There are lots of different ways to take your money overseas and so many choices that it can be very confusing! But do not fear, BUNAC are here to offer our top tips for managing your finances whilst abroad on your trip!
1) Speak to your bank
Each bank has different international fees and regulations – a personal advisor will be able to advise you on the best way to transfer your funds and all the charges involved. Make sure that you tell them as much about your trip as possible – if you’re planning to use your card in multiple different countries and haven’t informed your bank, they will block your card from being used!
2) Make sure to get some of the local currency
How much is up to you and depends on your spending habits and what you plan to buy, but some cash to cover local transportation and food and water should see you through. Take in the lowest possible denominations - even in the States, $50 dollar bills are regarded with suspicion.
3) Look into getting a pre paid cash card
There are plenty available but what you’re looking for is to avoid expensive foreign transaction fees, so bear this in mind! We recommend the STA Travel Cashflex Card – it comes with £10 pre loaded, you can earn cashback and there are no transaction fees in the UK or overseas. Whichever card you decide on, look into the fees you will pay to use the card – some cards charge an inactivity fee if you don’t use it for a month or so if you withdraw from an ATM or lost/stolen card fees.
4) Don’t carry all of your cash with you in the same place
If your wallet or purse is stolen and all of your funds are in there you’ll be lost! Keeping your funds in different places (carry on luggage, handbags, wallet/purse, money belt) reduces risk of losing your money.
5) Support Funds
You may have to show proof of funds to the Immigration Officer, as per the terms of your visa. If this is the case you can print a copy of your bank statement (your name must be showing) with the available funds. This must be as close to the arrival date as possible (no earlier than 3 weeks prior!) If you don’t have the funds, you can use your parents as a guarantor. In this case you will also need a letter from your parents stating you have access to these funds, as well as their bank statement.
We hope this has cleared up any questions that you have with managing your money whilst abroad, if you still have questions you can give us a call on 033 3999 7516 to speak to one of our experts! Want some more travel tips before you depart on your trip of a lifetime? Check out our BUNAC blogs with lots of blogs to sink your teeth into.