Banking before you travel may feel like a kill-joy but having your finances in order is actually a really smart way to be worry-free while you’re away. Cool bank guy, Andrew Kay is a Millennial financial advisor at RBC and understands what kind of banking benefits we’re looking for when we travel.
Here are Andrew’s 4 easy tips for banking before you leave on a trip, for an even better trip:
People hiking by Margaret River in Australia
Make sure you have a 4 digit pin
Many countries have restrictions on the number of acceptable digits on your payment cards, including debit and credit cards. Set yourself up with a 4-digit pin number on your credit and debit cards before you depart and you’ll be fine — no more, no less than 4 is best.
Place a currency order in advance:
Bank locations often don’t carry more than a handful of currencies, and often in limited quantity. Requesting the denominations you want a week ahead of time can save you the hassle of finding the currency last minute, and potentially save you some of the fees from an exchange in transit.
Find out the details on your accounts:
Many bank accounts have transaction fees for use in other countries, reducing the number of debits on these accounts can lower costs. Credit cards usually have an exchange premium for purchases in other currencies; check on this before you leave by calling your card provider. For travel to the United States, you may find value in getting a US dollar credit card to avoid these premiums altogether.
Take advantage of the perks you already have:
Some credit cards come equipped with travel and car rental insurance included so, why pay extra for something that you might already have? Some premium travel cards also have concierge services and lounge passes, take advantage of their expertise, or kick back and relax before boarding your flight. It is your vacation after all!
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