Financial Matters

Financial Matters
For many of us, the reward for our hard earned money can a well enjoyed holiday ! It means money well spent. We need to plan smart to get maximum benefits, be meticulous in budgeting our needs. And, throughout our journey and time happy holidaying, we need to keep that money carried along with us to spend - cash or otherwise - safe

However, we also need to deal with eventualities - when the worse happens, how to we cover the risks and obtain emergency aid if required. We need to be adequately insured.

Before you go
Tips on financial planning and safety
  • Do homework on destination country
    • Currency and other acceptable (alternative) currencies for example US dollars (USD)
    • Financial market news on its currency, falling or increasing rate situation
    • use of alternative money options - travellers cheques, credit cards and others and their related charges, some are very high
    • availability of cash withdrawal from ATMs etc. (bank, credit cards)
    • insurance and credit card service centres
    • general safety standards
  • Work out a suitable combination of options - cash, travellers cheques, credit cards and others. In certain countries or remote places where usage of cash alternatives like travellers cheques and credit cards are not popular or acceptable, the cash portion will have to increase

    Similarly, high charges for these services add to cost of purchases or services and therefore make them not worthwhile using.
  • Check exchange rate movements and buy foreign currency at the most ‘opportune’ time (if possible) from a reliable bank or money-changer. Be wary of fake currency particularly notes with big denominations of popular currencies like USD and Euros.
  • Budget for trip must include all incidental costs including insurance, entry permits, airport taxes and an appropriate amount for contingency
  • Insure your credit cards and valuables
  • Activate global roaming function in your mobile phone
  • List important address, contact numbers and internet access
    • Home country embassy or consulate, if any
    • Credit card service centres
    • Banks (if relevant)
    • Travel agent representative
    • Insurance agent / representative
    • Police station(s) if travelling independently in high risk areas, alone or backpacking
    • Places where internet access is available
On the go
Safety Precautions
  • Safe keeping
    • Spilt money - cash, travellers’ cheques, credit cards and others for an estimated day’s use to be put in the wallet and the rest kept away in a separate and concealed location.
    • Decide best method and location to keep concealed portion, a good place is in a flat pouch worn beneath your clothes either around the neck or waist.
    • Whenever possible, put money in a safe deposit box and keep the key with you all the time. If you are going to crowded places or engaged in vibrant activities, a good place will be the same pouch for your money.
  • Remember at all times
    • Be wary of your surroundings, avoid open display of wealth for example try not to show the impressive contents of your wallet when you open it.
    • Do not change money with illegal moneychangers, never follow them to back alleys. Besides the risk of getting fake currencies, you may be get mugged.
    • Avoid using banks (ATMs) and moneychangers located in dark, lonely or isolated areas
    • Always prioritise keeping your wallet away first (after use) before any next action
    • Always check your credit card after its return from use to ensure it is the right one
When help is needed
  • Dealing with losses
    • Report losses immediately to police and contact travel, airline and insurance agencies
    • Contact respective agencies/service centres for replacements of credit cards and others.
    • Depending on your credit card and insurance arrangements, you may obtain cash advances
    • You need to inform or seek help from home-country embassy/consulate (if any) when in serious need for assistance, for example if you are robbed off everything

The information and advise are intended to be a general guide for travellers only. While every care has been taken to prepare the information and make recommendations or suggestions, neither the publisher of nor its management or staff are responsible for any injury, loss or damage arising in respect of any statement contained therein.
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