When traveling internationally, there are some things to keep in mind that can save you a whole lot of money. First and foremost, when offered an “all inclusive” package… Take it! Nothing can replace the care-free environment of not having to worry about food, activities, and drinks. Otherwise, here are a few money practices to take along with you while traveling to save big.
Currency exchange rates. This is the key to your travel survival. It is important that you know what your money translates to in a foreign country. If you’re bringing $100 in spending money, I’d recommend exchanging half upon arrival. Here’s why. Most advertising signs for selling products and services are in the native currency. Some locals will play on exchange rates. For example, you may hand a merchant $20 U.S Dollars and they’ll give you back 10 Belize dollars. However, the US Dollar is worth double Belize’s currency. So you really just received half of your change back. The reason you should exchange money initially is to blend in early. Get to know all of the forms of money within the country. You could spend a 2000 mil bill in Costa Rica and be owed two 100 mil coins but what if you didn’t even know the coin existed? Some locals in foreign countries truly believe visitors are well off and should be able to afford being short changed here and there. The problem is… here and there starts to add up about day 3 of the vacation when you’re running low on cash. You can use the currency converter on google on your cell phone if you have an internet connection. In some places, cell phone service is limited which emphasizes the importance of exchanging upon arrival.
Pay attention to your surroundings and contractual pricing for services. A lot of times, activities are already priced with a healthy consideration. You can tip but are not required to. Watch out for slick people. One time, a friend and I were charged double for a taxi ride in Belize because the driver spontaneously charged us $40 each for the ride instead of $40 flat simply because we both were ready to pay with money in hand.
Do not follow tourists if you want discounts. Let’s say you didn’t get the “all inclusive” traveling package. This means if you’re going to eat and buy goods, do not go to popular tourist spots. Why not? Because the prices of these restaurants or shops will be inflated. Even when traveling domestically, tourist spots are typically overpriced. Do not be afraid to travel a little farther out to find bargains. In fact, go as far as asking a local hotel manager “Where do you normally dine?” Locals within the area will know where to find the best prices. Also when purchasing, remember: use it or lose it. Items which cannot pass through customs when returning home will have to be consumed. Do not overspend.
Lastly, for the safety of your money, try to avoid using any major credit or debit cards. Save yourself the headache of being charged miscellaneous fees by your bank for exchanging currency PER transaction. Also, using your financial information internationally exposes you to a new risk level of identity theft. If you can, keep your cell phone on airplane mode until wifi is available to avoid roaming charges. Do you absolutely need to be available while you’re on vacation? Finally… lock up all of your financial belongings along with your passport in your hotel’s safe. These are just a few ways to stay financially efficient when traveling abroad. For strategic ways to help pay for vacations, read My $71 Vacation….How to Pay The Minimum