Travel is one of the most fulfilling experiences a person can have. Thanks to modern conveniences such as low-cost transcontinental flights, house-sharing and ridesharing apps, and online travel sites, getting out and experiencing the world is easier today than it has ever been before. That technology also extends to managing our finances when we’re abroad, from moving money at the drop of a hat to sharing costs with friends. Here are a few ways that a money transfer app can help you get the most bang for your travel buck.
1. Before you Leave
Concerned about keeping your bank account details safe while you’re abroad? You can open a credit or debit account specifically dedicated to your trip and then use your transfer app to add funds to it as needed, without having to pull out the card for your primary account if your spending money is starting to get low.
2. At the Airport
You can often save money by traveling in a group of friends or family and booking things like flights together. Money transfer apps make it quick and easy for everyone in the group to pool their money for plane tickets, hotel rooms, and even tours and group activities at your destination.
3. Exchanging currency
One place where travelers tend to lose the most money is at the currency exchange. These places charge a fee to change your cash into local currency; for example, American dollars for British pounds. But in addition to a hefty fee, these places tend to inflate exchange rates in their favor. Fortunately, the credit card is now basically internationally ubiquitous, so travelers don’t need cash as much as they once did. By dedicating a specific account to your travel fees and using an app to transfer money to those accounts, you can limit your cash to a small emergency fund (say, enough for a cab ride and one night in a hostel) and avoid those extra costs.
4. Avoid ATM fees
Many banks charge a foreign transaction fee for any ATM outside of their network, and an additional fee for international ATMs. On top of that, there is often a fee from the bank servicing that ATM. These can stack up quickly, so it’s best to avoid them altogether by using a credit card and an app.
5. Accommodating changes
Spontaneous adventures are one of the best parts of a great travel experience, and a quick and easy way to transfer money can help you fund those crazy last-minute decisions so that you can enjoy the moment without worrying about money.
In the event of an unexpected illness, airport closure, or other sudden problem with your trip that results in an unexpected expense, money transfer apps make it so your family members back home can send you emergency money with the touch of a button, avoiding yet more foreign transaction fees and money order fees.
There’s no question that travel is awesome, and modern conveniences make it more accessible than ever before. With these tips, you can guarantee yourself a fun-filled, economical trip, and leave the financial stress at home.
Hunter Texidor was born and raised in Toronto. He has written for Billboard, The Prague Post and Passport Magazine. In regards to academics, Sage earn his BBA from Mcmaster in Hamilton. Hunter covers business and economy stories here at Billionaire 365.