STORY BY PAUL HUGHES, 2020 IMAGE BY FRUGAL FLYER
The three greatest challenges facing those wanting to travel the world are:
It should go without saying that your should see your doctor or a travel doctor before you leave; make sure you have any medicines you might need; and check government travel warnings for possible threats or dangers near your destinations.
Financial challenges also need to be considered!
In the modern era of internet banking and ATMs, fewer bank branches are open, so some people rely on Google for advice, rather than asking their own bank!
The best travel budget advice we offer through our own experience is to make an appointment and speak with your bank or credit union weeks before you travel.
- General health risks - such as transmissble diseases, pandemics like Covid 19.
- Safety risks - political disturbances or wars; natural disasters like floods, fires or earthquakes; and personal dangers like kidnapping, assaults or thieves).
- Financial challeges - once you've saved for your trip, ensuring you budget for all the likely expenses, and there is something set aside for the unexpected.
It should go without saying that your should see your doctor or a travel doctor before you leave; make sure you have any medicines you might need; and check government travel warnings for possible threats or dangers near your destinations.
Financial challenges also need to be considered!
In the modern era of internet banking and ATMs, fewer bank branches are open, so some people rely on Google for advice, rather than asking their own bank!
The best travel budget advice we offer through our own experience is to make an appointment and speak with your bank or credit union weeks before you travel.
SEE YOUR BANK - IMAGE BY JONATHAN COOPER
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PICK THE RIGHT CURRENCIES - IMAGE BY JASON LEUNG
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Five important factors to consider when preparing your travel budget:
- Make sure you calculate all of the costs (including fees, taxes, local transport, dining out and tipping).
- Plan in advance for how you will cover any budget shortfalls or unexpected expenditures you may have - there's a 90% chance you will experience this!
- Understand the exchange rates between currencies, including fees. There are some easy conversion apps online.
- Ensure you will always have access to money. Consider opening a separate "emergency" account with a debit card, which you can hide - when we were pick-pocketed in Barcelona we had to cancel our credit cards, but had funds wired to us, which we collected the next day.
- Take all precautions to protect yourself from theft and fraud. In particular, don't carry your cards or money in a bag that thieves can easily access. There are plenty of anti-theft bags and backpacks where the zips undo against the wearer's back, and the straps can't be slashed with a sharp knife.
ANTI-THEFT BAGS - IMAGE BY CYBERBACKPACK
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OPEN INVITATION FOR THIEF - IMAGE BY TAMARA BELLIS
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Bank options are constantly changing, so here are a few tips that we follow:
- Tell your bank you are going overseas, where you are going, and when or you risk having your credit card suspended (for your safety and security) because the bank saw charges from another country.
- Organise a Debit Card or Travel Card - it still lets you access your money but does not let a thief have massive amounts of credit and usually requires a PIN on all occasions (i.e. no-one can just swipe and collect multiple maximim permitted amounts ).
- Don't have all your money or cards on the same account - if traveling with a partner and one person's card is compromised or stolen (and therefore cancelled by the bank), you will still have access to funds until another card arrives.
- Check with your bank and online for the best places to exchange currency in each country, including any fees that are involved.
- Don't carry all your money in one place - put some in a money belt and some in a pocket. If there are two of you make sure each of you carry some money.
- Have a combination of cards, foreign currency and possibly travelers cheques.
- Check that you can use your cards at ATMs in the countries you are visiting. Make necessary changes to allow this. You will probably be better to have a debit card, as credit cards can often be a problem. Speak to your bank!
- Register for online and telephone banking and check your security codes.
- Make sure you have contact numbers for your bank and credit cards, including international access codes.
Other Essential Budget Tips
- Always make sure you have travel insurance in case of unexpected problems.
- Consider increasing your credit limit before you leave the country in case of any emergency.
- Check that your cards will not expire while you are overseas.
- Always check with government authorities (www.smarttraveller.gov.au in Australia) for further information and warnings for countries you are visiting.