Skip to content

Best Financial Tips for Traveling

Many people spend months planning their trip but put little effort into preparing financially. This is a mistake. Without the proper knowledge and preparation, travel can put a heavy strain on your finances. Follow these simple financial tips, and you’ll be more financially prepared than most travelers.  
  • Don’t use debit cards when traveling 
    • Debit cards can be convenient, but unfortunately, they present a major risk to your financial security when traveling. If someone steals your debit card, it’s often difficult to restore your stolen purchases because the money will have already left your account.
    • Instead, when making a purchase abroad, use a credit card or cash.
 
  • Use an ATM to exchange cash 
    • When traveling abroad, you may be tempted to exchange your American dollars for foreign currency at a convenient exchange kiosk in the airport.
    • However, these exchange kiosks often charge hefty fees and an unfavorable exchange rate. Instead, look for a local ATM.
 
  • Invest in a travel credit card 
    • Chances are, the credit cards you currently have in your wallet charge a foreign exchange fee. This means you’ll have to pay your bank an extra 2-3% whenever you use your card abroad.
    • Instead, find a travel credit card with no foreign exchange fee. It may have an annual fee, but it will likely save you money in the end.
 
  • Open a travel savings account 
    • Let’s face it: traveling is expensive. Prepare for your trip by opening a travel savings account.
    • If you’re a member of United Credit Union, you have access to savings accounts with high interest rates that allow your investments to grow over time. Give us a call to learn more.
Posted in

marketing

Leave a Comment

You must be logged in to post a comment.