Traveling Abroad


Currency Conversions Can Be Risky When Traveling Abroad

Traveling Abroad

Last Updated on 2 years by admin

Anyone traveling overseas for virtually any reason understands the importance of currency exchange rates. Whether you are traveling relatively close in Canada or Mexico or traveling around the globe to do business or just enjoy a terrific vacation, currency exchange rates greatly affect where you can stay, what you can eat, and how much you can buy.

While traveling abroad, you have options for obtaining and using local currency. You could bring cash and exchange your U.S. dollars for foreign currency at a bank or a currency exchange location. Most people use travelers’ checks in lieu of U.S. dollars. You might try to pay cash in U.S. dollars to pay for your various transactions, but that might be impossible and certainly would limit where you could use cash.

Travelers Checks Add Security

Another problem with using cash is the requirement to have a significant amount with you. You can only carry so much with you, and many nations limit how much cash you can bring while visiting. Unfortunately, carrying significant sums of cash is dangerous for many reasons. You might lose it. Someone might steal it from your room or rob you to get it. Carrying a lot of cash means you are carrying a lot of risks, and you would have to exchange it for local currency to give you the greatest level of economic freedom while traveling abroad.

Travelers’ checks are a proven method for providing access to funds while you are traveling abroad or even within the United States. When you have travelers’ checks from a trusted bank, the checks are accepted virtually anywhere in the world. Travelers’ checks have the added benefit of theft protection. If yours are stolen, you should be able to report them and have them canceled. That is true even if someone tries to use them. After all, they would have to forge your signature and lie about their identity to cash them. Doing so would be a case of fraud in addition to theft of the checks.

Secure Money Transfers Work the Best

Secure money transfers that put cash into your account are even better than travelers’ checks. You can load cash onto a debit card and use that card to cover your transactions wherever you go. The only caveat is that the card must be an accepted form of payment. Fortunately, that typically is the case with a Visa or MasterCard debit card.

You do not have to visit a bank or currency exchange location while abroad, which helps to save you time and while making the money transfer more secure. A reputable transfer service, like Ria Money Transfer, can load money into your account as you need it and at any time of the day or night.

When you use a money transfer service, the currency exchange occurs automatically. You will not have to worry about getting the best rate or whether or not a bank is open to enable you to obtain local currency. You can just use your card and leave the rest up to the transfer service and bank that backs your card.

Federal Protections for Overseas Money Transfers

The federal government gives you another advantage when transferring money while you are traveling abroad. The Consumer Federal Protection Bureau upholds your rights as a consumer and will protect your lawful money transfers against unlawful acts.

Suppose you try to transfer to your account while you are overseas and a cybercriminal diverts those funds. You would not have to eat the loss. Instead, you could file a complaint with the Consumer Federal Protection Bureau, which could investigate the matter.

The electronic trail will tell where your cash went, and the bureau could reverse any charges. Your rights as a citizen of the United States and your banking transactions are fully protected. Those rights include canceling any transaction within 30 minutes for any reason. Knowing your rights and the best ways to transfer funds while you are abroad will help you to fund your travels.

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