Despite the many differences that people have between each other, the one common staple that we all have is the travel bug. What’s interesting about the travel bug is that it can hit anyone at any given time. This can make it somewhat difficult to prepare for when we factor in things like saving money and scheduling. For these reasons, many people go out of their way to set money aside even if they aren’t planning on traveling anytime soon. For the most part, doing so serves the purpose of being financially ready for when the travel bug does hit you. Having said that, one thing people can’t prepare for is knowing exactly how much they are going to spend while traveling. No matter how much you save, somehow, people come back having spent much more than they planned for. This is where emergency money comes into play. More specifically, knowing how to get money in cases of emergency while traveling is more important than people realize. Think about it, running out of money can affect how and when you get back home, where you will stay while abroad, and other crucially important factors. Again, while preparing does help tremendously, an accident or emergency can never be prepared for properly. With this in mind, in case you ever find yourself in a financial emergency, here are five ways to obtain money during emergencies when traveling abroad.
#1: Contact The American Citizens Services
Before even thinking about doing anything else, the first option you should go to in these situations is the American Citizens Services. Also known as the ACS, this organization provides immediate financial assistance no matter the situation.
#2: Reach Out To A Friend Or Family Member
The thing about contacting the ACS is that it will require dealing with paying them back after they help you. If you don’t want to deal with the hassles that come with that, another reliable option in these scenarios is to contact a friend or family member. It is easy for them to transfer money in person internationally to almost anywhere – so make sure to know in advance where you would need to go to pick up your cash.
#3: Take Out An Emergency Bank Loan
If you find yourself in a situation such as losing your wallet, taking out an emergency bank loan is a proven alternative. The benefit of this method is that it provides immediate cash relief which is essential to have in all parts of the world. That said, keep in mind that this method will require you to deal with paying the money back much as the ACS does. Nonetheless, all of the troubles that come with paying back are surely worth getting out of your emergency while abroad situation.
#4: Call Your Credit Card’s Emergency Assistance Line
In the case that you ran out of cash, using your credit card is the next best option. However, credit restrictions and limits could put a stop to that eventually. That said, rest assured that all credit issuers have some sort of emergency assistance lines. Keep in mind that this might affect things like your credit score and spending limit that is associated with your credit line.
#5: Consider Using The Local Currency In The Meantime
As an overall rule, the first step in avoiding these situations is to make a local cash exchange. This can be done through local financial sources, reliable ATMs, or even local convenience stores as well. The only drawback to using a local currency is that it limits your financial options in cases of emergencies. However, using the local currency in the meantime is better than having none at all.
Being Prepared When Travelling Abroad
Needless to say, make sure to save more than enough money when deciding to travel abroad. As we can see, anything can happen at any moment’s notice that might leave you with no other option to use some of these tips. That said, rest assured that using these tips to obtain money are proven methods that can get you out of almost any situation.