5 ways travel will change in 2018
Simplifying payments abroad For as long as anyone can remember, a standard part of traveling to a foreign country involved exchanging currency. Carrying cash involves time, planning, anxiety about losing money and often, wondering what to do with leftover cash once you return home. In fact, loss or theft of cash is the number one money concern for travelers while on trips. And 72 percent of people say working to get their hands on foreign currency prior to departure is a waste of time. With more than 46 million merchants accepting Visa around the world, a Visa card is the most important travel accessory you can carry.
TIP: Use your Visa card and pay in local currency for a competitive exchange rate. A whopping 87 percent of travelers have leftover cash after a trip. However, only 29 percent convert it back to currency that can be used at home. Avoid wasting money by sticking to your Visa card and only pulling out cash when needed.
People travel because of culture Of all the places to go in the world, why is it some people choose one place over another? According to Visas GTI survey, 41 percent of people cite rich culture and friendly locals as reasons to pick a destination. Although famous monuments, great museums and spectacular palaces continue to draw in visitors, the people who live in a travelers destination are hugely important.
TIP: Hang with the locals. Check out fun events such as festivals and concerts to make sure youre not missing the best events in the city youre visiting. And dont forget local flavors of the countrys national dishes.
Ideal vacations look a little different to everyone What do you want to get out of travel? Is it to meet new friends, see something in person you saw on television, or fulfill a longtime dream? When vacationing, 63 percent of travelers are motivated by a combination of reward and achievement. That means to them, an ideal vacation has some combination of relaxation and experiencing new cultures or exotic locations.
TIP: Block out time on your trip to relax and reflect on the experience. It can be easy to plan activities and sights to see, but its important to rest in between.
People are feeling optimistic about travel Though they may be excited to get out of their comfort zone, some people have reservations about the safety of traveling to far-off locations, or worry about affording such a trip. However, according to the GTI Survey, people are not letting these factors keep them at home. Globally, only 17 percent of people cited security as a top concern and only 19 percent chose a destination because it fit their budget. What that says is that people are willing and eager to visit their dream destinations.
TIP: Budget your trip accordingly. A better understanding of what you can spend can help keep your mind at ease during travel. According to the GTI Survey, global travelers spend an average of $1,793 per trip. However, if you are following Tip #1, keeping cash transactions to a minimum will help in the budgeting process. While on vacation, look for Visa or PLUS logos at point-of-sale terminals or ATMs to ensure international payment cards are accepted.
Technology is the new travel companion The travelers well-folded map and dog-eared guidebook might be a thing of the past. As more travelers adopt digital technology, virtually everything they need to navigate fits right in the palm of their hand. Whats more, 88 percent of travelers have online access while abroad and almost half, 44 percent, use ride-sharing apps to get around once they are on the ground.
TIP: Research apps or technology that might be helpful on your travels. Downloading your bank or credit card apps can help track your money while traveling. As technology continues to revolutionize our daily lives, so it will continue changing how we travel.
Staying on top of trends can allow travelers to plan accordingly. By budgeting, planning, avoiding cash and finding out the best ways to track spending, travelers can get the most from their dream travels and their wallets.
Questions? Comments? Ask Todd!
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by radical promoting and their editorial staff based on the original articles written by jeff cutter in the falmouth enterprise. This article has been rewritten for Todd Schneiderand the readers of Schneider Family Finance. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.