One of the most stressful things when you’re traveling abroad is money. Managing your cash, cards, and budget in a foreign country can sometimes feel overwhelming and complicated, and the truth is that most of us don’t know how to do it properly. But what if I told you that handling your finances while traveling in Southeast Asia can be simple? With a few tips, you will learn to easily manage your finances while traveling abroad.
Finance tips for traveling in Southeast Asia
Forget complicated jargon; we’re keeping it simple, practical, and totally stress-free.
Whether you’re going to send money to the Philippines beforehand or travel with it, every single successful trip starts with planning and knowing what to carry or pack. This can make or break your whole experience, save you some headaches, and money.
The first thing you need to tackle is the proper use of debit cards and credit cards, since each of them has its own set of advantages and disadvantages. For example, the debit card will be most useful to get cash from an ATM, especially if your bank offers ATM fee reimbursement worldwide. On the other hand, a credit card is perfect as a backup plan; think of it as emergency money. It’s also best to use it to book hotels, flights, or big tours, as well as to rent cars.
Whether it’s the case, the other most important thing to do before leaving your home is to inform your bank and credit card company of your travel plan.
Cold, Hard Cash
Cash is king, and this will be the case in most countries you visit. No matter how advanced we get, most places still accept cash, and some only accept this. Keep in mind that street vendors, local markets, small family-run restaurants, and bus tickets often require cash.
So, it’s always a good idea to arrive in a country with some of the local currency already in your pocket, enough for a taxi ride and a meal or two.
Before leaving, ask your bank for it, or you can visit a currency exchange counter in international airports (though airport rates aren’t always the best).
How to Withdraw Cash Without Losing Your Shirt
Now, ATMs are everywhere and can be your best friend, but they come with a few tricks. The main issue with those is that for international travelers, many of those have high fees, which is why you need to ask your bank about them before leaving.
That way, you know your way around it and will use it correctly, and maybe even save you money.
The first thing you need to know is:
Always Decline “Dynamic Currency Conversion” (DCC): Whenever the ATM offers to charge your transaction in your home currency (like USD or EUR) instead of the local currency, you instantly decline that.
While it might seem helpful, it is a trap; most of the time, the ATM exchange rates are absurdly high.
Always Use ATMs at Actual Banks: Try to always and only use ATMs that are attached to an actual bank building. Avoid ATMs that are on random streets.
ATMs at a bank branch building are usually less likely to get tampered with by skimmers (devices that steal your card info) and are often better maintained.
Try Withdrawing Larger Amounts, Less Frequently: Most ATMs charge a fixed fee per withdrawal (e.g., $5-$7). This means that you will be losing money if you take out just $20 at a time.
So, it’s better to just take a larger amount like $200-$300 to last you a week or so.
Conclusion
As you can see, managing your money in Southeast Asia doesn’t have to be complicated; all you need are the right tools and knowledge to properly do it. It’s about being prepared, staying away, and making smart decisions. Have a chat with your bank, ask as many questions as you need, and decide what’s better for you based on that. Remember to focus on what really matters: enjoying your trip.
Like this:
Like Loading…
Please visit:
Our Sponsor
