6 Useful Tips on How To Save Money While Traveling Abroad

Traveling doesn’t have to be a thing exclusive for the rich people only. Today, there are many ways to explore different parts of the world without breaking the bank! The few hundred bucks you save now can actually buy you your next plane ticket to that exciting destination that you’ve always wanted to see. Having this in mind, it’s always good to spend wisely especially if you are using your hard-earned money!

Consider these tips and hacks on how you can effectively save money while traveling abroad.

1. Do get a travel insurance

Anything can happen anytime and anywhere. This means that it is always safer to be prepared. Nothing beats the peace of mind of knowing that you are insured when you travel abroad.

Usual coverage includes flight delays and cancellations, medical emergencies, emergency evacuations, and lost luggage. They also offer 24/7 phone assistance to help you in your times of crises. It’s like a constantly available lifeline for whenever you have an unexpected situation arise. Even travel experts say that this is one of the most important insurance types that a person must have, no matter your age, destination or financial status.

2. Use the ATM when buying local currency

While it might be tempting to exchange your dollars in the airport due to its convenience, you actually lose a few bucks when you do so. Plus, you expose yourself to the risk of being handed fake money. Money-changer kiosks usually charge additional fees on top of giving less favorable exchange rates. If you really can’t avoid transacting with them, check out the day’s exchange rate to make sure you get a fair deal.

The better option is to withdraw cash from an ATM and it will automatically convert your money to the local currency. However, know that your bank may also charge you for an overseas transaction. But it is still the safer and less expensive choice. If possible, make a one-time withdrawal to save on transaction fees.

3. Use travel search engines when booking flights

Most people use their savings as their travel money, which makes it their hard-earned funds. When it comes to booking flights, knowing your options is power! By using travel search engines, you get to compare prices and select the best deals. This does not only help you save money but also maximize its value.

Never pay for an overpriced flight ever again by scanning all the flights according to your price range and preferences. Most platforms have an alert feature that makes it easy to keep track of any fluctuation in price using your cell phone. Capitalize on this remarkable feature in order to stay updated on your preferred flights.

4. Get a good credit card that doesn’t charge fees for foreign transactions

There are hundreds of companies that offer almost the same perks and interest rates. However, if you look closely, there are actually tiny details that make the differences. The trick is to know what you are looking for.

If you plan to travel frequently and you think you will be using your credit card a lot, you should definitely get a travel credit card that doesn’t charge transactions made overseas even if it does charge you an annual fee. The reason for this is because most banks that charge foreign transactions profit from exchanging your dollars to the local currency. On top of that, they also collect an additional fee of up to 3% of the purchase you make.

Comparing the total amount of those fees versus just paying a one-time annual fee of around $95 to $100 (depending on which bank or company), it is more often wiser to go for a travel credit card.

5. Avoid spending too much on meals

The whole point of doing all these hacks is to save you money which you can spend on more important things. While there is absolutely nothing wrong with trying out fancy restaurants once in a while, it is definitely smarter to experience the local food scene which is usually more authentic and affordable.

Ask the local residents on where you can find their most special delicacies and dishes. They know exactly which direction to point you at. Read online reviews of your destination’s must-try restaurants so you can also get information on the food prices. This way, you can plan your spending on meals and you avoid going beyond your budget.

6. Avoid fraud by using cash instead of cards

Fraud is pretty much hard to detect especially when you are travelling to a country that you have never been to before. No matter how careful or sharp you are, you can be a victim of many types of scams. One way to steer clear from deceptions is by using the old-fashioned cash.

While carrying cash all the time also has its dangers, it is somewhat safer in terms of protecting your financial accounts. It is highly recommended to avoid using cards especially for small amount purchases like meals. In most restaurants, they take your card from you and bring it to the cashier where you have no visibility.

Keep all of these useful travel tips in mind to make sure that you make the smartest financial choices when going on a getaway. Remember that while vacations and tours are a time to relax, it is still important to spend money consciously and wisely because after all, you’ve worked hard for it!

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