We all look forward to plan vacations to escape from our mundane life. Being an avid traveller, you would know all the travel hacks. To make sure that you do not lag in managing your finances, we have come up with the financial planning you must undertake before you travel
Most Indian banks offer perks like accident and sickness reimbursements and personal protection on purchase of travel insurance . Other reimbursements that are also offered include loss of luggage or important documents, and trip delays. When any of these unforeseen challenges happen in the trip, you can directly contact the bank for claim. The reimbursement can also be claimed after returning from the trip.
Maximize the Perks of Credit Cards
Credit cards offer several benefits to customers like frequent flyer miles, gourmet discounts and other gift vouchers. A credit card comes in handy in overseas travel as well as for booking online at discounted rates, which is why it is advisable to use credit cards during travel.
If you have pending debts, especially on credit cards, make sure those are cleared before you start off your journey. An unsettled credit card payment can lead to payment of high interest rates, which will add on to the money you spend during your travel.
Let Your Bank Know
Intimating your bank slightly in advance about your travel plans reduces the chances of card suspension. This is because the banks might recognize suspicious activity if expenditure on your credit or debit cards is in a different location than the places of your usual purchases.
Carry some Cash
Although credit/debit cards are convenient especially in international travel, it is best if you carry extra cash with you. This will help you make easy purchases in remote and unexplored places where cash is preferred over card transactions.
Your Documents are Your Prized Possessions
You must keep your official documents safely with you. It is essential because for any challenges you encounter, like luggage loss, these documents will be able to assist you with the officials in that region. Important documents will include your passport, visa, travel insurance and other relevant documents.
These tips will positively guide you with the essential elements that you must consider while planning a trip.