Are you planning your first trip abroad? While this is usually an extremely exciting time, it could also turn into a nightmare if money matters are not sorted beforehand, says Neville Ntema, at FNB Forex.“Travellers should familiarise themselves with the different payment options while abroad to protect themselves from incurring unnecessary costs.
Ntema adds: “First time international travellers tend to focus on the trip itself and forget the alternative options available when transacting abroad. However, with a bit of forward planning there are areas where costs can be trimmed before jetting off.” He provides some valuable tips for first time international travellers:
Get travel insurance – Embarking on your international journey without travel insurance is not only risky, but can also be very costly in the long run. “Travel insurance is important because should an unforeseen incident occur, such as a medical emergency or loss of luggage, you will be cushioned against having to dig deep into your pocket to cover these costs,” says Ntema. Apply and read through your travel insurance terms and conditions to ensure you are adequately covered for all types of emergencies.
Order your foreign currency before you leave – Having currency as one of your methods of payment makes your life just a little bit easier as you can pay in cash for things like a coffee at the airport while you wait for your connecting flight, or taxi fare on route to your accommodation. Currency rates fluctuate all the time, so it’s more cost effective if you get your foreign currency before you leave. Withdrawing cash or exchanging currency while you are travelling could turn out to be quite costly due to changing market conditions between you leaving and arriving at your destination.
Get a Global account – Open and fund your Global Account via your private banker and pay NO transaction charges; the Global markets team have curved out a solution for the Namibians travelling around the world. With the assistance from the specialized team of Global Markets and your private banker, you can then save and transact in the three major foreign currencies prior leaving Namibia. We recommend this as being a safe and secure way to save in foreign currency. (Swift fees are still applicable)
Notify your bank – It’s important to notify your bank about your upcoming trip, the various locations you will be visiting, and the duration of time spent away. This will help alert the bank to any suspicious activity in your account such as fraud, and they will be able to contact you timeously. For example, if you are out of the country and the bank picks up a transaction taking place locally this will automatically raise a red flag.
Stay connected – While travelling overseas you can stay connected via the FNB Banking App, all you need to do is activate roaming and make sure you have a secure internet connection. This means you can continue to bank when you need to, as well as receive SMS alerts helping you monitor your expenses while travelling.
Happy travels!