Whether you’re traveling abroad to take a relaxing vacation from your usual busy and stressful life or to go on a business meeting that may help your career advance, being able to efficiently and securely manage your payments and other finances is more than essential. It is certain that you’ll be spending during your travels abroad and on the road, from taxi cabs, eating lunch or buying stuff; you’re bound to spend, especially since goods are imported. But in today’s world, a traveler may find himself/herself surrounded by bad people wherever he/she decides to go. And since travelers are less aware of their surroundings when venturing off to a foreign country, they are preyed upon by all sorts of criminals. So how can you actively and safely manage your payments and balances abroad while not having to think of the security issues in every turn or footstep? Where can you keep your money where it’s conveniently accessible to you yet secure from others? Read on as we discuss how to strategically manage your payments, regardless of the method, while travelling overseas.
There are two main methods of payments wherever you go – cash and credit card. When you pay cash, it is both a safe bet yet risky propositions, especially when you’re travelling. It is accepted worldwide with exclusion to online purchases or putting reservations wherein credit cards are required. Cash may also be a beneficial payment method as it is an excellent way to bargain with local shops and vendors. A downside with cash is that, in the event that it is stolen or lost, it can’t be traced. In other words, it’s gone. A great way to avoid this security issue is to carry money in different places on your bag and your clothing, from your luggage’s pockets to the buttoned pockets on your pants. Another great tip when paying for cash is to ask for discounts. Vendors who are paid with credit or debit cards will often incur additional charges from their use of the service thus local vendors and shops often prefer cash paying customers. This is perfect if you’re planning to shop for souvenirs to bring back home.
Credit cards, on the other hand, are preferred by consumers for their record keeping feature. With the use of a credit card, you can easily keep record of your purchases while on your travel. This may work well if you’re travelling on a tight budget. Another benefit of credit cards is that it impedes expensive ATM charges and the issues of carrying and trading cash. The use of credit cards can also earn you with frequent flyer miles and reward points that you may later use. The downside of credit cards for a traveler is that some countries or communities do not accept them as a method of payment. Furthermore, some countries do not disable full credit card digits from receipts. A tip when paying with credit cards, however, is to separate your primary credit card from your primary wallet. You could bring decoy wallets that you put on your main pant’s pocket and then put your primary credit cards in another wallet that you put inside your bag.