Money Tips for When You Travel Abroad

When traveling you should take some basic financial precautions prior to traveling to ensure that you don't experience any financial problems.

What credit cards should I take?

Only take major credit cards, such as, American Express, Visa and Master Card. Don't take debit cards. Also keep all your store credit cards discount cards, library cards, etc. at home.

Who should I notify before I leave?

Contact your credit card company(s) to let them know that you will be traveling. The company will be able to advise if their card (and your pin #) will be accepted in the country you will be visiting. They may provide you with another phone number to call in case you need to reach them as the 800 number listed on the back of the credit card may not work from foreign locations.

Contacting your credit card company before you travel helps you get an understanding of any charges that you may incur for cash advances, ATM fees, and foreign purchases. Also, unfamiliar spending patterns may cause the credit card company to suspend the card. Notifying the credit card company prior to traveling will help avoid problems when trying to use your card. When speaking with your credit card company, be sure to clarify if the credit card company charges a currency conversion fee. Knowing this will help you use the most economical card you have to place your purchases.

You may also find out that they your credit card company provides you addittional services such as extra insurance for your rental car.

Should I use travelers checks?

I am a big fan of travelers checks. When selecting your travel checks, be sure the specific brand is accepted in the country you are visiting. Also make sure you understand any fees that you may incur for purchasing and using them.

Also be sure to understand the travelers check company's loss and replacement policies.

For added safety, make copies before you travel and keep the copies seperate from the traveler checks. The copies should have the following information.

The serial numbers.

The date and location of when you purchased the traveler checks.

The denomination of the checks.

The phone number to call to report them missing.

Should I use my ATM card when traveling?

Yes you should use your ATM card. This way you won't be carrying as much cash on your person. Also, the ATM will issue money in local currency. If you use a bank to exchange currency. Shop around to different banks since some will charge a high fee.