It used to be that people would take travelers checks while visiting countries overseas to protect themselves. While this is still a good idea, many people now depend on their personal credit card for most of their main purchases before, during and after their travel.
Hint- check with your credit card company BEFORE you travel overseas to use. Some credit cards issued by local banks are not recognized and therefore can not be used overseas.
Also check out when they will do the exchange rate conversion, some banks do not do them daily, so you may get stuck paying a higher rate for your purchases in the long run.
A good hint may be is to get a temporary or “gift” credit card and load it up with a limited amount of funds. This is wise because of several reasons.
1. You have a set limit now for your purchases, so you won’t bust your budget.
2. This “gift” card does not look any different from any other credit card, but if stolen you only loose what is left on the card BUT nobody has access to your personal account.
3. Since these cards are temporary credit cards, you don’t have to worry about the exchange rate as much because once the amount on the card is used up you can’t get any additional charges added later by disreputable merchants.
4. You can add additional fund to this card if you want to, but it does take some time to do so you’ll again be less likely to over spend.
Ask your insurance agent and the bank about the rules of these cards just in case they are lost or stolen. Can the card be canceled and the remaining funds be placed back into your personal account? It never hurts to ask since these types of cards are a growing trend in travel.
Check before traveling if the exchange rate is to your favor and have some currency already in your wallet for taxis or quick purchases while touring, like following your nose to that local bakery that is making your taste buds water!
Also, while traveling, check daily what the current exchange rate is so you can keep better tabs of what your purchases costs are all the time. These can be found through the hotel or concierge staff, they are often listed in newspapers or while exploring stop in at a local bank. If you are traveling with a laptop you can go online and get this information as well.
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