For a foreign vacation, it’s advisable to have two payment cards. A backup card will be useful if the primary one is unexpectedly blocked or lost. It’s also worth remembering the limit for cashless payments abroad, which is the equivalent of 100,000 hryvnias per month.
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This is emphasized by analysts from the financial marketplace KИТ Group. In their blog, they discussed how to prepare finances for a trip abroad.
The lion’s share of expenses will go towards cashless payments – primarily for accommodation, entertainment, and meals. Therefore, it’s worth checking your cards before your trip. First and foremost, ensure their expiry dates won’t fall within your travel period. Also, you need to activate the option for payment and cash withdrawal abroad in advance and clarify the limits.
In addition, you should check your bank’s tariffs for converting hryvnias into the currency of the country you are traveling to.
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“When making a payment abroad with a card, three parties are involved in this transaction: your bank, the payment system (Visa or Mastercard), and the bank that accepts cashless payments. The conversion of hryvnias to the local currency is carried out by the payment system at a rate close to the interbank rate, which is updated daily. However, your issuing bank may add its own commission. This is what you should check in the card’s tariffs before your trip,” explain KИТ Group analysts.
Cash should constitute 20%-30% of the total travel budget. It will be needed immediately after arrival for a taxi from the airport or lunch. Cash is also necessary for markets, tips, and small establishments. You should plan for an amount sufficient for the first 1-2 days of the trip, plus a reserve for minor expenses throughout the entire duration.
It’s important to arrange for currency in advance. This can be done through the KИТ Group financial services marketplace. You can track the exchange rate in real-time on the website of the branch in your city. You can also fix the rate for an hour by submitting an application on the website.
KИТ Group works with a wide range of currencies for exchange. This is important if your trip is planned to countries with their own national currency. It’s advisable to purchase some of this currency while still in Ukraine. This will help avoid double conversion and unnecessary losses on the exchange rate.
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You should also ensure you have small denominations in your wallet – for tips, taxis, public transport, and small cafes.
“People often forget about this and then encounter difficulties exchanging large bills,” emphasize KИТ Group.
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