Taking a year out to go travelling is something that many people will do at some point in their lives, and while it can be a very enjoyable experience it is also one that can require a fair amount of financial planning. While getting around and making the most of the experience of travelling in an unfamiliar country is vital, it is also worth making sure you have taken the right steps to look after your money before travelling and that your funds are safe while abroad. Financial issues while abroad can become a massive headache, so taking the right steps before setting foot on the plane can make all the difference.
Make Sure Your Money Is Safe
For those who have a significant amount of savings that are not going to be used while travelling, it is a smart move to put this money safe so that it cannot be accessed by fraudsters. One good way to do this is to look at putting it into a savings bond for the duration of your trip, and some of the best fixed-rate bond options available can also deliver a healthy return as well as make sure the funds are there when you return.
Debit cards are often one of the most common ways for fraud to happen on a current account, and while you will need to access cash abroad, it is wise to keep your backup fund in a separate account so this cannot be taken. While fraud is, unfortunately, a fact of life in many countries, trying to arrange to dispute transactions and sign declaration forms while abroad can be a serious pain. Birmingham Midshires is a reliable choice for those looking for an instant access savings account too, and where necessary funds can easily be transferred into a current account for you to withdraw while abroad.
Looking After Your Cash
Tourists have long been a target for criminals around the world, and there are a wide variety of different ways that people have found to get their hands on the money of people visiting their country. Pickpockets and muggers will often see tourists as soft targets because they will usually have their guard down and will be relaxed and intent on enjoying their trip abroad. Keeping a low profile and trying not to flaunt money is certainly wise advice wherever you are in the world while using a concealed money belt is another way to discourage thieves.
Precautions To Take Before Travelling
One of the most important things to do is to ensure that you have all of the numbers for your bank to call from abroad if you lose your cards or they are stolen. Calling your bank as soon as possible after you notice any cards are missing or you are mugged can help stop any fraud happening, and in extreme situations, they can also help to get you access to cash if you have no cards or alternative ways of getting home available.
