International travel always seems to be an exciting experience. Where an individual gets a chance to explore the vibrant culture, cuisines, and more. To make international travel a better experience, there are certain things that one must keep in mind before venturing abroad. By considering the practical aspects mainly finance plays an essential role. The common question one gets about is “Should they call their bank and notify them about their international travel?”. And the answer is “Yes”. In this context, let us understand and explore the necessity to make this smart move, which makes your international travel hassle-free.
The significance of notifying your bank is as follows:
1. Prevention of Fraud:
Banks keep an eye on all unusual transactions. If a bank encounters any such transactions from a country where you haven’t been in the past, the bank suspects the transaction and freezes the account and card to avoid the potential risk and fraud. So, to avoid such inconvenience, ensure to notify your banks about your international travel so that the bank does not suspect any transactions as fraudulent activity.
2. Ease of Transaction:
The adoption of technology in banking differs from one country to another. Some might use the technology of chip and pin and others might use swipe/tap of debit and credit cards. By notifying your bank you can ensure that your card has the provision for international use and avoid the compatibility issue. Some banks may even advise you on the transaction fees and help you minimise the charges by assisting you in using partner ATMs abroad.
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3. Emergency Assistance
Regardless of being well-planned, emergencies can occur. The common issue that most travellers face is that of losing their debit/credit cards. In this case, the prior notification to the bank about your international travel can help you get the assistance in time. The banks can establish a direct connection through their partner bank and block the compromised cards, expediting the delivery of replacement cards and even arranging emergency cash while you are abroad.
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4. Information on Exchange Rates & Fees
Banks typically impose hefty charges on international transactions, ATM withdrawals and currency exchange. Some banks might offer cards that waive these charges. Inquiring and informing about your international travel with the bank can help you take advantage of their tips and products, significantly saving you from paying unwanted charges during your international trip.
5. Mobile Banking & Notifications
Making use of modern banking tools and features can enrich your international travel experience. These mobile banking tools can help you keep track of your expenses and oversee the real-time activity of your account. Banks can guide you through their apps and services that can help you in managing your finances abroad.
Also read: 3 Tips to Minimize International Travel Tax in India
The best ways to notify your bank are:
- Netbanking: Login to your net banking account and look for the travel notification feature, where you can add your travel dates and destinations.
- Mobile App: Some banks offer the option to set the travel notification feature directly through the mobile app.
- Phone Call: Travel notifications can be set by contacting to bank’s customer support number, where you can also get an opportunity to clarify your related concerns.
- Visiting Branch: It is also one of the best options for those who want to meet in person at the branch and get customized service.
Wrap up
Finance is one of the crucial aspects that need to be planned meticulously before venturing on an international trip. Notifying the bank about your international travel plans can certainly help you avoid the potential risk of freezing the account. Also, make informed decisions while using credit cards to send money overseas. Consider and compare factors such as exchange rates, transaction fees, and others to optimize your cost of transferring. By implementing these strategies, you can set forth for your international trip with confidence and ease.
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