The 4 Major Financial Enemies of Every Traveler
Traveling provides one of the most ideal ways of escaping from the hectic day to day activities. Traveling always entails making prior arrangements in regard to the holiday destination, mode of travel as well as the recreational activities one plans to engage in. All these requirements demand a substantial amount of finances; different forms of making payments exist, these include use of cash, traveler’s checks as well as use of a debit or credit card. Today, many banks offer you the ability to apply for credit card online. The debit or credit card is the most favored way of accessing cash; however, the use of the automated teller machine (ATM) poses challenges to many travelers as follows:
Account Being Deducted Yet No Money is dispensed
A traveler may visit an ATM and using the debit or credit card makes a withdrawal, however, the bank account is debited but the cash is not dispensed. This is a common occurrence that brings jitters to the card holder; the fear of losing money due to fraud as well as being stranded in foreign territory with no cash is quite disturbing. This can occur when the ATM has run out of cash, fraud, only big bills are remaining inside the machine or the person withdrawing takes too long to remove the cash thus the machine retracts the money.
Inability to Withdraw Funds Due To Faulty Bank Card
A traveler may be unable to make a withdrawal from an ATM due to a fault in the bank card; the ATM is able to accept the card but cannot complete the transaction. Reasons for these difficulties include the card having expired, the card being incompatible with the vending system for instance using a MasterCard on a VISA branded ATM, the card holder having insufficient funds in the bank account, blocked account and also system failure.
Credit card and cash robed from you
Losing a credit card or cash due to a robbery or burglary is also quite common (see 10 common travel scams); this occurrence will more often than not cause a lot of difficulties especially if the traveler has also lost the passport. This will mean that the traveler cannot access money services from online services such as western union or money gram, the stranded traveler is also unable to transact due to lack of proper identity. Most credit card provider will offer you insurance for such cases but it is a good idea to easily compare credit cardsbefore applying so you can be on the safe side. Also, it is advisable to see what your traveler insurance covers in such cases. I suggest you take a look at some of the travel tips offered in this blog.
Given fake money when exchanging
Cases of being offered fake or forged currency is quite prevalent especially when a tourist is easily identifiable as being a foreigner. Unscrupulous or rogue traders will thus take advantage of the traveler’s unfamiliarity with the region as well as the currency notes and coins. A good rule of the thumb is always to exchange money in well known financial institutions such as banks or changing the currencies in the hotel.’s frond desk. Changing money in back street alleys or from individuals should be avoided at all costs however sweet the deal is. Familiarization with the security features of the country’s currencies prior to the trip and also minimizing liquid cash transaction is always a safe bet.
Related post: 20 Tips Before Traveling Internationally
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