Traveling abroad for a vacation or on business means that travelers have to consider many different things, particularly when it comes to contingency plans in case something goes wrong. Having a back-up plan is essential and it is extremely important for finances. What would happen if money was stolen or lost?
Options for replacing missing money
Getting money sent on in an emergency is easy as there are various different options available. One of the main options is a direct deposit to a bank account. This money can then be withdrawn via an ATM. This is a cost effective option as it can be cheap to withdraw money in that way.
Money transfer such as Trans-Fast Money Transfer is another option and is perfect for those who are traveling away from the main tourist routes, perhaps in countries such as the Philippines. Transferring funds this way can be a little more expensive but it can be easily accessible in many different parts of the world as there are plenty of different outlets.
A more expensive option is to withdraw cash via an ATM using a credit card. The fees for this can be high and not all credit cards will allow it. Alternatively there is the option of asking somebody to put cash in an envelope and send via companies such as Fed-Ex. Couriers frown upon this practice but some people do it because the deliveries are reliable. However, it should be noted that in some destination countries this is actually illegal – check local regulations first.
In an emergency an embassy might be able to help but they will normally only do so when every other avenue of assistance has been exhausted. If they do help with money then it should be noted that it would need to be paid back.
Money can be sent online using a transfer service. This can be done from a debit or credit card and for countries such as the Philippines, can be sent directly to a bank account. This is a very secure method of sending money and rates are standard so there are no hidden charges.
It should only take between one and two business days to reach the destination account. This means that the person waiting for the money should not be left struggling for too long. The transaction can be done online in minutes and it is a very simple process to follow. One of the advantages is the sheer number of countries that a service like this covers. Some money transfer services will reach more than 200 different countries, so it is certainly one of the most convenient options.
Looking after money abroad
Planning ahead will mean that these emergency options may never be needed. It is recommended that not all money is carried in cash in order to prevent it all being lost and it is also a good idea not to keep it all in the same place in luggage. However, emergencies do happen and are often unpreventable. It is good to know that there are ways to deal with them when they do.