Travelling and exploring the world can be very exhilarating. However, staying within your budget and ensuring that you get value for money is equally as important.
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With the right knowledge, you can avoid finding yourself in costly and stressful financial situations. Here are some money mistakes to avoid when travelling abroad:
Exchanging foreign currency at the airport
Although exchanging your money at the airport may seem convenient, it is not always the best idea. Unfortunately, the exchange kiosks at airports normally have less competitive rates and may even charge a separate fee for the service. A smarter alternative which would help you get value for money would be to plan ahead. You can also go to a currency exchange outlet which is not in an area that is a tourist hotspot.
Forgetting to inform your bank of your travel plans
It is important to notify your bank about your travel plans. If you forget to do this, you risk having your cards frozen for suspicious or fraudulent activity. Be sure to keep your bank in the loop so that you can always have access to your money.
Keeping all your money in one place
It is never a good idea to keep all of your travel money in one place. Criminals are notorious for seeking out tourists who often carry plenty of cash on them. The best practice is to split your cash up. This will save you from a lot of stress should an unfortunate and unexpected incident occur.
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Not getting travel insurance
When travelling abroad, it is important to make sure that you buy travel insurance. Although thinking of the worst case scenario may not be ideal, it helps to be prepared. After all, you could encounter a very costly emergency while abroad.
Travel insurance can help you save money by covering you against unforeseen circumstances such as theft, illness, delays and cancellations. When you don’t have travel insurance, you may end up having to take care of a huge and unplanned expense that may even result in depleted savings.
Dining at tourist hotspots
When it comes to food, try and do your research beforehand. This will give you an idea of where to go for the best food at affordable prices.
Where possible, avoid eating at establishments which are around popular tourist hotspots. They are often more expensive and the food is unfortunately not always the best. Rather, try to find out where the locals eat and drink. Chances are, you’re in for a relatively better dining experience.
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