Whether it’s because your checking account is facing some unforeseen problems or simply because you miscalculated your budget, running out of cash while traveling might be one of the hardest situations you ever experience. Most people panic and end up ruining their trip unintentionally, but knowing what to do in this situation will help you get back on track and enjoy the rest of your trip.
Luckily, there are a number of solutions that can help you get your hands on some fast cash when you are away from home. While this is a situation no one wants to be put through, it pays to learn how to deal with it in case you’re stuck abroad and there’s seemingly nowhere to turn to for emergency funds. Here’s what to do if you are ever caught in these circumstances.
Report Missing Credit or Debit Cards
If you lose one of your credit or debit cards abroad or even within your home country, the first thing you want to do is report it to the issuing bank. This is because you don’t want anyone else to use it and steal your money before the card is replaced by the bank. US banks usually give out 800 numbers to their customers to call for assistance which is not very convenient for customers traveling abroad as you can’t call an 800 number from a different country. Fortunately, most banks now allow their customers either to contact them through their online websites or offer to contact them directly at the hotel or residence where they are staying. They can then conference their customers to credit card companies so that they can cancel their missing credit cards as soon as possible. You will also have the option to receive a new replacement card wherever you are; this can take up to a few business days depending on your issuer and where you are traveling. Before you travel, make sure you know how to contact your bank or credit card company.
Contact Your Embassy or Consulate
Every country offers diplomatic services in host countries, providing emergency assistance, or even financial assistance, to its citizens abroad. Every consulate will have a citizens services department that can help you reach anyone you know back home in the case of an emergency and also help you have the money wired to you easily. If you are traveling overseas, you can search online where you will surely find more than one directory of the world’s embassies and consulates to find the nearest governmental agency at your location. Some embassies allow you to ask for assistance online, but you are most probably going to need to visit the nearest embassy or make an appointment in order to submit your requests. Typically, appointments can be arranged at any time in the morning during weekdays except for Federal Holidays.
Find a Licensed Money Lender
Another option if you need quick cash while traveling is looking for a licensed moneylender. Moneylenders have to be licensed because, according to the Moneylenders Act, no one is allowed to lend money or hold the title of moneylender without legal authorization. The only exception goes to excluded moneylenders and exempt moneylenders. The Ministry of Law compiles a list of licensed moneylenders for many locations, such as Singapore. To find a Singapore licensed money lender, you will need to check the list and make sure your lender is not approaching you or promoting their services through prohibited methods like text messages and phone calls. Licensed moneylenders are not allowed to use these methods to promote their services or attract new clients.
Get a Temporary Job
While this is not the most flexible option, it can give you that needed push financially to help you earn extra cash while being abroad. You can always get a job such as babysitting, waiting tables, or even teaching English, and make quick cash to help with your situation. These jobs are easy to get and can help foreigners make money in no time. The only catch is that it’s technically illegal for foreigners to work some jobs so there is a chance that this employment may get you in trouble. Always check to see if you are eligible to work in the country that you are in.
The best way to avoid running out of cash while traveling is to plan your budget in advance and take enough cash with you. Otherwise, you might find yourself in a tight situation in a foreign country. There are a few solutions that can get you out of this situation, however, it’s always better to stay safe and take extra cash with you in case something goes wrong. After all, fraud can strike any bank account, and we’ve all heard the pickpocketing horror stories that tend to happen around the world.