Whether you are on vacation with your partner, your family or by yourself, there is something special about being on holiday and the memories that last a lifetime that you can create. Yet holidays aren’t immune from problems, and when a major disaster strikes, it can feel 10 times worse than it would back home due to you being potentially thousands of miles from the people that can help you sort it.
This is particularly true when it comes to money. After all, money makes the world go around and to suddenly find yourself without access to cash or needing to pay out an unexpected billwhich you simply haven’t budgeted for in a strange foreign land can be deeply upsetting and stressful.
Luckily, there are several ways out of an unaccounted financial black hole that could be brought on by a medical emergency, a broken-down car, stolen bank cards and notes or even lost luggage.
Here are some of them.
Check your travel insurance
Did you know that 41 percent of Americans don’t take out travel insurance before going on vacation? More fool them. If you’ve signed up for a travel insurance policy, then you may be covered in the event of a medical emergency or should any of your property, bank cards or travel money be stolen. Contact your insurer as soon as the problem arises and see what they can do for you.
Use a credit card
Most credit cards will come with a cash advance, a surprisingly little known and even less used feature that allows the holder to withdraw money from a credit account which is then charged back to them on their bill. While we wouldn’t recommend this method as a regular way of obtaining cash – you’ll likely be stung by high fees and an even higher interest rate – it can be a quick and efficient way to access money if you are desperate.
Secure some short-term credit
You’ve probably heard of people who apply for payday loans online to tide them over until their next pay cheque comes in. This short-term credit option could help bail you out of a financial hole if you’re stuck abroad and need cash fast. The application process is quick and simple and often you’ll get the cash almost instantly once you’ve been approved, allowing you to get on with your holiday.
Ask someone at home
It might feel like a severe dent in your pride to have to ask friends or family to loan you money, but this is arguably the best way to gain access to funds when you are in dire financial straights somewhere far from home. The growth of internet banking means that sending money between individuals has never been easier and a transaction from their account into yours can take place as soon as you make the call. There’ll be no interest rates to worry about or strict repayment deadlines either, which means that you’ll be eliminating part of the stress that comes with wondering how you’re going to pay the source of your emergency funding back