Jeremiah PatrickPlanning an international trip is always an exciting affair, especially if it’s your first time! There’s a sense of childlike wonder that bubbles up from deep inside as you start to imagine all the different sights to see, and places to visit. However, it also takes a lot of effort to plan the perfect trip, and there’s plenty to consider.
One of the more important aspects of travelling as a first-timer is knowing how to manage your money. How much foreign cash do you need to take? Are credit cards the best way to make payments? Read on for our favourite money management tips for your first trip abroad!
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How to manage your money when travelling
1. Bring some cash
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When you’re travelling to another country, it’s always important to have some cash on-hand. You might not have to dip into that cash stash very often, especially if you’re using a credit card, or other payment methods. However, it never hurts to carry it with you.
After all, there might be certain destinations you come across during your travels that don’t accept online transfers, credit cards, or other methods of electronic payment. Make sure to bring an amount of cash that’s proportionate to the length of your stay. Also, try to ensure that your notes are in good condition, because some places can get a little fussy.
2. Have a travel budget
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Another basic way to manage your money while travelling abroad is to have a great travel budget. It helps to know how much you plan to spend during your trip, and how exactly you plan to spend it.
This helps avoid any overspending. Important things to consider while drawing up your budget are how long you plan to travel, your accommodation, food, sightseeing, and of course, shopping! By splitting your budget down these various channels, you’ll be able to know when you’re running out of money for something, and adjust your spending accordingly.
3. Consider alternative payment methods
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What happens if you’re stuck in a travel situation in which you’re unable to use a credit card or debit card? What happens if you don’t have enough cash with you? While cards and cash are often the go-to transaction methods for travellers, you should also consider other forms of payment, just in case you need them.
Remittance is an electronic payment method provided by certain banks that allows you to send money overseas. This works if you need to make any payments in advance to aid with your travel plans, like booking hotels, tours in exotic locations, shopping and more.
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Looking for a safer and faster way to make transactions while travelling? Enjoy zero-fee, same-day international money transfers with DBS remit! All money transfers are tracked, so you’ll know when yours reaches its destination. Using DBS remit, you can send up to 19 different currencies to more than 50 locations across the globe on the same day! But wait, there’s more. Stand a chance to be one of 10 lucky winners to jet away with a pair of SIA Business Class tickets! From now until 31 Dec 2023, earn 10 chances with every minimum transaction of S$1,000 on DBS Remit or DBS Travel and Leisure Marketplace. Plus, earn a bonus 100 chances when you limit your cash withdrawals to S$100 or less every calendar month! |
4. Try out free experiences
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Before you travel anywhere, remember to do your research and see if there are any fun, free experiences you can take part in! Many major destinations feature these experiences through day trips, museums, walking tours, and more. You’ll be able to immerse yourself in your destination of choice, and reduce your overall spending while you’re at it.
5. Choose your airline wisely
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Without the right amount of research, you could end up spending a lot of money on your airfare alone. Thankfully, there are plenty of options available to manage your money better here, and it starts with choosing the right airline. Some of them might offer free luggage weight, but with higher ticket prices. Others may offer cheaper tickets, but with increased prices in the luggage area.
A good starting point would be to pick a budget airline like AirAsia, Scoot, Norwegian, or JetBlue. Secondly, you can also use platforms like SkyScanner or Google Flights to scan for cheap flight tickets. On top of that, learning how to pack light can also save you a ton of money when it comes to luggage fees.
6. Use credit card or debit card
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One of the easiest ways to make a transaction while you’re travelling abroad is to use a credit card, like the DBS Womens or DBS Altitude. You can make purchases instantly, it’s a wide-accepted method of payment, and using a credit card means you don’t need to carry too much cash. But here’s a pro tip. If you already have a credit card, check the fine print to make sure that it doesn’t charge a foreign currency transaction fee.
If it does have one, consider getting a different credit card that doesn’t charge said fee. After all, you could be spending that money indulging on local delicacies instead! Of course, some people aren’t comfortable with using a credit card, so you can always use a debit card instead, like the DBS Visa Debit.
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7. Take up travel insurance
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Don’t be that person that shuns travel insurance, okay? Because it’s a lot more important than you might think. Fact is, accidents can happen, even when you’re on holiday. You might lose your luggage at the airport, or have your wallet stolen by a conniving pickpocket. And of course, there’s always the possibility that you might fall sick.
In any one of these cases, the need may arise for you to cancel your plans entirely. With travel insurance, you’ll at the very least be able to recoup some of your expenses, instead of losing the lot.
8. Inform your bank
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Before you get going on that big trip abroad, it’s always a wise idea to inform your bank about these travel plans. The same also goes for credit card companies. Let them know where you’re going, and the duration of your stay. That way, they don’t end up freezing any of your cards after detecting unusual activity. In addition to that, be sure that you know how to reach them while you’re abroad, in case any assistance is needed.
9. Secure your cash
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No matter how much cash you’re carrying with you on a trip, a major point of concern is keeping the cash stash safe. There are a couple of ways to do this. If your hotel room comes with a safe, you can store your cash in there, but make sure you remember the combination that you intend on using. Assuming that you don’t have access to a safe, keep your cash locked in a suitcase, or backpack.
You can even lock your backpack onto an unmovable piece of furniture in the hotel room for extra security. When you’re out and about, the safest option is to carry a set amount of cash with you, instead of all of it. You can either store it on a money belt, or any similar item that you can wear on your person.
10. Find the cheapest travel options
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Lastly, another great way to manage your money when travelling abroad is to keep an eye out for the cheapest mode of local transport. For example, the Japan Rail Pass offers unlimited, nationwide travel on almost all trains across the country that are operated by Japan Railways.
Similarly, Rome has various City Cards that allow unlimited public transport access within the city, within specified durations. Doing a little research on your travel options within your chosen destination can be a ton of help when it comes to managing your money and expenses.
Learning how to manage your money during your first trip abroad is an invaluable lesson. In fact, it will make every trip that comes after that just a little bit easier. Now that you’re a little more familiar with the money management part of your travel planning, all that’s left to do is pick a destination and feed your wanderlust!
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Looking for a safer and faster way to make transactions while travelling? Enjoy zero-fee, same-day international money transfers with DBS remit! All money transfers are tracked, so you’ll know when yours reaches its destination. Using DBS remit, you can send up to 19 different currencies to more than 50 locations across the globe on the same day! But wait, there’s more. Stand a chance to be one of 10 lucky winners to jet away with a pair of SIA Business Class tickets! From now until 31 Dec 2023, earn 10 chances with every minimum transaction of S$1,000 on DBS Remit or DBS Travel and Leisure Marketplace. Plus, earn a bonus 100 chances when you limit your cash withdrawals to S$100 or less every calendar month! |
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