Charges – While traveling abroad, most card companies will levy additional charges for simple transactions like ATM cash withdrawals and currency conversions etc. There will be foreign loading fees, additional merchant fees, etc. By an estimate, it can easily be said that a £1000 spent charge on ATM or Outlets for cash can cost another £58 in fees alone. Many of these top 10 rip offs are noticed only when we check our card statement after returning from our holiday.
Credit Cards – Most card companies sell credit cards as a major benefit while travel. The benefit exists more to the card company than the card owner because any purchases on credit cards, when made outside the home country, attract levies, foreign landing fees, and many surcharges too. Also, any cash advance will start attracting immediate interest and the free interest period of nearly 45-56 days is forfeited. The simple lesson learnt here is that one should minimize their card usage while abroad.
Airport Currency Change – Foreign Exchange Bureaus at the airports are very expensive when it comes to currency conversions. They give a poor exchange rate and may charge high commissions. Always be prepared with a few bills of your arrival and departure countries to avoid problem. These exchange outlets are meant for the harried traveler who is traveling on an emergency or has to either pay the airline for excess baggage. Hence, airport exchange bureaus make money out of opportunistic circumstances.
Travel Insurance – Travel agents can and do sell insurance, but they may not have all the options available. Research on the best available options on the Internet and align them to your needs. Check your existing insurance cover; see if it will it hold the overseas travel in case of exigencies? If you are planning on participating in adventure sports, you need to ensure that your insurance policy covers these damages also. Some countries require travel insurance as a mandatory document. So, read up on these rules and regulations and prepare for your trip abroad accordingly. Insurance is a complicated product and it is natural to feel cheated after buying it, because most of the time you never get to use it. This is, however, an essential safety net and one must not overlook this expense as you can never say when it may be required. You do not want to be stuck in an unknown country with any medical emergency in your hands.
Dynamic Currency Conversion – Some retailers, restaurants and shopping outlets offer to charge in Pound sterling or US dollars instead of the home currency. Avoid this trap, as most often this will not be to your advantage. Keep a currency calculator handy and do the math yourself as you will be better off paying from the home country cash you have.
Car Rent - If you know that you will need a car then book one in advance. There are a host of car rental companies available that will give you schemes and choices. It is often tough to make the right decision on the spot when you do not even get enough time to consider the choices. When a line is waiting behind you at the counter, you may accidentally choice a rip off scheme and miss out on a good scheme. Whereas, on the internet you can always make an informed decision regarding the best car, insurance and road worthiness of the vehicle.
Airport Parking – If you have decided to leave your car at the airport then plan ahead again, because the airport will keep your car at a prohibitive cost that could at times be between £40 and £45 per day. It is best to hire a cab or get an airport drop from your airline, share cabs or if possible use local public transport if your time and convenience permits.
Theft of ID and card frauds – When people go on vacations they have one of two things on their minds – to relax and have fun and shopping. There are not as guarded as they should be in an unknown country.
Although UK banks have introduced chip and PIN technology in their cards, not all countries have updated their technology. So, be careful with your card wherever you travel. Also do not allow restaurant staff to take away your card while making payments as they may be making a clone of it. You must also keep all your documents, licenses, passports, insurance numbers, birth certificates and bank cards in your hotel safe. But if you ever need to carry any of these documents, make sure you have stored them in a hidden money belt.
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