September 22, 2012

Useful Banking Tips While Travelling Abroad

When you travel abroad for whatever reason whether for business or leisure, it is always important to ensure that you have everything in order. Forget about accommodation and maps to get around a city, what is even more important are your finances. Obviously you cannot be travelling around without money. The way things work at home may not necessarily be same where you are headed and so it is important to be aware of certain helpful tips.

First and foremost you need to have a plan in place way before you board that plane. It is recommended that you have two ways through which you can obtain money while abroad. This means that you should have something like an ATM and a credit card; even more important, you should ensure that the two are not in your possession at the same time. For example if you have your ATM card in your pocket ensure that your credit card is elsewhere.

Before you leave the country it is also important that you get in touch with your bank and inform them that you will be away for a particular period of time. The reason why this is important is because banks have security protocols in place meant to protect their customers from unauthorized account access. This means that if they see a transaction being made thousands of miles away when they are used to local transactions then they could freeze your account. Simply tell them where exactly you will be so that they will have not suspicions when they do see those transactions.

One of the most vital things to look into when travelling abroad is the issue of foreign currency. A number of merchants abroad will accept some of the most common currencies like the dollar and pound but it is likely to be cheaper for you if you use the local currency.

The problem with currencies from different countries is that they keep changing not just on a daily basis but at times on an hourly basis. This can be quite frustrating if there is no way of monitoring these changes and consequently jump in when the rates are in your favor. The good news is that there is a way of dealing with this problem; you can hire the services of a company to do all the monitoring and inform you when the rates are favorable.

HiFX is a company that does exactly this; with it you can choose the exact currencies that you want monitored and when the changes are in line with your interests, you will get an alert so that you can capitalize. You can also make international payments with hifix; this is quite helpful especially if you are undertaking a project abroad for example constructing a holiday home.

With HiFX, you can view the changes in currency rates on charts that are pretty much straightforward. What is even better is the fact that these exchange rates are live and they are also better than what pretty much all banks have to offer.

Image by Pyth0ns