Visit Uruguay

Visit Uruguay: Handy Money Tips For First Time Travelers

Uruguay is on the rise in the world of tourism. Within the past decade, the country has become much better known to citizens all across the globe and is rapidly becoming a favored destination for travelers, particularly U.S visitors. Within the first quarter of 2018, Uruguay had seen over 1.5 million tourists and a rise in expenditure by tourists, as they flock to the country to explore its tourist resorts, experience the country’s Montevideo carnival and enjoy Uruguay’s sandy beaches and sporting events.

Like any other tourist, traveling to an unfamiliar country comes with a lot of beforehand preparation including financial preparation. Being money smart while traveling to destinations such as Uruguay can help you successfully navigate unexpected situations, avoid debt spiral and stay on track financially. Check out these handy tips if you are a first time visitor to the South American country.

Make time for research- And use it to your advantage

Visiting a new country comes with new elements to learn. Uruguay’s currency is currently pesos, which trades at a different value than the American dollar. Familiarizing yourself with the currency exchange beforehand is a good idea as it filters into so many decisions including budgeting for your trip. Get to know the general exchange rate, the denominations of the local currency and how its value translates to your currency. Speaking of budgeting, as a first-time visitor make use of reviews and travel board websites to get an idea of the costs per day when visiting the country. The average expenditure per person visiting in the first quarter of 2018 came in at $713.50, according to Tourism Review News.

Using the gathered information, you can then plan your trip around this. For example, a simple Google search and look at visitor boards can tell you that generally, banks offer a better exchange rate for pesos than the airport or city local currency exchange. If you are looking to get the most for your dollars, this tip will come in handy. Additionally, you can use past information from fellow travelers (and your travel agent if you have one) to construct your travel budget; one of the many great tools for keeping track of your finances while on the road.

Choose your spending points

While it is absolutely possible to travel on a budget, there will come moments or elements in your trip where it may make more sense to spend more than you would on others. Know what these points are. Assuming that your journey is influenced by the number of funds you have to spend, recognizing the situations where it is okay to pay a little bit more is not only essential in your enjoyment but interestingly enough, is also apart of being smart with your money. One good example would be with the price paid for flights. Off peak or late night flights landing in the early hours may save you money but when you land, you may end up spending the saved money or more on getting a cab due to lack of transport in the off peak hours. This point also relates to the importance of doing your research beforehand (with research, you may know the running times for transport and will be able to plan your flight accordingly).

Separate your funds

If you are like the 75 percent of Americans funding their vacations using credit cards, then it is time to become financially smart. When planning your trip, it is quite likely that you would have nailed down how you will be funding your trip. If you hadn’t managed to save up the entire amount, then chances are you will be relying on your trusty credit cards or personal loans. For credit cards, it is a good tip to make use of any promotional offers such as zero percent balance transfers to reduce your interest charges. If you are seeking a personal loan for your travel but do not happen to have a stellar credit history, then it is time to consider lenders suited to your financial past.

If you do plan to travel with cash, it is a good idea to split into subsections, possibly using spend per day or elements (travel, food etc) as your guide. This helps to avoid overspending and also improves your financial security in the event of pickpocketing. Finally, get to know the locations and general acceptability of your debit and credit cards within Uruguay if you plan on using them.

In 2016, Uruguay was named as a top destination to visit by Lonely Planet. As with travel to any country, a successful trip to Uruguay comes with smart financial planning and money management, all of which can be achieved by travelers whether they are first timers or veterans. These handy tricks can simplify the financial aspect of your trip and allows you to enjoy a country bustling with development, culture, and heritage.

Back to Top