Wherever in the world you might be departing from, these simple awesome tips can help you save a wad of cash on fees, taxes, food and transportation costs…
I would like to reiterate 2 of the money saving tips from the graphic, which can really save you a massive bundle of cash in transaction fees and in-country taxes:
1. Multi Currency Credit/Debit Cards
If you do any amount of traveling, you have to get a multi currency card or a card that doesn’t charge you foreign transaction fees. This is a must. Gone are the days of traveler’s checks folks and who in their right mind carries a bundle of cash around anymore? Most banks and major creditors offer these cards, which can save you a real bundle.
2. Tax Refund Scheme
This is a multi-country agreement meant to boost tourism dollars. Some countries can charge you up to 25% VAT!
A big cash saver that’s often overlooked by travelers is the “Tourist Refund Scheme” available in many countries which allows you to get reimbursed for a crap-ton of taxes levied on certain items that you purchase while visiting. Now, I won’t get into the name and how it includes a negative word (scheme). However, this can make for a huge savings in many locals, like Australia, who charge 10% GST on all purchases in addition to highly inflated prices to begin with (see their TRS Limitations). If you’re heading to Europe, Rick Steves outlines your option on getting VAT refunds in this post.
Same with the UK.
All of Asia.
Canada offers a similar program, detailed here.
If you’re heading to the states: Sorry, they don’t offer tax refunds for visitors!
Happy and safe travels!
Main image by 401(K) 2012