Preparing Financially to Travel Abroad
Traveling abroad usually means a significant financial investment. Between acquiring transportation, processing legal documents, and arranging for lodging, the expenses can add up fast. If you're considering going abroad, you may be concerned about keeping your spending within reasonable limits.
There are many steps you can take to ensure your finances stay safe while on your trip, but preparing beforehand can be just as important. Just like any other time you're away from home, unforeseen circumstances could leave you without access to your funds and may even put your identity at risk. Here, we've put together a few helpful suggestions to help you get your finances in order and put your mind at ease.
Call Your Institutions
Most banks and credit card companies have security measures in place that may flag or freeze your assets if charges suddenly appear from somewhere unusual to your spending habits. Before you leave, give your bank and credit card providers a courtesy call to let them know where you'll be going. This will prevent you from having to call customer service lines from abroad and from incurring international calling fees.
Make Photocopies
Just to be safe, make front and back photocopies of all your important cards. Credit cards, photo ID cards, insurance cards, passports, and visas are all vitally important to your time abroad. Should any of these items be lost or stolen, having copies handy can help you recover quickly and take the necessary actions to make sure your financial service providers know what has happened. If you ever lose track of your personal financial information, the faster you notify your financial providers, the safer your identity will stay.
Leave a Backup
Leave one or more of your credit or debit cards at home in a safe location. Trust it to a friend or family member, or store it in a safe deposit box at your local bank. In case you experience any financial mishaps during your trip, your backup will ensure that you have access to at least one account when you come home.
Create a Number List
Write down all your important phone numbers. This includes banks, credit card providers, insurance companies, and the contact number for the nearest American embassy. Consider all possible emergency scenarios—if there is someone you should contact who isn't on the list, include that number. Then, make copies of the list and keep one with you while you travel. It will save time and reduce stress in the event that any of these contacts are needed.
Now that you've planned ahead financially, you may be ready to continue planning other important parts of your international adventure. If you would like even more suggestions on how to protect your finances, visit our Staying for Less page to see how you can enjoy your lodgings and still be mindful of your budget.