So you’re off on your adventure! Great, you deserve it. Whether you plan to earn while you go or just travel as far as your wallet will stretch, take these tips onboard so you don’t have to worry about money while you’re away.
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Contact Your Bank Before You Go
Being locked out of your bank account on suspicion of fraud is the last thing you need when you’re far from home. Silly as it sounds, this can happen really easily when travelling. On paper, the way you use your account when travelling can resemble the handiwork of a fraudster. To avoid being treated like a criminal, contact your bank ahead of time and let them know your plans. Some banks make it easy by enabling travel notifications via your banking app. If you do get locked out, give the bank a call as soon as you can. And be prepared to send in photo ID.
Get Currency Wise
Exchanging currency is one of the easiest ways to siphon money off your precious travel stash. As a rule of thumb, if you rely on the nearest local option like an ATM or an airport booth, you are going to lose out. Commission can be exorbitant, and exchange rates vary widely. That’s not to say that convenience is not possible. Look into currency exchange options that may be cheaper and simpler to use in multiple countries than relying on your own bank.
Pack More Than One Bank Card
This may sound like Mom and Dad advice, but don’t rely on one debit or credit card while you’re away on your adventure. Why? Your card might be stolen, you could get locked out of your account, you might be so busy having fun to notice that your card has expired, or your card could disappear into an ATM never to be seen again. Not ideal! A back up card issued by a different bank is the best insurance against this kind of situation. If you’re travelling with a partner or bestie, you have each other’s bank accounts to fall back on, sure, but one of the amazing things about travel is that you never know where you’re going to end up and with whom. You might go your separate ways. You might travel alone to a place you never expected. Go prepared for whatever might happen!
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Give Someone Back Home Your Banking Information
Banks are notorious sticklers for security. That’s what you want in a bank, right? But one of the downsides of this is that if you need your Mom to log into your account and make your student loan repayment, she’s almost certainly going to get bounced. Before you embark, chose someone you trust to be a signatory on your bank account. This will allow them to take care of business on your behalf, so you don’t have to arrive back to a bunch of late payment fees and your finances in disarray.
However you’re funding your adventure, try these tips to help you manage your finances effectively.
