Setting a vacation budget is one of the most important things and needs to be considered when traveling. Especially for traveling abroad. When you decide to go traveling abroad for the first time, you may feel confused. You must be wondering whether you have to bring cash and exchange money from the country of origin, or should you exchange cash upon arrival at the destination country. To overcome your confusion, you can listen to the following money-saving tips when traveling abroad!
1. Exchange Money in Destination Countries
The first money-saving tip when traveling abroad is that you should exchange money once you arrive at your destination country. The goal is to make it easier for you, and not bother with having to carry money, especially in large amounts. It is important for you to pay attention, you must make sure that the money changer you choose is the most appropriate. Because the place to exchange money that you choose will affect the rate or exchange rate.
It is recommended that you do not exchange money at the airport, as the exchange rate is lower than at other money changers. The most recommended option is that you can exchange money at your local local banks. Especially European banks which are known to have the best converted rates. If you don’t exchange it at the bank, then the next option is that you can choose another money changer facility that offers a good exchange rate, and does not make a commission deduction.
2. Bring Enough Money
Even though you have previously been advised to exchange money in the destination country, you still have to bring a sufficient amount of cash for several purposes when you get there. For example, to buy a sim card, to take public transportation to the inn, and so on. How much money should you bring? But you should bring a little cash. Meanwhile, if at any time you run out of money.
Adjust the amount of cash you bring with the right budgeting plan. For example, if you have a target spending per day of IDR 300 thousand and plan to stay abroad for 7 days, then you can take money that is equal to IDR 2.1 million for one week.
3. Keep Cash in a Separate Place
The next money-saving tip when traveling abroad is to avoid saving money in the same place. The goal is that you can avoid bad possibilities, such as your wallet being stolen, lost because you forgot to put it, left it in the vehicle, and so on. Therefore, you should save money in several places. Like in the pocket of a bag, jacket, trouser pocket, or in a passport wallet. So, if something bad happens to you like losing your wallet, you still have some spare money that you keep in those places.
4. Be wise in withdrawing money
When withdrawing money at an ATM, you must know the administrative fees charged by the bank to the customer, either by the ATM bank that issued the money abroad, or the bank that issued your card in Indonesia. In addition, there is also a conversion rate fee or exchange fee that is charged every time you withdraw money at ATMs abroad.
In order not to be too burdened with these costs, it is better if you withdraw money once, or twice while there. And make sure in advance that the amount of money you will withdraw is sufficient for your needs while living abroad.
5. Utilize Remittance Services
Meanwhile, if you want to stay in the destination country for a long time, for example more than two months. Of course you can not take large amounts of money for needs for several months at once. Meanwhile, if you take it regularly little by little, the withdrawal fees and conversion rate costs can be quite large. So to overcome this, you can take advantage of remittance services or money transfers abroad such as Western Union, Moneygram, and others. The method is very easy, because all you have to do is send money online and show proof of identity when you pick it up through the remittance service office. This method is considered quite effective, although it does take time for the money to reach you. But with a small shipping fee and a good exchange rate, then this is certainly not a big problem, right?