4 Best Ways to Prepare For a Financial Emergency When Traveling

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It can be really awful to run out of cash while traveling internationally, and getting stuck without emergency travel funds is the last thing you would want on your trip.

That’s why preparing beforehand financially is so important. Below you’ll find a few useful ways to help you deal with worst-case money scenarios.

Use Multiple Ways to Access Money

When you are planning out your budget for the next trip, you need to make certain of that you have already planned multiple ways to access cash in need. Be prepared for the emergency travel fund. Split your funds into two different banks and in two different locations. So when one branch is not reachable, you can easily go to the nearest ATM. Having two banks will also allow you to withdraw more funds in a day. This way, you get to avoid daily withdrawal limit barriers while you are on the road. Personally, my travel strategy is to keep half of my travel funds in the pocket and place the other half in my luggage or the room. This is one of the safest approaches to carry and access travel money.

Compare Different Travel Money Options

Consider and compare all the money options before you hit the road. There are plenty of options available to avail the cash when traveling out of the station. Travel credit card is a viable approach if you aim to avoid unnecessary foreign transaction fees, travel insurance charges, and other competitive programs. You also bring your debit card for small transactions. Some banks don’t charge any ATM fees when traveling internationally. Some ATM cards offer zero currency conversion fees.

Employ Online Payment Methods

The online payment system is a digital gateway to sort out your emergency funds needed on the road. Be sure to lookup which online payment methods you’ll use when you get stuck. Like Western Union– which location is closest to your family, and where can they send you money? This is useful to know especially if you’re traveling to a place like Cuba, where it’s difficult to get money out of ATMs and banks are non-existent. When it comes to accepting and receiving payments you can contact your family members or close acquaintances to transfer money to Cuba online. You can receive money from almost anywhere or at any time. The cash collection has been made easy to obtain family remittances.

Work On a Travel Budget

The minute you start to plan a trip to your dream destination, you should have a blueprint of travel budget. Conduct a detail research on budget-friendly accommodation and flights. This approach lets you prepare for the expected cost and how much money you should be traveling with. It is best-suited technique if you have limited funds for your trip. Once you figure out a list of expenses, you can spread your funds between different travel activities.  Consider using a credit card option for necessities and large purchases, and use debit cards for cash withdrawals and petty travel expenses.


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About Author

Kelly Lewis is the founder of Go! Girl Guides, the Women's Travel Fest and Damesly. She's an optimist, an adventurer, an author and works to help women travel the world.

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