Navigating Your Finances Overseas: 3 Things to Know
While the requirements for navigating your finances overseas will differ slightly depending on whether you’re traveling, studying, or working abroad, it’s one of the aspects people tend to worry about the most. Will I be able to access my finances as usual? How much will I have to pay to take money out in the local currency? Do I need a different bank account or card?
There are a few things to get your head around, but with the right planning and preparation, there’s nothing that will impact your ability to manage your finances well. Here are the basics of what you need to know to stay financially savvy when you’re abroad, whatever you’re there for.
Understand Currency Exchange
Currency exchange is the process of changing one country’s money into another, so it’s a crucial thing to understand. For example, if you’re traveling from the UK to the US, you’ll need to exchange your pounds for US dollars. How much money you get depends on the exchange rate, which is the value of one currency compared to another.
If the exchange rate is 1 pound equals 1.10 US dollars, then for every pound you exchange, you’ll get $1.10. So, if you exchange 100 pounds, you’ll receive 110 dollars. Exchange rates change all the time based on things like:
- Supply and demand
- Interest rates
- Global events
You can exchange money at banks, currency exchange offices, ATMs, or through apps and online services. Each place may offer a slightly different rate, and some may charge fees, so it’s a good idea to compare before exchanging and monitor exchange rate fluctuations closely, especially if you’re dealing with large sums of money. Ideally, you should avoid poor exchange rates at airports or tourist hotspots. It’s worth noting that you’ll also be charged an exchange rate on any remittances to and from a country – if you’re sending money to the US, for example.
Communicate with your bank or financial institution
Unusual financial activity can be flagged, and may mean your cards get blocked, which can understandably be stressful if you have no cash or other access to your money. So it’s important to notify your bank before you travel. This is a great opportunity to also ask them if they have any travel-friendly credit/debit cards, which may be better than your normal card.
Ideal features include:
- No foreign transaction fees
- Good exchange rates
- ATM fee reimbursement (if possible)
Remember you can also shop around to find a competitive card provider. Having more than one card may actually be beneficial so you have a back-up in case one gets lost or stolen.
Budget and track spending as usual
Just because you’re not at home, it doesn’t mean you shouldn’t stick to good habits – including budgeting. Your spending habits may change while you’re abroad, but this is
something you can factor into your budget. This is especially important if you’re going to be traveling for some time, as it can be really helpful to see your expenses over the span of a month. You can then adapt and adjust your spending as needed.
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Navigating Your Finances Overseas: 3 Things to Know
While the requirements for navigating your finances overseas will differ slightly whether
you’re traveling, studying, or working abroad, it’s one of the aspects people tend to worry about the most. Will I be able to access my finances as usual? How much will I have to pay to take money out in the local currency? Do I need a different bank account or card?
There are a few things to get your head around, but with the right planning and preparation there’s nothing which will impact your ability to manage your finances well. Here’s the basics of what you need to know to stay financially-savvy when you’re abroad, whatever you’re there for.
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