"Money Matters" When Traveling

Money Matters when traveling

Should I Pay with Plastic or Cash?
Is it better to pay in advance or onsite? 
How do I get the best exchange rate?    ​ 
Read on for my personal tips on handling money when traveling internationally.  With some advance planning and strategies, you’ll be a "traveler money pro" on all your future trips.  

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Downsize your wallet before traveling

Before you Travel: 

• -Downsize your wallet for just essentials and plan on taking 2-3 credit cards at the most (one is your main card, and the others are backup) along with a bank debit card to use only for getting cash at an ATM


• -Check out the preferred credit cards for the countries you’ll be visiting but usually Visa and Mastercard are more widely accepted internationally than American Express.  Try to bring credit cards that do not charge foreign transaction fees (most cards issued by travel companies offer this benefit).  FYI, Apple pay is starting to be more available internationally so this could be an additional option. 


• -Contact your banks and credit card issuers in advance to let them know of our travel schedule and pay down any large amounts so you’ll have no surprises or holds on your funds when traveling


• -Take pictures of the back of your credit cards you’ll be bringing so just in case your card is lost or stolen you’ll have the bank’s information handy to stop charges on your missing card and issue a replacement


• -To lock in an exchange rate and help with my trip budgeting, I personally pre-pay larger expenses like airfare, hotels, car rentals, rail tickets and some tours in advance in US dollars on my credit card rather than paying onsite and being subject to currency fluctuations.

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ATMs are the best source for international currency

When Traveling:

• -ATMs are the most convenient and best way to get foreign currency.  You’ll usually pay a withdrawal fee, but you’ll still get a better rate than you would exchanging dollars for local cash at a currency exchange booth.  ATMs can be found at most banks and airports and are one of the first things I look for when disembarking the plane.


• -To save on time and withdrawal fees, I usually withdraw a large amount of cash at once and then leave some in my hotel room safe or inside a money belt when in transit along with my passport and just carry enough in my wallet for “walking around” money


• -I also bring about $200 in US dollars as a backup and keep this in a money belt that is always with me when in transit or locked in the hotel room safe


• -A separate money or coin pouch is very handy for keeping your foreign currency accessible and apart from your home currency


• -Pay for larger purchases and restaurant meals, etc. on your credit card but always make sure you keep an eye on your card, so it is not out of sight when getting charged


• -Keep your foreign currency handy to pay for local transportation, small gift purchases, snacks and of course tips

 

• -Before traveling to smaller towns or rural areas where there are less ATMs and banks available, withdraw additional cash beforehand


• -Some international cities charge a mandated hotel tax that must be paid in cash so pre-pay local hotel taxes at check-in instead of check-out when you still have cash available


• -Towards the end of my trip, if getting low on foreign cash, try to use credit cards whenever possible to avoid withdrawing more currency and incurring more withdrawal fees


• -Airport Duty Free Stores are also great fun to use up any remaining foreign coins and small bills before you depart

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Hope this is helpful for your travel planning.   Remember, you’re on vacation so be smart but don’t get stressed about money, just spend it wisely and to your best benefit. 

Do you have your own money tips?  Thanks for letting us know so we can share the knowledge.