Traveling to different parts of the world can be exciting, but knowing how to use your money safely and keep track of all the different types of currency can be challenging.
The technology these days has created numerous ways to access your money quickly and easy. A bank machine seems to be everywhere you go. Some are bank owned; some are just “ATM” machines that you can find in a regular store.
There is no need to buy traveler checks these days. You only need carry a credit card or debit card. These type of cards offer a limit of insurance should the card be stolen or fraudulently used. The debit cards are issued these days with a Visa or Master card logo on them. They look just like a credit card but it takes money from your account just like a regular debit card.
It would be a good idea to talk to your bank prior to leaving the Country. They will have the information you need about your access to ATM’s and the banking services in the area. They will also be able to explain any charges that you will be responsible for with them such as, the exchange rate on currency or interest and administrative fees. Some well known banks do offer special insurance plans you can purchase before you leave.
In most cases you should carry some cash on you for small costs like meals, taxis or admission fees. If you are going to carry cash, buy it in small amounts so if you don’t use it, you don’t have to worry about changing it back to your home currency.
Credit cards and debit cards are the choice for people traveling. It is always carried on your person so there is no worry of someone breaking into your room and helping themselves to your money.
You should always prepare for your vacation. You want the funds to enjoy yourself.
Here are a few tips to make your trip a happy one
- Speak to your bank about a traveler’s credit card. They are prepaid and come in different currencies.
- Keep any type of card or cash that you must leave in your room, in a safety deposit box with all other valuables. Remember that you may have a limit or condition written into your home insurance about valuables having to be stored in a safety deposit box when not in use. It could void your insurance, so it is a good idea to check the regulations.
- Only take what you need for identification with you. Leave everything else at home. An example is your Social Insurance Card. If you have your passport, you will not need it.
- Take copies of the identification you are taking with you and leave them at home in case of theft.
- Update all your important medical documents at home.
- Advise your bank and credit card Company of your destination. You don’t want them declining your card for identity issues.
Many vacation destinations are inclusive so you do not need a lot of money while taking one of the vacation packs. Talk to your travel adviser about the amount of money you should take with you. Money is usually only needed for additional shopping or for anything out of the resort.
Come and visit the travel insurance page on insurancemarket.ae for a quick and easy arrangement of your travel insurance in Dubai.