So you have decided to become a Freelancer and live your dream of traveling from country to country. But obviously you need to be able to access your funds and wages from clients. There can be pitfalls and difficulties of managing your finances whilst overseas. Follow these tips and tricks to avoid paying more and being able to access your funds.
Tip #1: Cash Machine Dramas
In the UK cash machines are pretty foolproof. That is not always the case in other countries. In the UK before you make a withdrawal the cash machine always returns your card BEFORE the money. In many countries however the cash is dispensed before your card and it is all to easy to leave your card in the cash machine. You are then left with the nightmare scenario of trying to contact your bank and get a card sent out to you where ever you might be. Not always easy in some countries with poor addresses. Stay vigilant when withdrawing funds.
Tip #2: Debit Cards
Before heading overseas it makes sense to order a new debit card from your bank. You want to ensure you have a card with the longest possible expiry date. As soon as your debit card expires you will be faced with the problem of either having to order a new card and have it sent overseas or returning to the UK to deal with banking issues.
Tip #3: Credit Cards
Credit cards overseas make a great deal of financial sense as long as you are using them wisely rather than borrowing. Typically using a debit card to withdraw cash abroad will incur a fee of around 3%. Banks often charge a fee every time a debit card is used abroad so it can be way more than 3% on a small purchase. Not a huge problem for a holiday but if you live abroad it makes sense to transfer your money to credit cards that have no fees for spending or withdrawals. Do some research on the best credit card providers that have these benefits.
Tip #4: Internet Banking
Make sure you have all your internet banking details in order before heading overseas. It can be difficult to access telephone banking abroad. As long as you have internet you can stay in control of your finances. Setting up Paypal and Payoneer accounts is also a useful way to accept payments from clients whilst overseas.