Are you traveling to another country? If so, there are a lot of things to do to prepare for customs and protecting yourself abroad. If you are planning on staying there for an extended period of time to study or work, you will have to make sure you have things in place before you leave. One of the main things to keep in mind as an expat is how you will access emergency funds if you should need cash in a foreign country. Because access to ATM machines and American currency can be challenging depending on where you are at, you will need to be prepared. Here are just a few options you may wish to consider if you find yourself needing an influx of cash:
Traveling overseas can trigger uncertainty when it comes to exchanging American dollars for the country you are visiting or even visa versa. If you find yourself needing some cash right away and you have asked a friend or family member to help, a good option is for them to wire you some money. This can be done relatively quickly, especially if you are located in a large metropolitan area and have access to a money transfer kiosk or station that will conduct the transaction for you. The transfer can occur within 24 hours and sometimes faster depending on the internet service and capabilities that the transfer station has access to. Money transfer companies like Ria Money Transfer make it simple for both parties to send money online. All you have to do is set up an online account with all of your personal information. Once verified, you will be able to receive money directly into your bank account, pick up the cash when available or have funds delivered to your address.
Set Up A Local Bank Account
When you need cash fast and you are unable to access an ATM or the ATM cannot process your request to access funds, it is beneficial to have a bank account set up in the city you are staying at. This will allow you to gain access to cash you have deposited and make it easier to make necessary transactions because your personal information has already been verified. You can also have someone from back home transfer funds to your bank account. This may take a few days or it could be immediate if the bank will offer you a line of credit on your account. Establishing a good relationship with a local bank overseas can be very beneficial. The more money you move through the account and the longer you establish a good banking relationship with them, the quicker they will process your banking requests.
One way to access funds in a fast time frame is through an online loan. They are available in most countries and the approval process is relatively simple. You will need to be able to verify all of your personal information in order to process the application. An online loan often requires you to pay it back within a shorter time frame than a traditional bank loan. Sometimes these are referred to as installment loans. A pre-specified payment will be set up in advance and funds will be withdrawn from your checking account either weekly or bi-weekly. This makes it an affordable option for gaining access to cash right away. Keep in mind there will be fees and the interest rate will be higher than a traditional short-term loan from your local bank. There are also different currency exchange rates to consider as money passes through each country. Also, be very careful about fraudulent online loan sites that request too much personal information such as bank account and social security information. Always research an online loan company prior to applying.
Credit Card Advances
If you have a credit card that you have an extensive line of credit line with, a cash advance may be a good option for you as an expat. You can typically gain an advance on your credit card with a simple phone call and then a trip to the ATM. There may be some hefty fees involved, but they will be deferred until your next billing cycle. So if you find yourself in a pinch for cash, this is a great way to get a hold of some funds and resolve your personal financial issue right away.
Getting a hold of monies right away while overseas does not have to be complicated. Go over all of the options and choose which one will be the most affordable and easiest for you.