December 15th, 2022 at 02:26 pm

5 financial steps to take before your next overseas trip

Before traveling abroad, you should make advance plans. Select suggests five financial strategies to make sure things go well abroad. It can take a lot of planning to go on an international trip, from arranging flight arrangements to checking that your passport is valid to setting up your phone so it works abroad. Before boarding your journey, you need also make a few financial preparations, such as getting the correct travel card and making a smart budget.

Here are five wise financial suggestions to make traveling abroad easy:

1. Start saving now

It’s never too early to start saving, even if you’re only daydreaming. And you may easily budget for a vacation without having to worry about it by automating your personal money.

Ramit Sethi, personal finance expert and best-selling author of “I Will Teach You To Be Rich,” advises Select to make a basic plan of where you want to go and how long you plan to remain.

For instance, “you can set up an automated transfer of $500 every month starting today,” he explains, “if you want to spend $5,000 on a trip in December. “Your vacation will be paid for by the time December rolls around.”

Also, when it comes to vacationing on a tight budget, consider carefully what you actually need to splurge on.

2. Choose the right travel card

When selecting a travel card, two features are crucial: no foreign transaction fees, and the simplicity of redeeming rewards for travel. When you can receive additional points for making travel-related purchases, a travel card is even better.

The American Express® Gold Card is a wise choice for those who enjoy traveling and dining out if they don’t mind paying an annual fee. The card has a $250 annual charge (See rates and fees), however when users book accommodations through The Hotel Collection with American Express Travel, they receive $100 in hotel credits. Additionally, users can earn 4X Membership Rewards® points for dining and 3X Membership Rewards® points for booking flights directly through airlines or on amextravel.com. Rules Apply.

When applying for a new credit card with a high minimum spend requirement immediately before a trip, you can benefit from sign-up incentives. Additionally, you can apply for a card with a sign-on bonus months in advance so you might possibly use the rewards to purchase flights.

3. Enroll in Global Entry

The best justification for signing up for Global Entry is a trip abroad, or even better, discover a credit card that will reimburse you for the registration price. Every four years, cardholders of the Capital One Venture Rewards Credit Card are eligible for an application fee credit for Global Entry worth up to $100.

(Note: If you live in New York, applications for Global Entry have recently been temporarily suspended; as an alternative, you might want to think about TSA PreCheck or CLEAR, though the two programs are different.)

You should start the application process well before you depart for your trip because U.S. Customs and Border Protection (CBP) doesn’t give a specific timeline for how long the entire process takes. However, it could take up to several months.

But with airport lineups getting longer and longer, it’s worthwhile to take the time to enlist so you may use the quick lane at customs and immigration.

4. Make sure you have travel insurance

If you have travel insurance that can pay for unforeseen costs, managing travel disruptions can be much less expensive. The top travel credit cards provide a variety of traveler protections, including baggage insurance and trip delay insurance.

Depending on the card issuer, different terms apply to travel insurance benefits. Most of the time, you must use your credit card to cover the entire cost of your trip, while certain card issuers may simply ask you to use your qualified card to cover a portion of it. Additionally, card issuers frequently impose various restrictions on the coverage you receive and the types of expenses that qualify for protection. Be sure to read the details before making travel arrangements.

5. Notify your credit card company of travel dates

Even though most credit card companies these days are able to notice when you’re traveling to another nation, it still pays to let your bank and credit card company know ahead of time about your trip plans to prevent transactions from being stopped while you’re away from home. It doesn’t take long to inform them; you can typically do it online or using your bank’s app. It will be worth it to avoid having your credit card declined when trying to buy dinner for you and a traveling companion.

Additionally, always carry cash with you when you travel, both in U.S. dollars and in the local currency of the destination you are visiting. You never know when you’ll need extra money to make a purchase.

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