Smart money tips for Songkran travellers

I am an avid traveller, and every trip is a wonderful journey and memory. My last count on the number of countries I have visited was 47, and there are still many more cities and countries that I intend to visit before I get too old to travel. Over the years, I have learned some hard-earned lessons on dos and don’ts on money, spending and practical matters that can make or break your trip. The following are some tips that you may find useful.
1. Do not bring too much cash. A wad of cash is the best way to attract criminals in all cities, and you want to do your best to avoid that. That said, do bring enough cash so that you have enough to pay for at least a few days of food and logistics in case of problems with credit and debit cards (either not usable or not accepted). The hotel bill is usually already paid, or you can use cards to settle the payment.
2. Have access to cash if you need more. Almost all ATM cards can access cash overseas, but do make note of any charges and restrictions before your travel, as there can be high charges and restrictions especially when it is cross-bank. The best case is to have an ATM card of a bank that allows you to access your local account without charges. Typically, this is the case if your bank is an international bank with branches or automated teller machines in the country you are visiting.
3. Know where to use your credit cards. There are some places where you do not want to use your cards even if they accept them. These places include small and disreputable establishments, especially where the cashiers are hidden and you cannot see when they are processing the payment. Typically, there is high risk in such places for your card details to be compromised, which can lead to fraud. In many developed markets, the machine used to swipe the card will be brought in front of you, or you can in fact swipe it yourself, which takes away the risk of your card being scanned illegitimately.
4. Choose the currency of the country that you are visiting when using your credit card. Nowadays, most store merchants will give you the option to choose the currency (either that of the country you are visiting or your home currency) for the charges on your credit card. Typically, it is more beneficial to choose the currency of the country you are visiting, as there will no foreign-exchange conversion by the merchant on top of what your credit-card company will charge you with. Forex conversion is unavoidable at the credit-card company, but you can save yourself some conversion loss (or you can even gain in some case) by not allowing the merchant to do one in addition.
5. Call your credit-card bank before you travel. Most banks will be extra-cautious of any overseas charges given the prevalence of card scams and fraud, which is good for your protection. Hence it is a good idea for your bank to know of your travel plans so that your charges can be approved without delay as well as if you need any incremental line of credit in advance if you plan to spend more than your usual amount or credit line.
6. Inquire at your bank or credit-card company about deals and privileges relating to travel and/or places you are visiting. Many banks now have global travel privileges in dining, shopping and so on for cardholders to use overseas, typically by partnering with their foreign branches and/or other partners.
7. Apply a roaming package for your mobile phone. It is impractical not to bring your phone or to turn if off during your trip, as it is important to be reachable for any urgent matters and/or to have phone access in case of emergency. A roaming package, especially for cellular usage, is actually much cheaper than people think and it is much more economical than to be charged the normal rate, which can easily add up to huge amount. For data usage, it is best to use it when you have access to Wi-Fi, which is typically free in hotels, restaurants and airports.
8. Make copies of your important documents and keep them separate from your purse or hand carry bag. Important documents can include passport, identity cards, credit cards, travel itinerary, and contacts. This is in case you encounter an unfortunate event like a lost purse or even robbery. When you have copies of these documents, you can easily report their loss to the local authority, your embassy and banks.
9. Bring medicines that you normally use for common ailments. Many medicines, even if they can be easily purchased, in Thailand, are typically not accessible without a doctor’s prescription overseas. It is a good idea to bring your own medicines for a cold, stomach ache, and so on so that you can manage minor ailments without interruptions.
10. Buy travel insurance. The cost is quite minimal for the peace of mind that it can help cover the bulk of the costs for all sorts of interruptions that can happen during your trip.
Bon voyage.

Vira-anong C Phutrakul is managing director, country retail banking and branch distribution head, Citibank.