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5 Financial Tips For Traveling

Posted on September 15th, 2016 by Scott Hershman

Are you traveling overseas? You may have already paid for your stay, your airfare, and set aside spending money, however, that is not the only financial planning you will need to do. There are other many wise ways to financially prepare for your trip to avoid unnecessary fees and robbery. Just like you read tips to pack your bag for your overseas trip, check out these 5 travel banking tips!

  1. Avoid International Bank Fees: The quickest way to withdraw cash overseas is from an ATM. Why not? It’s quick, easy and you will get a great exchange rate. This is incorrect. Did you know that you will be charged a $5-$7 fee every time you withdraw your money from a different bank’s ATM?
  2. Lighten Up Your Wallet: Only carry with you the credit cards you will be using on your trip. Pack a credit card and an ATM debit card for withdrawing cash, when necessary. Remove any card with your Social Security number. The Identity Theft Resource Center, a nonprofit organization founded on identity theft prevention, suggests making a copy of your insurance card and removing the last four digits of your Social Security. Lastly, leave your checkbook at home!
  3. Protect Your Cash: It is a really great idea to stash emergency cash in your luggage somewhere in the unfortunate event of a mugging. Many travelers also like the idea of carrying a money belt worn under their clothing to stash extra cash.
  4. Dummy Wallet: If you are traveling to somewhere that is  particularly risky, you could carry a “dummy wallet” or a “mugger’s wallet”. This is an additional cheap wallet that is filled with around $20 in local currency, some receipts, an expired credit card and an expired driver’s license.
  5. Worst Exchange Rates: When you are exchanging foreign currency, you are paying a small premium to the people providing the service. The amount you pay will depend on the method you are using. Currency exchanges inside airports or bus terminals may seem like a great option, however, they charge the highest rates. Even if the sign says “No Commission”, this is often false. Also be aware of money changers that are hanging around the airport. You will find money chargers hanging around international land borders, and sometimes it is a complete scam.

 

Foreign Currency At WSCE

Did you know that West Suburban Currency Exchanges are equipped to handle your foreign currency needs? We can exchange Canadian Dollars, Euros, English Pounds, Mexican Pesos, German Marks, Italian Lire, and more. Our goal at WSCE is to take the hassle out of foreign currency exchange for you! Avoid scammers and the outrageous fees you could be charged at your destination and head to the WSCE nearest you!


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