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Stranded abroad with no money!

Going on holiday is a time to have fun, relax and create great memories, but unfortunately, sometimes things can go wrong. A survey from gapyear.com found that 25% of people have been stranded aboard with no money at some time on their trip. Loss, theft and carelessness may lead to a situation were you are in a foreign country with no money left. So what can you do?

Get help from family or friends


If you have a way to contact your friends or family, you could ask them to send you money while you are aboard. There are many different ways you can do this:

• If you have a credit or debit card, someone can transfer money into your UK bank account and you should be able to withdraw the money from abroad.

• You can ask someone to send you money via a money transfer operator, such as Western Union. This can be a costly process, and both of you many be charged, it should only take a few hours for someone to pay in the transfer for you to pick up in an agreed location.

• A Foreign Exchange Broker may be able to help friends or family transfer you money, but again there will probably be a charge.

If you decide to use a transfer service, make sure they are regulated by the FCA by checking their website.



Travellers’ cheques


If you have lost your travellers cheques, it should be easy to get these replaced, as they are designed to be used abroad and every eventuality is taken into account. Make sure you make a note of the serial numbers and the emergency contact number and keep them in a separate place to where you keep the cheques, and you will be able to get the replaced.



No access to any money


If you cannot contact any friends or family and it was not travellers’ cheques that you lost, there are still options open to you, so don’t panic!
The British Consular Office may be prepared to pay for you to return to the UK, in what’s called repatriation. This is not an automatic right and it does depend on your individual circumstances. You also have to guarantee that if you are repatriated you will repay the costs or your return to the UK. If you think this option could be for you, find the nearest British consular office where you’ll be asked to fill in an application form, and the consular will see if there are any friends or family who can help, and if not, will consider repatriation.
The British Consular might also agree to an emergency loan in special circumstances.



What if I lose my passport?


If your passport is lost or stolen while you’re abroad you should report it to the local police straight away. To get a new passport, you will need the crime reference details. Then, report the loss to the UK embassy, consulate or high commission of the country you are in. The consular office will record the loss or theft of your passport and forward the information to Her Majesty's Passport Office, who will cancel your passport to stop someone else using your identity. If you find your passport after reporting it lost or stolen you won’t be able to use it and you should return it to Her Majesty’s Passport Office. The consular office will issue you with replacement travel documents so you can travel back to the UK. You will be charged a fee for this service which you should be able to claim on your travel insurance.



Preventative measures



Even though holidays are fun and exciting times, you have to take precautions to ensure you don’t end up in any sticky situations, especially if you are travelling for a long time or new to a country. When travelling abroad, try to take preventative measures, such as:

• Making copies of your credit and debit cards (front and back) and drivers licence, and keeping them separate from the originals

• Making a note of all emergency numbers you may need from you bank or building societies

• Be aware of the number and location of your nearest British embassy or consular office

• Don’t keep all your cards and cash in one place

• Keep an emergency fund of money hidden away so you can buy food and travel if the worst were to happen

• Check your bank balance online regularly to ensure you know how much money you have available.

• Consider taking a pre-paid holiday card or a credit card with you for emergencies- if you run out of cash you can use these cards

If you stay alert and vigilant and remember to track your finances throughout your trip you should have nothing to worry about. If the worst does happen, there are ways you can get yourself out of the situation, if you take the right precautions.

If you have any more holiday tips, please let us know on Twitter via @financialuk

If you would like any more information, please don’t hesitate to give our financial advisers a call on 0800 092 1245 or ask us a question online.

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