Financial Literacy Month-BMO's Tip of the Day: Carry a Trio of Payment Options When You Travel/Shop South of the Border
November 14 2012 - 8:00AM
Marketwired
To mark Financial Literacy Month, BMO Financial Group is releasing
a series of financial tips throughout November. As part of BMO's
commitment to 'Making Money Make Sense', the tips are designed to
help individuals and families save and manage their day-to-day
finances more effectively.
BMO's Tip of the Day: Using a combination of a credit card,
debit card and cash will give you convenience, security and
flexibility when you travel or shop in the United States.
More Canadians than ever are expected to flock to the U.S. this
winter. If you plan to travel to the U.S. or anywhere outside
Canada, here are three simple criteria to help you decide what
combination of cash and cards you need to carry in your wallet:
-- Access - Ensure you have easy and immediate access to emergency funds if
you need them. Can you use your debit card to make purchases or access
your bank account from anywhere in the U.S.?
-- Safety - Are your funds and purchases protected against theft or loss?
-- Convenience - Research if you can convert your Canadian currency to U.S.
dollars if needed. Find out if your credit card is widely accepted.
Su McVey, Vice President, BMO Bank of Montreal suggested:
"Carrying a combination of all three payment options - cash in
local currency; a widely recognized and accepted credit card that
offers some form of purchase protection; and a debit card that
gives you access to your Canadian bank account from local ATMs and
Points of Sale terminals - will provide you with the highest degree
of convenience, security and payment flexibility when you're
travelling outside of Canada."
Credit Cards: Credit cards remain the most popular way to pay
among Canadian travellers. In addition to world-wide merchant
acceptance, many credit cards offer loyalty rewards, insurance
against loss or theft of purchased products, extended warranties
and zero liability in cases of fraud. Some cards, such as the BMO
Rewards World Elite MasterCard, also include travel medical
coverage, trip cancellation/delay insurance, and car rental
collision damage waivers, which can add up to substantial savings
for travellers. If travel insurance features are not built into
your credit card, they can often be added on an as-needed basis at
a competitive cost.
Debit Cards: Some bank plans with unlimited transactions allow
for domestic and international debit card transactions at no
additional cost, so check your banking balance. For a low monthly
fee, BMO's Performance Plan allows unlimited transactions
internationally over the Maestro network, as well as withdrawals
from BMO Private Bank in the United States.
Local currency (cash): Have a small amount of local currency on
hand so that you can pay for incidentals such as the cab ride from
the airport and tips. But don't take too much; if it is lost or
stolen, it is gone. BMO branches usually have U.S. dollars
available, as do many BMO ATMs - particularly those in cities and
towns that border the U.S.
"CFEE commends BMO's ongoing efforts to support Financial
Literacy in Canada and promote ways in which Canadians can increase
their competence and confidence when managing their personal
finances on a day-to-day basis," said Gary Rabbior, President,
Canadian Foundation for Economic Education (CFEE).
BMO Financial Literacy Month Tips
November 1: Maximizing TFSA investments annually over 20 years
can save nearly $30,000 in taxes.
November 2: Utilize rewards to squeeze the most value out of
every dollar you spend this holiday season.
November 3: Choose an investment advisor who is right for you
and will help you meet your financial goals.
November 4: Use your RRSP to help make the down payment on your
first home.
November 5: Space out payments to avoid cash-flow problems.
November 6: Take advantage of the benefits of preferred
shares.
November 7: Consider investing in a Registered Retirement
Savings Plan (RRSP) and taking advantage of tax incentives when
saving for retirement.
November 8: Take advantage of Canada's numerous online personal
finance resources.
November 9: Before you head off on your winter vacation, be sure
you and your family are properly covered in the event of a medical
emergency.
November 10: Understand what you can hold in your RRSP.
November 11: Stick to the one-third rule when planning the
purchase of a home.
November 12: Secure your retirement by opening a Registered
Retirement Savings Plan (RRSP) as early as possible and contribute
to it on a regular basis.
November 13: As couples prepare for their wedding day, they
should have "The Financial Talk" to help the transition from "my
money" to "our money."
For more on financial literacy, Canadians can visit the
Government of Canada's Financial Literacy Month website, as well as
BMO's Financial Literacy online resource.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is
a highly diversified North American financial services
organization. With total assets of $542 billion as at July 31,
2012, and more than 46,000 employees, BMO Financial Group provides
a broad range of retail banking, wealth management and investment
banking products and solutions.
Contacts: Media contacts: Carol Greene, Toronto (416)
867-3996carol.greene@bmo.com Valerie Doucet, Montreal (514)
877-8224valerie.doucet@bmo.com Laurie Grant, Vancouver (604)
665-7596laurie.grant@bmo.com Internet: www.bmo.com Twitter:
@BMOmedia
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