Business / Tech

How to manage financial transactions when traveling the world

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Before traveling to another city, open an account in a bank that has branches nationwide.

This is a guest post, the thoughts and opinions are those of its authors and do not reflect on Techaeris or its staff.

Have to move away from home for some time but still need to conduct business? Here are a few ways to send and receive money while away to keep things running at home. The first tip is specifically for traveling within the country, and the others are for working abroad and locally.

Nationwide Banking

Before traveling to another city, open an account in a bank that has branches nationwide. Cashing any personal checks and making transfers would be difficult without a branch of the bank nearby. Banks that have branches in every city will make traveling and conducting business much more manageable.

Money Transfers without a Bank

Receiving or sending money abroad can be difficult if one doesn’t have a bank account. There are companies like Western Union with agents worldwide that enable you to make transactions with or without involving any banks. To make things easier, they also offer a mobile application. Learn  how to use a money transfer app to make local or international transactions without having to go into a brick and mortar location to make the transfer

Getting Paper Checks

Some people prefer sending paper checks through the mail to home or office addresses. To handle transactions like these, several companies offer to take those letters and deliver them to different locations if required. Details of these services are given below.

1.     Mail Handling Services

Mail handling companies take their client’s mail and forward it to the address provided. They also offer to transfer it to an easily reachable branch, and the letter can be collected from there. Be sure to check their policies and delivery locations before using their services.

2.     Post Office

In many countries, the local post office provides the service of holding the mail for someone and sending letters provided an address for an additional fee.

3.     To the Bank

Some banks provide the service of receiving checks through mail and depositing them directly into the accounts of their customers. You can contact representatives of your bank for further details.

Digital Transactions

Below are some types of apps that people frequently use to make payments, deposits, money transfers, and other transactions online. These can be used for payments at home or on travel.

1.     Banking App

Every bank now has an app for its customers to manage their bank accounts and make transactions. They can easily send and receive the money through the app without having to visit the bank branch. Some banks even let you deposit a check by taking a picture and uploading it to the app.

2.     Online Checks

Contact the banks to see if they have a website to make bill payments online. Companies that give an address to receive checks, usually accept online payments. Utility bills, cell phone companies, and insurance companies are a few examples.

3.     Digital Wallet

Online wallets allow users to send and receive money through the app within minutes. You can transfer your money to any bank, or withdraw it through the methods offered by the app.

Keep Currency Exchange in Mind

Currency exchange is one of the most important things that you need to keep in mind while managing money during traveling. You will be moving from one place to another regularly during your long tour, and you will be dealing with multiple currencies. There will be instances where you will have to book things in advance in other countries. So to keep things more simple, it is recommended you install an app on your phone that will help you keep track of the exchange rate.

Automate the Billing Process

If you have to pay the bills of your house during the tour, then you can schedule them even before leaving for the trip. Yes! Automating your bills is possible as a lot of banks these days offer you the “automate bill payment” options. With this setup, you can pay for your credit cards, cars, utility, and other household bills. You can also check if your bank allows you to schedule transfer between accounts as well as that can come very handy during your long trip.

Don’t Transfer Money in Patches

Another good practice you can follow is to make as few transactions as possible. Depending on the type of service you are using, the more transfers you make, the more fee you will be paying. With one time transaction, you will have to pay a much less feel. It will also save you a lot of hassle as well if you are transferring money in person through a bank branch or a money transferring service branch. For example, instead of just sending allowance to your family for a couple of weeks, consider sending for the whole month.

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