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Hopeful holidaymakers: How to protect your finances when travelling overseas

It’s been a rollercoaster of a year, and it’s not over yet. Covid-19 has had a devastating impact on all our lives and affected everyone in some degree, so it’s hardly surprising that many are searching for something to look forward to and trying to find solace in a much-needed family holiday. Despite the disruption and uncertainty, holiday bookings are still going ahead. With many hopeful holidaymakers trying to find positivity and optimism during these difficult times, it’s not always easy to know if these holidays will even go ahead.

Rules and regulations are constantly changing, and travel restrictions can come in within a matter of hours, meaning many holidaymakers won’t know that their holiday is cancelled until just hours before they were due to travel. It’s a difficult scenario to manage, and just as trying to understand the latest government guidelines can be difficult, so can understanding your consumer rights in the event of your holiday cancellation.

Thankfully, you’ll find all the information you need about covid-travel issues and your consumer rights, on this helpful infographic provided by Creditfix. From your rights to a refund to collapsing holiday providers, you’ll find everything you need to protect your money in the event of a cancellation by clicking the link.

People traveling for business might also face these issues and add other daily actions like keeping track of financial goals, investments, and asset management; you might get stressed out, that is why speaking to KFG financial advisors and others like them, can help in the long-run. It could be a beneficial option to invest in some digital platform that could produce exclusive investment deals, full digital onboarding, market insights, and many more. You could have all the data up-to-date and on the go. For further information, click on – know more.

So, how else can hopeful holidaymakers protect their finances in an industry that’s been heavily disrupted by Covid-19? Read on to find out more.

Take out travel insurance and make sure it includes covid

Despite everything that’s happening right now, we mustn’t neglect the travel basics. Standard holiday practices such as taking out holiday and health insurance are still important however any policies you take out should come with covid related cover. If your holiday provider cancels your trip and you’re struggling to get a refund, then your insurance provider may be able to help you, especially if your holiday provider suddenly goes into administration. Again, the infographic from Creditfix can offer you further information.

Don’t leave your insurance to the last minute

Leaving your travel insurance to the last minute could mean overlooking vital protections that you need during this unsettled period. As soon as you book your break, look around for the best policy that covers you in the event of holiday cancellation, holiday provider bankruptcy and other features that offer the comprehensive cover you and your family need.

Only choose ATOL protected holidays

This kind of advice goes without saying, right? Worryingly, in our desperation to head overseas, many holidaymakers sign up to breaks assuming that their money is protected via ATOL protection. When it’s just not the case! Always check before you book and part with your money. Bear in mind that if your holiday is cancelled and you accept a voucher via your holiday provider, this may invalidate your ATOL protected status. Be wary!

And finally, speak with your banking provider

If you get the opportunity to fly and to enjoy your holiday, then you should make your banking provider aware of your plans. You wouldn’t be the first holiday-maker to have their cards cancelled when sudden overseas transactions start appearing on your account. Keep them in the loop.

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