As holidaymakers finalize plans for the mid-year vacation travel season, Visa shares five simple money management tips to help travelers make the most out of their travel budgets. The tips come from travel research conducted with more than 7,500 travelers from across Asia Pacific on how they managed their holiday budget and spending while overseas…
As holidaymakers finalize plans for the mid-year vacation travel season, Visa shares five simple money management tips to help travelers make the most out of their travel budgets. The tips come from travel research conducted with more than 7,500 travelers from across Asia Pacific on how they managed their holiday budget and spending while overseas.
1. Plan your trip and travel budget ahead of departure. To avoid unexpected surprises on the road, there are a number of steps that cardholders can take. For example, by doing some basic research, they can work out a travel budget and identify the more costly activities or purchases so the price doesn’t come as a surprise. Also, cardholders should inform their card’s issuing bank prior to departing to avoid any disruption to their cards and should memorize their PIN number. As an added measure, cardholders could set up automatic bill pay for their credit card and make sure they havesufficient funds in their debit account.
According to Visa travel research, travelers take an average of 14 weeks to plan their holidays. Three-quarters of respondents also said that they preferred to plan and book travel online. The internet is a useful resource for getting travel information and checking on available payment methods at a destination. This is especially favored by respondents from India (21 percent) and China (20 percent), while those from Japan (53 percent) and Korea (35 percent) prefer to check with their friends and relatives. Koreans also like to check with their banks (37 percent).
2. Check out travel deals for your destination at visagoexplore.com. To stretch budgets further, travelers should check for local promotions at their destination. From free hotel stays to discounts at restaurants, using a Visa payment card gives the cardholder access to great promotions to stretch the holiday dollar even further.
3. Avoid carrying large amounts of cash. Less cash means less risk. Personal security is enhanced by using Visa electronic payment methods such as debit, credit or prepaid cards.
Nearly one in two respondents (45 percent) said that the main reason for using electronic payments cards over cash and traveller’s cheques for transactions overseas was to minimize personal risk. Just four percent of travelers thought cash was safe to carry around. If cash is lost or stolen it is gone forever however Visa cards can be replaced by a call to the traveler’s issuing bank. For travelers looking for a smarter way to pay it is reassuring to know that Visa is accepted at millions of merchant outlets around the world. Visa cardholders can use their card to make payments the same way they do when at home.
4. Use ATMs for safe, convenient and easy access to funds. To avoid carrying large amounts of cash, take a leaf out of the book of two-thirds (64 percent) of the respondents who prefer accessing cash from an ATM6 at their arrival destination. There are more than 1.6 million Visa ATMs around the world, including at every major airport, making it a simple and more convenient way to access funds. Cardholders can look out for ATMs that have the Visa or PLUS logo to ensure international payment cards are accepted.
Ross Jackson, Head of Cross-Border Business, Asia Pacific, Visa, said: “Cards provide a single globally accepted currency, and travelers can always access their money abroad easily and do not need to withdraw large sums of cash ahead of their trip. With 24-hour ATMs available at all major airports and tourist destinations, travelers can easily access their money and obtain local currency conveniently.”
5. Keep important card details and emergency numbers in a safe and handy place. If the unexpected happens, help is at hand and travelers should call the Visa Global Customer Assistance Service (GCAS) to cancel the cards and to organize quick replacements. A Visa payment card also carries zero liability protection against unauthorized purchases– a key security advantage over traveller’s checks or cash.
Jackson said: “Unlike cash and checks, all Visa payment cards offer secure features to prevent unauthorized and fraudulent use. Should travelers unfortunately lose their cards while abroad, there is no need to worry as cards can be replaced, but cash that is lost or stolen is gone forever.”
Upon return, it is also important that cardholders review payment card statements carefully and contact their issuing bank immediately if there are any incorrect or suspicious charges. With the safer-than-cash, secure transaction and straightforward money management features, Visa electronic payment cards make the best travel partners this holiday season.
TravelDailyNews Asia-Pacific editorial team has an experience of over 35 years in B2B travel journalism as well as in tourism & hospitality marketing and communications.
