Is travelling abroad, especially for the first time, on your bucket list? Before you plan your first trip, make sure that you plan your finances accordingly to avoid unnecessary costs.
With a bit of planning ahead, there are areas where you can trim your costs before jetting off. This is according to Anthony Grant, CEO of FNB Foreign Exchange.
“First-time international travellers tend to focus on the trip itself, and forget the alternative options available when transacting abroad,” Anthony says. Here are some money tips for first-time international travellers:
1. Get travel insurance. It is important to have travel insurance so that you’re covered for any medical emergency or loss of luggage. But, read through your insurance carefully to make sure that you’re sufficiently covered.
2. Change the currency before you leave. This way, you will avoid rates of the fluctuating currency and withdrawing from your account in a foreign country, which can be expensive. Using the currency of the country you’re travelling in means being able to pay for coffee or a taxi, and saves you money.
3. Travel card. This can load a variety of currencies from your local bank such as the USD, GBP, EUR and AUD. It’s a great way to avoid overspending on your budget as you can only spend what you load on the card.
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4. Inform your bank that you’re traveling abroad. Provide your bank with your travel itinerary so that it is aware of your movements and when you’ll be back. This is important because it will then be able to alert you of any suspicious activity with your account in the country or in a place that’s not on your itinerary.
5. Stay connected. Use your banking apps to stay connected to your account and keep track of what you spend. Also, activate roaming through a secure internet connection that allows you to access your accounts safely.
