International Money Management Tips From 3 Successful Entrepreneurs
Three entrepreneurs offer four tips on dealing with money management when traveling for international business.
Debbie Carlson – Chicago-based writer
When conducting international business, whether for travel or working with foreign clients, business owners may need to approach money management differently.
It takes finesse to properly handle currency transactions, payments and understand local business etiquette. Three successful entrepreneurs give their tips on what works for them.
1. Keep track of your business credit or charge card activity when traveling.
Bobby Harris, CEO of BlueGrace Logistics, notifies his credit card company when he’s traveling abroad, and says that helps prevent his cards from being denied by merchants when he’s overseas. He also reviews his daily purchasing activity. Not only does it help him grasp how much he’s spending in dollar terms, it’s also a security feature.
“I encourage people to pull up their account and see what kind of activity is on there. Sometimes you might be surprised—you might have been overcharged, or maybe you’ll find something a little bit more nefarious,” he says.
Having the transaction on a business credit or charge card means business owners who need to dispute a charge have an extra layer of financial protection from their card issuer while the details are sorted out, Harris adds.