Running out of money can be very scary. Magnify that feeling of dread and worry about ten times if running out of money happens to occur while traveling abroad.
Learning how to properly manage money while abroad is an invaluable skill, and unfortunately, many people haven’t mastered it. All too often, travelers get caught up in the excitement of being in a foreign country with new sights to see and places to experience. Sometimes, they run out of money without even realizing it, thanks to tourist traps and little or no understanding of exchange rates. Or, worse yet, they’ve been robbed whilst traveling.
Regardless of why one has run out of money overseas, there are some things to remember if it does happen.
Get a money transfer
When someone’s funds have run dry, sometimes the only thing that they can do is call home for help. If there is someone that is willing to lend a helping hand, there are a number of ways to get money in a pinch via direct deposit or wire transfer to a bank, credit card cash advance, online money transfer, or through a money transfer operator. These methods are typically quite fast and the sender simply has to fill out a form and pay a fee in order to send the money. Online transfers and transfer operators such as Transfast.com are usually the quickest and least expensive.
Earn as you go
It may seem like it wouldn’t be possible, but earning money as you go is one of the best ways to avoid running out of money. There are a number of ways to earn money online, but I have found is copywriting, advertising on your blog or doing something like affiliate marketing (my tip is definitely a 12BET affiliate ID). By earning as you go, you could potentially travel forever and it is one of the things that has kept me going for so long. So don’t be afraid to start researching freelancing work online and getting the mony and flexibility that you need to travel.
Keep multiple kinds of cash
Although this doesn’t help handle the fact that one has already run out of money, this tip can help prevent the problem in the first place. It is a good idea to carry money wisely, and never in a single form. So, don’t put all the cash in the same wallet – what happens if that wallet is lost or stolen? Always have a supply of cash as well as debit or credit cards and keep those items in separate places.
Visit your embassy
If there’s no way to call home for help, one of the more extreme solutions is to visit the embassy. In the most severe situations, they will arrange transportation back home, though the embassy will attempt to contact friends and relatives to help pay your way first. If this is impossible, individuals will be required to pay all fees plus interest upon returning home.
Avoid losing the money in the first place
One easy solution to using every single cent while overseas is to avoid it in the first place. This means being smart with spending. Avoid hitting the money exchange or ATM too frequently, as international fees and exchange rates can be quite high. It is also a good idea to do a little more window-shopping than actual shopping – only splurge on something special. When it comes to eating at restaurants, opt for the cheaper, more local-friendly places and don’t over-tip! (Remember, tips are often included in many European and Asian restaurant bills.)