Traveling strains most people, especially when visiting other countries. People invariably lose their bags, miss their flights, and incur other serious problems in their international travels. Such situations aren’t pretty.
As such, you should prepare yourself to manage money problems while traveling internationally. Here are five ways to manage money problems while overseas.
1. Earn money online if you have a few weeks to spare
When we think of experiencing money problems while overseas, most of us think of losing credit or debit cards on vacation and not being able to pay for things. However, countless people have found themselves in situations where they’re stranded in a foreign country without enough money to leave.
If you have at least two or three weeks to spare while abroad, consider working as a freelance writer through online intermediaries that link customers with writers. Although you won’t be able to build much of a client base as a true, independent freelance writer, you can join content mills, which are online intermediaries that help writers find clients. Though they pay notoriously low rates, the earnings may mean more in countries with weaker currency than your own. If you try hard enough, you can earn enough money to high-tail it out of the country you’re in!
2. Finding a loan option online while overseas
Thanks to the growth in the popularity of online finance options in the United States and elsewhere in recent years, companies have begun offering personal loans online to consumers who need them. These prove to be handy when dealing with money woes overseas.
If you’re in another country and need a personal loan, consider signing up for them through financial institutions based in the United States that offer personal loans completely online. You could find yourself with money as soon as the next business day.
3. Can your government of residence help?
Some countries’ international embassies help their citizens make their way back to those countries if they find themselves unable to get back after traveling abroad. However, don’t expect to get a free handout from any and every embassy out there. Chances are there will be a hefty bill due at the end. What’s more, embassies are still working within the confines of the host country. They may be able to offer some assistance with working out a plan going forward, but they cannot magically make your problems disappear.
4. Sell valuable belongings
Although you might not see them ever again, if you’re in an emergency or entirely unfortunate situation internationally and need money in a hurry, peddle your items to individuals or businesses that are potentially willing to pay you a fair amount for your valuables.
You could also place these valuables as collateral against loans like personal loans to increase the slim chances of getting a loan from a country you’re only visiting.
5. Open a bank account internationally
As soon as you arrive in foreign countries that you’re visiting, visit one or more banks and open a basic checking account with each of them. If you choose quality financial institutions’ checking accounts, you’ll find yourself able to receive wire transfers from businesses and individuals back home and otherwise make the best of international money problems.
Without international checking accounts, you’re at a serious disadvantage in the event of an emergency. With that said, there are other options available to help those with money problems overseas.
