Here’s some of the best tips and advice for using company cards when travelling abroad
When you’re going abroad on a business trip, choosing the best card to use is very important. Typically, you either bring a company debit card, a prepaid travel card or a credit card to pay for expenses during your trip, there is always the risk of trouble – whether it’s being overcharged or running into issues with paying.
Banks can freeze your credit or debit card when you’re abroad, often in an attempt to prevent fraud or unauthorised access, especially if you’ve never used it abroad before. But this can cause obvious frustration if you cannot access your own funds during your trip, so as prevention is better than cure, calling your card provider in advance to inform them about your travel plans could save you a lot of frustration.
Another important information to remember is, many overseas merchants, hotels and ATMs abroad ask this when you pay by card. Never let the overseas retailer do the currency conversion as the rates are often poor compared to your own card.
Most hotels and companies in the travel industry use card pre-authorization for security guarantee to ensure that customers pay for the services they use. This might block a large sum of money on your card, thus causing you inconvenience if not released promptly.
When you are using a credit card, always remember to pay it off every month. Although this can be challenging with all the reconciliations, doing expense reports and trying to finish on time, paying back the money you borrowed in full not only saves you the amount of interest, but also boosts your overall credit score. Perks are always nice, but be careful not to end up paying more interest than the travel rewards points or cash-back amount you will be getting from your credit card provider.
Looking for more information? Here’s another helpful article of the quick Expend guide to business spending in Europe.
Find out the advantages of doing expenses with Expend card Vs a company card here.