Getting the most from your travel dollar

   Nothing beats a great summer getaway, whether you're into adventure travel, family road trips, or cruising along the Alaskan coast. And if you nail down the financial aspects of travel before departing, your vacation will be that much more enjoyable. Click through the links below for some smart planning tips.

•  Managing money while abroad
•  Protecting you and your family with travel insurance
•  Staying on top of your finances when away from home
•  Leaving your home secure
•  Cool travel links


Managing money while abroad

   A combination of traveller's cheques, credit and debit cards, and local currency is the best way to handle your financial expenses when travelling.

    Before you leave home, it's a good idea to get some local currency to pay for cab fares, phone calls, tips, and other smaller items. If you are heading to a lesser-known destination, call your local bank branch ahead of time to ensure they'll have the particular currency on hand.

    Here are some other tips for managing your money abroad:
    U.S. dollars. Depending on where you travel, Canadian dollars are probably not as widely accepted as U.S. dollars. It's never a bad idea to carry some U.S. dollars (singles are a welcome tip in lesser developed nations).

    Credit cards. Credit cards are also a convenient way to pay for expenses and allow you to defer payment.

    Some credit cards come with added travel benefits such as insurance (medical; trip cancellation; lost luggage; rental car collision) and accommodation and rental car discounts. Check with your credit card issuer to see if your card entitles you to some of these benefits.

    Bank/debit cards. Increasingly, the fastest and most convenient way to access funds is to withdraw local currency from your Canadian bank account. Most debit cards are accepted widely in the U.S. and Europe; however, you may have to pay a service charge for the convenience of using your bank card while abroad.

    Tip: Check with your bank to see if they have affiliations or partnerships with banks in other countries. Using your bank card in an affiliate branch can save you money on service fees.

Protecting you and your family with travel insurance

   For peace of mind, travel insurance is one of the best investments you can make. The most important type of insurance is health care — we've all heard horror stories about the high cost of a hospital stay or medical treatments in the U.S.

   There are many types of coverage available, covering all aspects of travel. These include trip cancellation, lost luggage, theft protection, and rental car insurance. Often, these are bundled together, along with health insurance, into comprehensive packages. Here are some things to consider when deciding on your coverage.

• Look into your existing insurance coverage. If you have an employer-sponsored benefits plan that includes out-of-country health coverage, check its limitations. Supplementary coverage may be necessary. In any case, don't forget to bring the necessary documentation -- including your benefit card and a copy of the policy.
  
  
• Your credit card may also provide some travel-related insurance. Check with the card company for specifics.
  
  
• Caveat for adventure travellers: If your idea of vacationing involves rock climbing, white water rafting, or other risky pursuits, you may need to supplement your medical coverage, as your work-sponsored insurance may not cover these activities. Read the fine print carefully.