugal traveler. No one wants to secure the best deals on airfares and accommodation, only to have those efforts wasted when their vacation budget evaporates. While you might encounter pickpockets and muggers on your travels, there are a few tactics you can employ to keep your money safe.

    Your efforts should begin before you even head out the door. Take stock of your wallet and decide what you really need to bring, and what’s better left behind. Some cards contain vital personal information, so taking them with you could do more than cluttering your wallet.

    Then make a photocopy of all cards that have survived your cull and leave the papers with a trusted friend or family member. If your wallet is stolen on your travels you’ll know which cards need to be replaced, and even have the account numbers to make the process run smoothly.

    One clever traveling tactic is to create a diversion known as a dummy wallet. Fill it with expired credit cards, old licenses, and other unwanted pieces of plastic, as well as a small amount of cash. Then if you are unlucky enough to meet a mugger you can simply hand it over, smug in the knowledge that your vital finances are safely hidden.

    A slim wallet or money clip is a great option for carrying a small amount of cash without attracting attention. These slender money holders aren’t as bulky as traditional wallets, so they should escape any pickpocket’s eyes. They’re also not made to hold a lot, so you’re forced to consider what you really need, which puts less financial assets at risk.

    Money belts and other purses worn underneath clothes are also great secure options. As your money is worn close to your body, it’s virtually off limits to pickpockets. And if they’re slim enough and worn with the right clothing, they can be virtually undetectable. Meet a mugger and they might just fall for the dummy wallet without knowing what you’re hiding!

    These days we don’t need to just worry about our cash though. Our personal details are also under threat. Modern credit cards, drivers’ license, and even store loyalty program cards typically contain RFID chips which hold sensitive personal data. If these details were to fall into the wrong hands, you could kiss your bank balance or even your identity goodbye. Several companies now sell RFID blocking wallets which stop the transmission of such sensitive information.

    New Zealand money and calculatorWhile your accommodation may seem secure, that’s generally not the case. There’s daily housekeeping to consider, and if you’re staying in a hostel dorm other travellers will also stop by. Ensure the security of your wallet and any other personal documents by keeping them on your person or stashed away in your hotel safe.

    However, perhaps the most important tools of the trade when it comes to financial security are your own wits. Be aware of your location, its seediest streets, and your surroundings at all times. Withdraw money in secure public places like bank or hotel lobby teller machines, rather than the ones tucked away in dark alleys. Sometimes simply exercising caution and appearing alert can be enough to deter a prospective pickpocket.

  • Avoid International ATM Fees – Tips for Saving Money Abroad

    When traveling abroad there are the obvious expenses that add up. Your accommodation, eating out, and sightseeing will all drain your finances, but they’re easy to budget for. Much more insidious are the sneaky fees that will sap your savings. In this article we help you outsmart the banks and avoid hefty ATM charges.

    Many of us are unaware of the ways that we’re slugged for using a foreign ATM. Firstly, you’ll pay a few dollars for a standard ATM fee. Secondly, you’ll pay a currency conversion fee of roughly two or three percent. And to add insult to injury, there’s the disloyalty fee from your own bank, indignant that you haven’t used one of their facilities. Never mind that a local ATM may be on the other side of the planet!

    Believe it or not, many major banks have branches and ATMs abroad. It requires a bit of research, but if you do a bit of digging you may find facilities that eliminate those fees. While you’re scouring search engines, investigate ATMs that don’t charge the local fee. A search for “ATMs that don’t charge fees” or “best ATM” with your destination should send you in the right direction. If you can’t find what you’re looking for, head to an online expat forum for advice.

    If you’re a frequent flier it’s worth finding a credit card which waives international transaction fees. The United States has Capital One Venture Rewards and Chase Sapphire Preferred, Australia has the 28 Degrees credit card, and in the United Kingdom there’s the Clarity card from Halifax. The testing process for these cards is often quite rigorous, but it’s worth the effort to enjoy those perks.

    On paper a money card, which sees travelers simply load their money on, is another way to avoid those fees. The rates are very tempting; they’re typically eight percent better than airport exchanges, four percent better than traveler’s checks, and five percent than the high street money exchange merchants. But don’t be surprised if it’s tricky to use. Many consumers have savaged these cards after they were unable to use them in ATMs and at restaurants and attractions, and had difficulty reloading them. It seems they’re especially problematic for travelers who venture off the well-worn tourist path. They sound like a great idea, but it’s worth researching the experiences of others who’ve traveled to your destination before committing.

    If you’re taking an extended getaway, it may be smartest to simply open a local bank account. While this can be a complicated process for a foreigner, running an internet search for “easy to open bank account” and your destination should point you in the right direction. The fee for transferring money from your local bank account to your new international bank account online will generally be much less than the ATM fees.

    atmAlternatively you can do as your grandparents did and simply carry a bunch of cash. It’s a little risky to carry a great wad of bills with you, but if you have a room safe this can be a smart, if slightly outdated idea. It does make budgeting easier, as you can physically see what you’ve got to spend, but it also limits your options if you start to run low on cash.

    ATM fees are often one of those inevitable vacation annoyances, but with a little know how it’s easy to avoid these charges and save money while traveling abroad.