When it comes to money, there are credit cards, debit cards, and local currency. You will need all three when you travel abroad. Today, I’m going to help you by telling you my do’s and don’ts of money, while traveling abroad.
Watch our Do’s and don’ts of money while traveling abroad video here on YouTube.
Let’s start with local currency, since that’s what people can get most confused about.
Obviously each country has their own currency.
DO look up the local currency, as well as the exchange rate, before you leave.
DO see if they accept any other currency, such as a euro or a USD, also. You may not have to exchange, if they accept multiple currencies.
DON’T think you can avoid cash. You will need it for small markets, taxis, tips, etc.
DO use a local bank atm to get cash out. Even though there will be a fee, it is the best exchange rate you can get, and it won’t scam you like some other ATMs out there, knowing a tourist will pay a massive fee, because they are desperate.
DO go to an ATM that seems trustworthy. Go with your gut, if it seems sketchy, don’t use it. I like to use one at a bank, while the bank is open.
Don’t use the currency exchange at the airport. It is the worst exchange rate.
Do consider exchanging your money at home before you go. I have a local guy I go to, or you can go to your bank, and then all the work is done for you before you travel. They sometimes have to order it, which can take a few days, so check in a few weeks beforehand.
Don’t carry all of your cash with you at once. Separate it all during travel. If you get pickpocketed or mugged, they won’t have it all. This happened to me once, but I was really glad I only had 30 euros on me in that coin purse, and the rest was elsewhere! I now use this coin purse instead because it clips inside my purse, onto my zipper.
Do consider a money belt or theft protected purse. I like having a crossbody with concealed zippers, and a coin purse that I can attach on the inside.
Don’t forget that coins can be valuable in other currencies. Your 1 and 2 euro coins can’t be exchanged back, and should be used. I love spending all of my coins in some sort of self-scanner, when I can, or even better, at a yummy bakery.
Ok lets talk about using your cards while traveling. We love credit cards, don’t we?
DO inform your bank that you are traveling. With the countries and the dates. You can usually do this online. This will help them from thinking its fraud, and you your card will not get shut off.
Do remember your debit card, to get money out of the ATM.
Don’t use your debit card for anything but going to the ATM. Credit cards are so much better for travel and fraud protection. With a credit card, it can easily be replaced. When its your debit card, that is your cash in the bank. Not as easy, my friend.
Do get a credit card with zero foreign transaction fees. Those fees can add up and make your trip so much more expensive. We love our Chase Sapphire cards.
Don’t expect everywhere to take cards. This is why cash can be great while traveling. It is always smart to ask first, when in doubt.
Do choose local currency when you are asked “Would you like this in local currency, or US dollars?” you get the good rate. Trust me.
Do act fast if your card is lost or stolen. The faster, the better.
Do look up tipping in other countries. This is when small bills can come in handy. They don’t always have the receipt where you add it to the total. It has to be done beforehand, or in cash.
Don’t forget to do the math, when buying items with local currency. Some people may try to scam you, knowing that you are unfamiliar with the exchange rate.
Do download a currency exchange app. They are free and easy to use. Pull it up when you are thinking about a purchase, or trying to get a good understanding of the rates.
Do look up how much things will cost while abroad, so there are no surprises. For example, places like Switzerland or Finland can be insanely expensive, while places like Bali or Vietnam are insanely cheap.
I hope these do’s and don’ts help! Happy travels!
