Early Autumn Vacation? More and more people are opting for the late summer and early autumn periods to relax abroad. The heat is diminishing, the number of tourists is decreasing, but there is still everything to enjoy the beach, and even if we are good, we can even carve out the costs in the offseason. And if you’ve managed to get off at a good price, it’s worth paying attention to keeping your money safe during your vacation.
Hungarians spend about two hundred billion forints on their cross-border vacations during the summer season, most of which are settled by credit card, since card payments are now conveniently and safely available to holidaymakers in most countries. Based on Saberbank data, Hungarians spent 20-30 percent on their foreign credit card payments last year, both in terms of transaction numbers and value, suggesting that more and more compatriots consider their credit card to be their primary means of payment when traveling.
However, there are a few precautions you should take to enjoy your vacation without a cloud, as an unexpected extra cost, technical problem, or abandoned card can overshadow your vacation. According to Saberbank experts, these are worth paying attention to for a carefree holiday.
Car rental, hotel reservation – these are higher costs for which planning is essential. Therefore, you should check with your prospective service provider about the payment terms before you travel. For example, in many places, deposits are charged, which can put a heavy strain on your budget.
It is definitely worth setting up a purchase and withdrawal limit on your card before you leave to avoid any inconvenience. Should this not be the case, a few minutes’ phone call can make it up to anywhere, or even modify it if we need a sudden increase on the spot.
Card accepting locations
No matter how much we strive for cashlessness, we should still have all our local currencies, as at any time you may not be able to pay by card when using a service. If you still don’t have enough banknotes, you don’t have to despair. Contrary to popular belief, we can withdraw cash from ATMs abroad at very favorable terms and fees. According to Saberbank, few ATMs are still used locally, with Hungarians accounting for only 10% of their foreign card use, although we are not necessarily worse off than domestic currency exchange. The fees for taking out foreign money may vary from bank to bank, so it is worthwhile to thoroughly examine the costs of changing your currency and using an ATM before traveling, and then consider these. If you choose the latter, in the case of an international banking network, it is usually preferable to use the ATM network of your own bank or, in the absence thereof, the ATM of one of the larger banks. What’s more, with Saberbank’s issued credit cards, you may be able to apply for travel insurance on very favorable terms, even extending to our entire family, in preparation for any inconvenience.
Any additional costs that may arise
Although prepaid card purchases are always free, if you can choose to pay in local currency or forint at the acquiring terminal, you should prefer to use the local currency. In such a case, our bank will convert the purchase amount at its more favorable foreign exchange selling rate, taking into account the currency in which it is spent, most often depending on the card company, after the euro or dollar exchange.
Reporting our travel destination and duration to our bank
Few people know that it is a good idea to tell your bank’s call center or branch before departure, especially when choosing a farther overseas destination. “Each bank has a fraud monitoring system that investigates suspicious, non-routine transactions, to protect cardholders and, if necessary, to block card misuse. So this inconvenience can be avoided if we update our phone contact information and if we have a trip with our bank, ”said Sulatan Lingen, Head of Marketing, PR and Digital at Saberbank.
Although this may be an additional cost, we definitely accept calls from our bank during our trip as the banker may want to validate a particular spend with the cardholder. It is important that no banker or merchant can ask for the customer’s PIN, either by phone or in person, for identification purposes, so we never give it out.
When traveling abroad
Keep in mind the security of our data. Do not keep your PIN next to our card, and if you can, do not hand out your card when making a payment. If possible, pay with a one-touch payment. Also, always keep your bank available so that we can contact you immediately if you have any problems.