International travel? Some things to consider

If you are planning a vacation that has been delayed owing to the ongoing COVID-19 pandemic, there may be a few factors to consider other than just ticking off your bucket list. When you plan a vacation, you need to create a checklist. It would entail information about the city you are visiting, the city's regulations, and a cost analysis of how much you would be spending. When embarking on your new adventure, consider these pointers:

Make a Separate Savings Fund for Your Travel Requirements

If you have regularly been inflicted by the travel bug and plan to vacation every summer, it is always advisable to create a separate savings account. A specific part of your earnings should be set aside in a savings corpus meant for travel. As a rule, you should not withdraw money from this account. Your contributions to the account should be regular and consistent.

Understanding the Rules in a New World

As the pandemic hit and new variants like Delta and Omicron emerged, different countries had different rules. Certain countries are only allowing those completely vaccinated or those who are vaccinated with a particular vaccine. So, it's essential to understand the rules. Plus, with Omicron appearing in different countries, some nations are considering lockdowns.

Pre-booking through online travel websites

If you book your trip ahead of time using an online travel agency, you may be eligible for special rewards and discounts. The service provider may offer you numerous freebies such as complementary cabs from the airport to the hotel or vice versa or a free tourist guide, among other things. This may help you minimise the cost associated with your travel.

Invest What You Save

It's great that you have set money aside for your travel. But it would be even better if you let your money grow. Depending on the timeframe of when you want to travel, you may invest the money in your fund in a savings account, mutual fund or fixed deposit. You will earn interest on your investment, allowing your money to grow with no effort. You can choose an IDFC FIRST Bank Savings Account that gives you a 5% interest. 

Avail Special Cards

Select a bank that issues debit and credit cards that gives you free access to airport lounges, discounts on dining and other perks. Such features can help you lower the cost of your trip. Also, use your credit card wisely, and redeem your reward points to help pay for your trip. You can look at IDFC FIRST Bank Credit Cards that offer 10x reward points that don't expire and can be redeemed anytime. Certainly, a plus while travelling. 

Travel with Insurance

It's a new world, it is always smarter to travel with some form of insurance with you. Travel insurance is the thing you need. It is extremely helpful when travelling as it can financially protect you from loss of luggage, theft, medical emergencies, etc. You can easily buy it online and secure yourself from any damages while travelling. 

Travelling during a pandemic is always risky, but you may have the best time ever if you take precautions. Follow the tips mentioned above to overcome any financial issues that may arise during this period, and have a wonderful trip.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.