overseas banks ripping off expats

How To Manage Your Finances Abroad

If you are staying overseas for a period, you will need to consider how you will manage your finances abroad. It won’t be as easy as just using your credit card or withdrawing more money from a nearby ATM, as this will cost you in foreign exchange fees.

In this post, we would like to share some tips to help you manage your finances abroad;

Plan

Before you travel overseas, think about how much money you will be spending and plan your expenses. If you will be earning money or being paid while overseas, add this into your finance plan too. When it comes to how much you plan to spend, round it up so you know that you’ll be safe if you do overspend from time to time.

Research

We all know that some shops overseas are aimed at tourists and will therefore charge more for their products, so take the time to find out where the locals do their shopping and you’ll find prices are much more reasonable. Keep your eyes peeled for regular local markets too where you can pick up some real bargains.

Withdrawing Money

When you need to withdraw foreign currency or you need more money, be careful using your credit cards or withdrawing money from the ATM. Many high-street banks and credit cards will charge you for spending and withdrawing money overseas. Also, remember to inform your bank that you are going abroad, so they do not block your bank account if they see it being used unexpectedly overseas. Look at other options, such as pre-paid Visa and Mastercard cards.

Exchange Rates

Watch out for exchange rates and foreign exchange fees, if you do not want to take lots of money abroad with you or if you are staying overseas for a long length of time and have an overseas bank account, then consider a foreign exchange company like the companies we have teamed up with at The Money Cloud. We can save you up to 85% on your foreign exchange rates and fees when compared to high street banks.

Download our Guides

Here at The Money Cloud, we are always keen to help our customer’s get the most out of their money and out of their overseas trips too, so why not download and read some of our extensive guides to help with things like Emigrating Abroad?

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