Automating your finances reduces the risk of missing a payment, according to U.S. News. When you’re traveling, automation is a great way to keep on top of all your bills. But it isn’t fool-proof. So, just how do you ensure all your bills are covered on your travels?
Consider how you pay
Research has found that the average traveler spends $1,500 when they’re away. As this is a lot of cash per person, you need to think about how to get the most out of your money. Studies have found that buying goods abroad with a debit card in the outlet is the cheapest way to make a purchase. Taking money out from an ATM and exchanging currency are the most expensive payment options. Therefore, you should stick to paying by card as much as possible while you’re away.
Update your bank
It’s standard for banks and other financial institutions to block credit and debit cards which are used outside of their normal location. But, if you’re trying to pay for a bill on your travels with a blocked card, it can cause you a lot of hassle. This is why you must inform your bank of your travel plans, so they can update your account accordingly. This should stop them from blocking your card so you can freely use it while you’re away. If you’re visiting countries such as America, Mexico, China, or India, your card is more likely to be stopped due to high levels of credit card fraud in these locations. This is a sign that a bank is trustworthy and is a financial institution that’s dependable. Other signs include being upfront with their rates and providing smart tools. Lenders with mobile apps are also more reliable, and they’re a great way to monitor your bank balance during your trip, too.
Have a go-to person at home
There’s always the possibility that a payment problem will occur while you’re away that needs to be sorted out in person. The best thing you can do is have a trusted friend or family member added as a contact on all your accounts. Should a problem arise, such as your card gets stolen or a payment fails, all you need to do is call or message them. They’ll then be able to speak to your bank and the relevant organization on your behalf to solve the problem.
Take multiple forms of payment
Studies show that up to 25% of all card payments fail. The last thing you want is to be stuck with a large hotel bill or restaurant bill that you cannot pay. By having multiple forms of payment on you, you eliminate this problem, as well as any embarrassment. Your best options are to have a debit card, prepaid credit card, and credit card. You may also want to have some cash handy, in case all card systems go down in the area you’re traveling.
Paying for your bills while you’re traveling can be a bit of a mine-field. But these tips will stop you from getting into any tricky situations and ensure you get more for your cash.
