Managing Finances While Traveling
Hello everyone! My fiancé and I are planning our honeymoon in Bali and Singapore, and I’d like some advice on managing our finances during our trip. I’m currently with ING but am considering getting a no-fee credit card for purchases.
If anyone has tips or tricks to make banking easier while traveling, I’d really appreciate it!
Thanks!
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Congratulations on your upcoming honeymoon! Bali and Singapore are fantastic choices! Here are some tips for banking while you’re there:
No Foreign Transaction Fee Credit Card: It can definitely be worth it to get a no foreign transaction fee credit card for purchases. This can save you a lot on fees, especially if you plan to make several purchases. Just be sure to pay off the card in full to avoid interest charges.
Currency Exchange: While you can use your credit card for many transactions, having some local currency (Indonesian Rupiah for Bali and Singapore Dollars for Singapore) is helpful for buying small items, local transport, or places that may not accept cards. You can withdraw cash from ATMs when you arrive, which often gives you a better exchange rate than currency exchange services.
Notify Your Bank: Make sure to inform your bank about your travel plans to avoid any issues with your card being flagged for suspicious activity.
Avoid Airport Exchanges: Currency exchange services at airports usually offer poor rates. If possible, wait until you’re in the city.
ATM Fees: Check with your bank about any ATM withdrawal fees that may apply. Some banks have partnerships that allow you to use certain ATM networks at no charge.
Mobile Payment: If you’re comfortable with it, using mobile payment apps can also be convenient. Just ensure you have them set up beforehand.
Keep Backup Options: It’s always a good idea to have multiple forms of payment (like a backup debit or credit card) in case one doesn’t work or gets lost.
I hope you have an amazing time on your honeymoon! Let me know if you have any other questions! Cheers!