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RBC Financial Planning - Tips on Budgeting and Borrowing

Make Travel Easier & More Secure

 

Tips on how

If you're planning a trip outside of Canada, there are a few things you can do to ensure your safety, your convenience and your financial security.

  • If you're going to be away for any length of time, you should be able to make arrangements with your bank to look after any financial obligations, like deposits and monthly payments, that you might have.
  • If you're going to be spending much time in the US, you may want to consider having a bank account at a US bank. Choosing a Canadian bank that has US branches or affiliates would be best. You could also have a US dollar account in Canada.
  • Consider using traveler's cheques while away. For a very slight cost, they provide worry-free security in case of loss. Some premium bank accounts and credit cards even provide them at no cost.
  • Be sure to carry lots of ID when travelling. With increased concerns about security, crossing borders can be difficult unless you have sufficient ID, such as a passport, birth certificate, citizenship certificate or landed immigrant certificate.
  • Be sure you know the limits on taking general goods, gifts, alcohol, tobacco, food and cash into and out of all countries you'll be visiting.
  • Be sure you top up your provincial health insurance plan or buy extra coverage. Getting sick or injured when away could set you back many thousands of dollars, a risk that just isn't worth it when the cost of insurance is so low. Check your credit card because some cards offer free coverage for limited periods when you're away.
  • Although you should carry only limited amounts of local currency, you may as well purchase that currency at the best price. This is usually at your own bank here in Canada rather than in a foreign country or at the airport.

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 İRoyal Bank of Canada 1995-2017 Last modified: 09/24/2014 09:40:34