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Insurance Article

Travelling Domestic with a Liquidity Crunch

November 29 2016
Travelling Domestic with a Liquidity Crunch

Going digital to beat the cash crunch on travel

It is not uncommon to have a sighting of people lined in queues outside banks and ATM these days. When demonetisation of Rs.500 and Rs.1000 notes have initiated this November, the chaos and confusion that ensued were unprecedented. While these measures by the government is aimed to curb black money and currency counterfeits in the economy, it has become messy for the common man and domestic travellers.

If you have planned your trip or in middle of planning one, you are sure to see similar scenarios across India. Be prepared to lessen stress and maximise fun on your travel. Here are some alternate ways of financing to save your travel from a nightmarish situation.

Carry plastic money

During this demonetisation fiasco, your Debit and Credit cards are bound to be your saviours. Whether you are shopping or paying bills, swipe your cards. Many hotels, cafes and related establishments in tourist destination offer card payment facilities. In fact, Goa, one of the most popular tourist destinations, will even be declared cashless, thanks to the efforts of its residents.

Fill up your e-wallets

There has never been a better time to adopt and use e-wallets than now. Apps like Paytm, Chillr and other banking apps make payment easy thus eliminating the need for carrying extra currency. Within a few taps you can pay your bus and train tickets and other utilities in an instant without having to wait in lines for cash withdrawal.

Opt for online booking

Those looking to plan trips to various domestic regions should opt for online payment modes. Many travel operators and tours can be booked and paid online without having to pay cash. This becomes really efficient in the current cash stringent market. Train, flight, bus and hotel tickets are easy to book online, you might even end up availing surprise discounts. Trivago, MakeMyTrip are great online options to book your tour packages.

Pay via NEFT, RTGS

All major public and private banks today offer online NEFT/RTGS facility. In case the need arise for urgent transfer of money on your travels, all you need is a good internet connection and a trusted banking app. Login your credentials, click on NEFT and RTGS facility and transfer funds safely.

Keep smaller change

Bid adieu to efficient Rs.500 and Rs.1000 notes and fill up your wallet with smaller changes. While online and app modes of payments are efficient, they might not work as well if you travel to remote regions of the country. If plan to visit offbeat places, especially rural areas, stocking up on cash is a must. Many tourist places like monuments and museums today require you to pay the entry fees in cash, be ready with the change.

In addition to these, scout your travel destination for bank branches and ATMs beforehand. Major banks have listed their branches and ATMs online, visit their websites to know about the nearest banking facility in your travel destination.

Related Article:

5 Essential Tips for Traveling with Grandparents
Debunking Common Travel Woes

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