Got a big trip planned? Let’s talk about how to handle your money when you’re traveling abroad.
Be sure to take at least 2 cards with you in case one is lost or stolen.
Store the customer service numbers from the back of the cards in your phone so you have them if the cards are lost.
Next, it’s like every other country has their own currency!
Whenever you’re faced with someone calculating the exchange rate between foreign currency and dollars there’s the opportunity for you to get ripped off.
The easiest thing to do is just use your credit card and let Mastercard and Visa calculate the best exchange rate for you. You also have protections from theft and fraud but typically, you’ll pay a foreign transaction fee of around 3 percent on every purchase.
Not every place takes plastic, so you will need some local currency. The fastest and easiest way to get that is to hit an ATM machine one time when you land. Get out a day’s worth of cash to be safe. More fees apply—expect to pay anywhere from 3 to 8% in fees to make that withdrawal. Be careful. Some ATMs tack on more fees. If your financial institution is part of a network with ATMs abroad you’ll save some money.
So now you’re ready to travel the world and not overpay in your search for fun.
Do us a favor please. Tell your friends about us so they can be smarter about their money too.