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A Guide to Travel Money Cards

Often deemed the cheapest way to spend money abroad , travel money cards are deemed a failsafe option for many travellers. Given the rapid growth of the financial services sector, we want to find out if travel money cards are still as cutting edge as they once were, by comparing them to the new alternatives. Our job is to identify the best international money transfer services and payment providers in the industry: will travel money cards make the cut?

What are travel money cards?

Travel money cards are a popular payment method for individuals headed abroad. Customers will load funds onto the card, using the money as foreign currency when overseas, much like a debit card is used at home. Also known as travel money prepaid cards or currency cards, they facilitate free foreign transactions and overseas ATM withdrawals.

We recommend finding a travel money card which lets you lock-in a favourable exchange rate and supports multiple currencies on one card, to make sure you are securing a flexible and cost-effective deal.

How do you use a travel money card?

Using a travel money card should be straightforward and stress-free. Simply load funds onto the card before you leave, and once abroad, you will be able to reload funds and change currencies using the website or associated money transfer app . The card can be used to make withdrawals, in-store purchases and book travel arrangements.

Where can I get a travel money card?

Travel money cards are available from different retailers and can be purchased and preloaded online, over the phone or in-store, depending on the brand. In the UK, popular brands include Travelex and the Post Office.

Where can I use a travel money card?

Again, this depends on the brand and where you get your money travel card from. Available currencies vary from card to card but commonly used currencies include US Dollars, UK Pound sterling, Euros, Japanese Yen and New Zealand Dollars. Make sure you check with the provider before ordering a travel money card.

How secure are travel money cards?

Generally, travel money cards are considered a lot safer than handling multiple currencies in cash, or travellers cheques, as your provider will be able to cancel it if need be. Furthermore, some of the best travel money cards employ an equivalent level of security to traditional debit cards, including a PIN code, touch ID and face recognition.

Many consider it safer to use a travel money card abroad than a debit card, as they are not associated with your bank account and therefore cannot be linked if lost or stolen.

Travel money cards vs. Credit cards: What is the difference?

One of the biggest advantages of using a travel money card is that your chosen currency is preloaded before you arrive in the foreign country and you won’t be charged conversion fees. This means you are able to benefit from the most favourable exchange rates, locking it in ahead of time and using the funds at a later date.

Most people who use their credit card abroad do it because it is more convenient. The cost of this convenience, however, can sometimes amount to 3 - 5% per use, depending on the transaction and financial institution. Making a foreign ATM withdrawal with your credit card can incur flat-fees of $5 and up, each time.

This being said, there are some excellent traveller credit cards on the market, so we would recommend users compare exchange rates and transfer fees offered by each provider before making a decision on which card is more beneficial.

If you're planning on using your credit card, we suggest you take a look at our credit card wire transfer guide.

What are the alternatives to travel money cards?

Multi-currency accounts.

International money transfer companies are often tailoring their products and services to meet the needs of their customers. Wise , offers a multi-currency account designed with “international people" in mind. This savvy travel credit card is aimed at frequent flyers who want to spend in various currencies in over 200 countries. Wise is a reliable company to trust with your overseas spending habits.

Challenger banks

More and more alternative service providers are popping up around the world, many of them offering reputable banking features for the modern traveller. In a bid to distinguish themselves from traditional banks, challenger banks are scrapping fees on foreign exchange and international spending. Monzo customers, for example, can benefit from free international ATM withdrawals as well as fee-free spending overseas.

We hope this guide to travel money cards has enlightened you and helped you make a decision about whether this is a suitable payment method for your next trip overseas. We appreciate the value of your hard-earned cash and want all our customers to benefit from the best possible rates when dealing with international payments. Use our comparison tool today to make sure you are offered the most desirable exchange rate for your currency.

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Whether to Use Cash, Credit, or Debit While Traveling

Traveling with money is a task that makes many people uneasy, especially when foreign currency is involved. Carrying cash abroad can be deemed as risky, but credit and debit cards can be notoriously finicky because of bank security and the fees that come with international credit charges can have a major effect on your funds in the long run. So, what's a poor old wandering soul to do?

These are questions to bring up with your bank, of course, but the safest method is perhaps to use them all. In other words: The "don't put all your eggs in one basket" saying applies. Using a mix of cash, credit, debit, and maybe even the odd traveler's check ensures that if the fees for one method are particularly astronomical, your bank account won't take as much of a toll. It also helps if one of your cards or a wad of cash is lost or stolen. 

Cash is convenient and relatively cheap to exchange . You can take money from your home country into a foreign bank almost anywhere in the world and they'll easily exchange it without the worry of tiny bank fees adding up, pesky ATM fees, or losing out on a bad exchange rate. Alternatively, though, carrying coins and paper money is a security risk. When stolen, it cannot be replaced. The key is to have just a small amount of backup cash stashed away in a safe money belt.

If properly protected, a debit card can't be stolen as easily as cash. Debit cards can be used across many countries , although you should notify your bank of international usage first. Better yet, they can be used to retrieve cash—if the occasion calls for it—at an ATM and are all-around less bulky than carrying cash on your hip.

Be aware, however, that not all ATM machines (especially in more rural places) accept foreign debit cards and certainly not every restaurant and store will, either. Shops have been known to ban foreign debit altogether, so carrying a form of backup currency is always wise. Additionally, using debit regularly could lead to an accumulation of transaction fees. At ATMs, for instance, you'll be charged for converting funds into local currency and , if outside of your network, an additional ATM fee.

You may also need to change your PIN before you go, seeing as some countries' ATM machines can't process PINs with more than four digits. Others can't process ones with zeros. Lastly, before swiping your debit card abroad, educate yourself on ATM scams and learn how to avoid them.

Credit Cards

Like debit cards, credit cards are small and packable. They're replaceable and reliable. In fact, some hotels only accept authorization via credit, so this may be an integral method for you. MasterCard and Visa are widely accepted in other countries and you can use them for ATM transactions, too.

The bad news is that unscrupulous merchants can steal your credit card information and while you can dispute fraudulent charges and eventually get them removed from your account, the process can be grueling. You may need to cancel your card mid-trip to resolve fraud issues. It would be wise to also find out what your bank charges in international transaction fees before swiping your card haphazardly.

Prepaid Travel Cards

Prepaid travel cards like Visa TravelMoney look like credit cards but function more like a modern version of travelers checks. You simply load the card with money from your bank account and use it like a debit card at ATMs or like a credit card at merchants and hotels. They're locked with a PIN number, as your other cards are, for extra security, but they can sometimes be difficult to use at ATM machines. Additionally, fees for foreign currency transactions can be extremely high—as much as 7 percent in some cases.

Traveler's Checks

Although traveler's checks are historically secure and can be replaced if lost or stolen, they're hardly used anymore. Not many merchants or banks still accept them, even if they're written in their local currency. Merchants may charge you an additional fee for paying with traveler's checks, which are expensive to purchase in the first place (on top of the standard service fee, you'll also pay for shipping if you order them online). Not only are they one of the bulkiest means of payment to carry with you, they're one of the least useful, too.

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What’s the Best Way to Exchange Your Currency for a Trip Abroad?

Got an international trip coming up? Need to make a currency exchange? Let us talk you through your options.

December 4, 2023 — 4 min read

When you’re preparing for an international vacation, there’s a lot you need to remember to bring. Between your passport, enough clothes, adapters, it’s easy to fill up a few bags with just the essentials.

However...it’s also important that you don’t forget to bring some money to use on your trip. Odds are, if you’re traveling internationally, you’ll need to make payments in a different currency. What’s the best way to get the money? When should you make the currency exchange?

You have a few different options for exchanging your currency. We’re going to run through your options and let you know what the best option is and what you should do your best to avoid.

4. Using ATMs and card payments

Technically, you don’t need to make any currency exchanges. If it comes down to it, you can just go to an ATM or use a debit or credit card to make your payments. But while this option might sound like the most convenient one (at least as far as your time is concerned), it’s far from the best option.

When you visit ATMs or use your card to make payments in another country (and currency), you’re going to be subjected to numerous service fees and transaction fees each time you withdraw cash or swipe your card. If you’re there for a short time and only plan on making one or two payments that might not be so bad, but if you’re planning on making numerous purchases, these fees can and will add up—fast.

3. Exchanging in person at your destination

Another common option is waiting until you enter the country, and exchanging your currency there. People typically do this at the airport or at a local bank or currency exchange store.

While this method will let you avoid the high transaction fees, it unfortunately will not protect you from unfavorable rates of exchange. These providers are free to set their own rates, and it is very likely (especially if you’re exchanging at an airport kiosk ) that the rates will give you much less for your money than if you transfer elsewhere.

And from a peace of mind perspective, wouldn’t it be nice to have your money taken care of before your arrival? That way, once you arrive, you’re free to start exploring or take a rest, without having to worry about getting money on top of wrangling your luggage and figuring out how to get to your lodgings.

2. Exchanging at the bank before your trip

As we mentioned in the previous section, it’s always nice to have your currency exchange taken care of before you reach your destination. It’s one less item to have on your to-do list when you arrive, and then if something happens upon arrival, you’ll already have the money that you need.

While banks are reliable, easily accessible, and can facilitate a currency exchange for you, they still aren’t the best option. While their rates will be better than those of airport kiosks, banks still come with a few drawbacks —namely, limited working hours, unfavorable exchange rates, and transaction fees.

So where does that leave us? Well...

1. Using money transfer to get currency before your trip

We promise we’re not biased—this really is the best option. Using an online money transfer service to exchange your currency before your trip will allow you to:

Avoid transaction and payment fees

Trust you’ll get a fair exchange rate

Take care of your currency exchange quickly and from your own home

Let you relax knowing that your currency exchange has already been handled.

It’s quick and easy to make an online money transfer. You don’t need to find a physical storefront and worry about business hours—you can initiate one on the go, 24/7, 365 days a year.

Haven’t made an online money transfer before? Here’s our step-by-step guide to the process. Or are you ready to get started now? Visit our Money Transfers page to learn more about Xe and how you can take care of your currency needs now, before you take on that upcoming trip.

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The Best Way to Carry Money Overseas

Sarah Schlichter

Deputy Executive Editor Sarah Schlichter's idea of a perfect trip includes spotting exotic animals, hiking through pristine landscapes, exploring new neighborhoods on foot, and soaking up as much art as she can. She often attempts to recreate recipes from her international travels after she gets home (which has twice resulted in accidental kitchen fires—no humans or animals were harmed).

Sarah joined the SmarterTravel team in 2017 after more than a decade at the helm of IndependentTraveler.com. Sarah's practical travel advice has been featured in dozens of news outlets including the New York Times, the Chicago Tribune, USA Today, Budget Travel, and Peter Greenberg Worldwide Radio. Follow her on Twitter @TravelEditor .

The Handy Item I Always Pack: "A journal. Even years later, reading my notes from a trip can bring back incredibly vivid memories."

Ultimate Bucket List Experience: "Road tripping and hiking through the rugged mountains of Patagonia."

Travel Motto: "'To awaken quite alone in a strange town is one of the pleasantest sensations in the world.'—Freya Stark"

Aisle, Window, or Middle Seat: "Aisle. I get restless on long flights and like to be able to move around without disturbing anyone else."

Email Sarah at [email protected] .

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Before you leave for your next trip abroad, take a moment to think dollars and cents — or should we say pounds and pesos? Get the most for your money overseas by doing a little homework first.

The most important step is to know your options. In decades past traveler’s checks were the most popular way to carry money overseas — but today’s travelers are much more likely to rely on credit cards and ATM withdrawals, which usually offer better exchange rates and lower fees.

What’s the best option for you? And how can you avoid those pesky currency conversion fees when making purchases abroad? Read on for answers to these questions and a comprehensive roundup of all your currency conversion options when you’re traveling overseas.

Credit Cards

Best for: Large purchases such as airline tickets, hotel bills, car rentals and restaurant meals.

Pros: The biggest advantage to using credit cards while traveling overseas is that credit card purchases are exchanged at the interbank exchange rate, usually the best rate you can get for currency exchange. While most credit card issuers charge currency conversion fees each time you make a purchase in a foreign currency (generally 1 percent from Visa or MasterCard plus an additional 1 – 2 percent for themselves), these fees are typically lower than those you’d pay to convert your own currency at a change bureau. And there are a few cards out there (many from Capital One) that do not charge any foreign transaction fees at all, not even the ones from Visa or MasterCard. Check out Airfarewatchdog , SmarterTravel’s sister site, for a list.

Cons: Some restaurants, stores and even hotels won’t take credit cards, so you’ll need to have cash on hand at all times. While you can use credit cards to get cash advances at ATMs, bear in mind that they’ll be subject to any finance charges your credit card company imposes — which can add up very quickly. Plus, if you’re not home by the time the bills come in and you haven’t made arrangements to pay them, you’ll be hit with hefty finance charges on these advances.

One problem for U.S. travelers is the growing prevalence of “chip-and-PIN” credit cards in Europe, Asia and South America. Designed to reduce fraud, these cards rely on an embedded chip that transmits information to a merchant, which the consumer then verifies by entering a PIN. While U.S. cards with magnetic stripes will still work as long as there’s someone to swipe them, many travelers report problems using their cards in ticket vending kiosks, at gas stations or in other places featuring automated payment machines. If you find yourself in this dilemma, your only alternatives are to find an attendant to scan your card or to use cash instead.

These cards are slowly becoming more available to U.S. travelers. Check out CardHub.com for a list.

What You Need to Know: The first thing you should do if you are traveling abroad with a credit card, even if you only plan to use it in case of an emergency, is to call the issuer and ask which fees will apply to your purchases, both in local currency and in U.S. dollars. We recommend calling before each trip, as these policies may change without notice.

While you’re on the phone, let your credit card issuer know when and where you will be traveling — that way the sudden international activity on your account won’t trigger your issuer’s fraud alert system. As a precaution, we recommend bringing two credit cards on your trip in case one stops working. Finally, get a phone number that you can use to call the company from overseas if your card is lost or stolen. (The 800 number on the back of your card typically will only work in the U.S. or Canada.)

Some merchants (particularly in Europe) offer what’s known as dynamic currency conversion, which means that they’ll charge you in dollars rather than the local currency. Because some card issuers will waive the currency conversion fee if your overseas purchase is made in dollars, dynamic currency conversion could help you save a few coins. However, keep in mind you’ll almost always get hit by a conversion fee from the merchant instead — sometimes up to 5 percent — so you may end up losing out on the deal. Be sure you know which fees apply to either option before deciding which currency to use.

A few other caveats to bear in mind: Some hotels and car rental companies may put holds on your credit card for the amount of your total expected bill. This can use up your credit line before you’ve actually incurred and paid for the charges. All merchants are supposed to inform you if they do put a hold or “deposit” on your card. If they do, make sure you clarify that the hold has been removed when you’ve paid your bill in full.

Keep in mind that you may not have as much protection overseas as you do at home when problems arise over inaccurate charges. Incidents are always being reported of travelers being charged twice for the same item or for items they never purchased, and credit card companies are not always willing or able to intercede on their behalf. Always watch merchants imprinting your card and keep your receipts. After you get home, check your credit card statement. If you see charges you didn’t make, call your creditor and ask them to dispute the charges.

Neck Wallet

Designed to be worn under clothing, this RFID blocking neck pouch offers an added layer of security for any important credit cards when traveling abroad. This wallet is discreet while still keeping your essentials in easy reach and is offered in neutral colors!

Debit and ATM Cards

Best for: Getting cash in local currency.

Pros: You’ll get the same great interbank exchange rate when you make cash withdrawals with your debit or ATM card as you do when you make a credit card purchase. With ATMs available in major cities and airports all over the world, this is generally the cheapest and most convenient way to get cash in the local currency.

Cons: Each cash withdrawal you make will usually be subject to currency conversion fees, foreign ATM fees or other charges from your bank and/or the local bank that maintains the ATM. For more information, see ATMs Abroad . Debit cards work pretty much the same as regular credit cards for purchases, but if your card is lost or stolen you may not have the same protection. By U.S. law, as long as you report your card missing within two business days, your maximum liability for use of that card will be $50 — the same as for a credit card. However, if you wait any longer, you could be responsible for hundreds of dollars in unauthorized charges.

What You Need to Know: If the ATM card from your home bank isn’t connected to the worldwide Cirrus or PLUS networks, you may want to look into getting a MasterCard or Visa debit card. While they look and can be used like regular charge cards, they actually debit your checking account the same way your ATM card does.

If you are renting a car, you should be aware that debit cards are not always accepted and may sometimes be subject to additional red tape.

Finally, don’t forget to call your bank and make it aware of your travel plans; as with credit cards, sudden international activity using your debit card could cause your account to be frozen.

RFID Blocking Wristlet

This stylish wallet comes complete with RFID blocking function so you have an added layer of protection when it comes to keeping your finances secure while traveling. Not only does it easily fit your important credit cards, identification, cash and your phone, the classy exterior looks amazing with any outfit!

Best for: The first 24 hours of your trip — to tide you over until you can find the nearest ATM.

Pros: It’s often a good idea to get some foreign currency before you leave home so that you have cash on hand to handle your immediate expenses — like buying a meal at the airport or taking a cab to your hotel. This way you’re not stranded without cash if the airport ATM isn’t working or you arrive after the local exchange bureau has closed.

Cons: You typically won’t get a great conversion rate from your home bank, and you may also have to pay fees or commissions. If you’re traveling to a major international airport in a large city, which will likely have multiple ATMs and change counters, getting currency beforehand probably isn’t necessary.

What You Need to Know: You can get foreign currency from your local bank, online or at the airport. Try your local bank first, as they may waive fees for certain accountholders. We recommend bringing $100 – $150 worth of foreign currency. See Buying Foreign Currency: Get More Bang for Your Buck for tips.

Bra Stash/ Belt Loop Wallet

The Silk Undercover Bra Stash: this stylish, discrete wallet is meant to be worn under-clothing or attached to a belt loop for extra security. This wallet is designed to keep your cash secure and hidden. The silky smooth material comes with a moisture resistant lining for maximum comfort.

Traveler’s Checks and Prepaid Cards

Best for: Emergency backup if you can’t find a functioning ATM (checks) or a secure alternative to cash (checks and check cards).

Pros: Traveler’s checks and check cards provide more security than cash because they can be replaced (usually within 24 hours) if lost or stolen. While traditional traveler’s checks have largely gone the way of the dinosaur, Visa and Travelex offer travel cards that are prepaid like traveler’s checks but work like credit cards for purchases and ATM withdrawals. To avoid the aforementioned problems that U.S. travelers have at overseas chip-and-PIN machines, Travelex even offers a chip-and-PIN card called Cash Passport (available in several different currencies). Traditional checks from American Express are still sometimes useful as currency if you can’t find a functioning ATM.

Cons: The exchange rate for traveler’s checks is not as favorable as the interbank rate you’ll get when using a credit or debit card, and very few merchants accept the checks for purchases these days. You’ll also have to pay commissions, shipping charges and/or conversion fees to purchase and cash the checks. The prepaid cards have plenty of fees too — look out for activation fees, charges for reloading the card, ATM charges or inactivity fees. In most cases, you’re probably better off using your own debit card.

What You Need to Know: Keep your checks’ serial numbers in a secure but separate place from the checks themselves in case they’re lost or stolen.

Hidden Wallet

This RFID blocking wallet safely stores cash, passports, credit cards and fits all iPhone models and provides a safe guard between your belongings and any pickpockets.

Sending Money Overseas

Best for: Emergencies when you need money sent overseas in a hurry.

Pros: If you find yourself stranded overseas without cash, someone at home can wire money to you and you’ll have it within a day — or even a few minutes.

Cons: Fees for sending money abroad can run anywhere from 1 to 10 percent or more; in general, the faster you need the money, the more expensive it will be.

What You Need to Know: The best-known companies for sending money are Western Union and MoneyGram. Both charge variable fees depending on how much money you’re sending, where you’re sending it and how your recipient will access it. The slower the service you choose, the more economical the price.

Other choices for sending money abroad include bank wire transfers or international postal money orders from the post office. While less expensive, these methods may take more time.

More From S marterTravel:

• 10 Travel Money Mistakes to Avoid
• A Newbie’s Guide to International Travel
• 11 Ways to Prevent Identity Theft While Traveling

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The Ultimate Guide To Traveling with Money

Last Updated: June 18, 2024

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There are lots of different ways to spend money these days, but international travel throws in a whole new level of complications.

On top of managing your money, there’s transaction fees to think about, currency exchange rates, and security too.

In this guide, I’m going to outline all the best ways to travel with money, securely and safely and without losing your shirt in fees.

Table of Contents

Chapter 1: The Best Ways to Carry Cash Safely While Traveling

Chapter 2: how to use atms abroad safely to access your cash.

Chapter 3: How to Use Your Debit Card Safely On The Road

Chapter 4: How to Save Money By Traveling With Credit Cards

Chapter 5: How Many Debit and Credit Cards To Carry While Traveling

Chapter 6: How to Use Prepaid Travel Cards if You Don’t Want a Credit Card

Chapter 7: The Skinny on Travelers Cheques

Cash can be quite useful – and in some cases downright necessary – while traveling.

Despite my personal preference for using a credit card whenever I can, I’ve been to places where cash is the only currency; be it a marketplace, restaurant, or entire city or country.

But cash is also the easiest form of tender to lose or be bereft of, on levels ranging from petty to devastating.

In this chapter, you’ll learn my favorite ways to carry cash safely while you travel.

Don’t Access Your Wallet In Public

If you’re in a busy marketplace and enjoying some shopping and the art of haggling, constantly whipping out your wallet is asking for trouble.

Instead, keep some spending cash loose and separate from your wallet.

Not only is it a form of budgeting, allowing you to pre-determine how much you’d like to spend and keeping only that amount easily accessible, but it also limits your liability for theft or loss.

On a similar note, don’t keep your wallet too easily accessible. The easier it is for you to access, the easier it is for a pickpocket to access.

Diversify Your Cash

Keep some in a wallet, some in a zippered pocket, some in a shoe, and some behind in your luggage (in an unlikely place like your toiletry kit or even in a dirty sock).

That way if one stash goes missing, you haven’t lost everything.

Not only should you diversify where you carry your cash on your person, but if you’re traveling with a partner, share the load and diversify your cash between you.

Use a Money Belt (Or Hidden Pouches )

I’m not a huge fan of money belts, but I must say I’ve had a few that work better than others. In general, having a hot sweaty pouch next to my skin on travel days is uncomfortable and annoyi ng (which may at least partially explain why I vastly prefer not to use cash, ever).

That said, there are many different kinds of hidden pouches that can be worn in various places around the body.

Keep Some Cash In Sneaky Spots

Most opportunistic thieves won’t delve so far down as to sift through your dirty laundry to see if you have some cash stashed in there. Thus, it’s a pretty good hiding place.

Another popular hiding spot for women is an emptied out tampon tube. Keep it in your pack of tampons (back in its wrapper), and an opportunistic thief isn’t likely to sift through each tampon.

Carry A Decoy Wallet

If you’re particularly nervous for your safety or are in a location rife with pickpockets, you might want to use a decoy wallet, which has a bit of cash and a bunch of fake cards that you can afford to lose should you be required to part with your wallet.

Warning: you may not want to use expired credit cards for your decoy wallet though, since it is still sensitive information you don’t want to part with. 

There are a few tricks to using ATMs abroad; if you don’t employ them, you might not be able to access your money while you travel.

This came to my attention when a reader hadn’t anticipated the limited access to accounts that foreign ATMs provide, and found herself without money when she needed it. It was a perfect storm of simple complications.

Here are the lessons she learned (and a few more) about using ATMs abroad, which if you heed this advice, you won’t have to learn the hard way.

Don’t Forget That Account Information And Transactions Aren’t Available On Foreign ATMs

At home, you can use the ATM to see your account information, transfer money from one account to another (such as from savings to chequing), and perform other account administration tasks.

When using ATMs abroad, this isn’t usually possible. At best you can view your balance (but not always), and make withdrawals.

Know Which Accounts Are Which

Before you go away, know which of your account numbers are linked to “chequing”, “savings”, and “other” on your ATM card.

You can normally set this at your bank before you leave. (For example, I have my main account as “chequing”, and a line of credit as my “other” account).

Sometimes in a foreign country, you can’t see the labels on the accounts, or you might not understand the language. It’s best to know your account numbers and which are which.

Get Online Banking

Access to online banking can get you out of many a pickle on the road. You can transfer money between accounts, pay bills, create travel alerts, and monitor transactions. It’s also a security measure so you can keep an eye on your accounts to ensure there’s no fraudulent activity.

My reader who was stranded abroad hadn’t set up online banking before traveling, and thus had no way of accessing the money in her savings account, which wasn’t connected to her ATM card. She had to ask somebody at home to transfer the money from her savings to her chequing account so she could make a withdrawal.

Make Sure It’s A Chip Card

It’s now the norm for both debit and credit cards to have chips and PINs. Make sure your debit card is armed with a chip, otherwise you may not be able to use some ATMs abroad at all.

Switch To A 4-Digit PIN

Many ATMs and debit machines abroad only accept 4 digit PIN numbers, so if your bank uses 5 digit PINs, make sure you switch before you depart. You can do this at your home branch, and often at home ATMs too.

If All Else Fails, Pay Your Credit Card Off

I highly discourage readers from making cash advances with their credit cards, since interest is charged on the total balance from the date of withdrawal (whereas normal credit card charges have a grace period of about a month).

But sometimes, bank cards just won’t work, and you’ll have to use your credit card to get cash.

If this happens to you, you’d do well to pay off your entire credit card balance plus the amount you wish to withdraw before you visit the ATM . This will save you from being charged hefty interest. If you can’t do this, then as soon as you can after making the ATM withdrawal, go online and pay off your entire credit card balance.

Know Your Bank’s Phone Number

If you run into problems with your bank card abroad, have your bank’s phone number handy, and register for telephone banking before you leave. It’s an alternate way to sort out account issues if you don’t have online access for whatever reason.

Registering for telephone banking is easy; simply call the banking line with your ATM card handy, and follow the prompts to set up your account and special telephone banking PIN. Telephone banking is not just for automated banking either; depending on your bank, you may need to go through this system to get to an operator who can help you.  

When I was in Bali, I tried to make an ATM withdrawal at multiple ATMs without success. Luckily I had my bank’s phone number (and telephone banking PIN) on hand; when I called in, I learned that the system had flagged the ATM withdrawal as potentially fraudulent and had frozen my account. Once I confirmed that indeed it was me, they opened my account again and I could make a withdrawal right away.  

Check The ATM Network Logos On Your Card

On the back of your bank card is likely a series of logos, including (hopefully) at least one of Plus, Interac, Maestro, or Cirrus, which are the most common networks around the world.

You will only be able to use ATMs abroad that display one of these logos that matches your card.

Back Up Your Information

On my trusty USB stick , I have encrypted pictures of my bank card, records of the account number on the front of my card, and my bank’s phone number in case I lose the card or need assistance.

In the spirit of redundancy (which, when you travel, isn’t really something you can overdo), I also have encrypted copies of ID and bank cards etc in my 1Password account. I can seamlessly sync all this across devices – as well as to maintain super duper secure passwords!

When my purse was stolen in Peru, I was grateful for having my ATM card number written down elsewhere, because I needed it when I called my bank to report the theft.

Know Your Withdrawal Limits

Before you leave, know the daily and weekly withdrawal limits for your account (and set your preference accordingly).

When I was in Panama , I couldn’t understand why my ATM withdrawal requests were being declined; until I remembered that I had set a low withdrawal limit before I left to prevent undue thefts if my card got into the wrong hands.

Choose An Account With Low/No Withdrawal Fees

In Peru I was getting charged $5 for every cash withdrawal at a foreign ATM, and since credit cards aren’t widely accepted in Peru and cash is king, I was losing my shirt.

Then I went online and switched from a “value” (ie: no frills) account to a higher-echelon account that allowed unlimited free foreign ATM withdrawals. I need to maintain a certain balance to avoid the monthly charge, but it’s worthwhile.

Ask your bank about any special account-types they have that limit how much you’ll be paying abroad at ATMs.

Use Bank-Affiliated ATMs

Private ATMs in convenience stores or on street corners tend to charge extra commissions and service fees, and security can also be an issue. Instead, make sure you use ATMs that are affiliated with a bank, even if it’s not your bank.

Use ATMs During Banking Hours

If the ATM eats your card, it will be considerably easier to rectify if you can walk into the associated bank right away. Because of this, it’s ideal to not only use bank-affiliated ATMs, but ATMs that are actually inside or beside the bank itself.

Check For Skimmers

After watching this terrifying video of an ATM skimmer in Vienna, I’m vigilant not only about using ATMs that are affiliated with and ideally inside major banks with security personnel on site, but I also check the ATM itself for a skimmer machine. You can do this by jiggling the device that you insert your card into (if it falls off, it’s a fake), and make sure you cover your hand completely when you enter your PIN (some machines have cameras set up to record your ATM card number and catch you entering in your PIN).  

Chapter 3: Using Your Debit Card on the Road

Having a debit card means you can not only withdraw cash from ATMs around the world, but you can also pay directly for items with some vendors using direct debit.

But you’ve also got to navigate of ATM withdrawal fees (levied by both your bank and the ATM), hidden currency conversion charges, ATM accessibility options, and a myriad of security issues from having your card stolen and PIN swiped, to electronic and identity theft, to simply carrying too much cash and getting mugged.

In addition to all the ATM tips above, this chapter gives you some more info about using your debit card on the road – safely and without incurring undue fees.

Strategies to Use Your Debit Card Safely While Traveling

Limit Your Bank Account Balance

By limiting the amount of money you keep in your checking/savings account, there won’t be as much (or all) of your money there if someone steals your debit card and PIN number.

Only keep enough there to cover automatic payments (like bills or loan instalments) plus what you’d need to withdraw at an ATM one time. Keep the rest in a separate savings account not accessible through your ATM card, and do an online transfer when you need more.

Protect Your PIN Number

Stealing someone’s information isn’t always high tech.

Always be careful when entering your PIN number, whether at an ATM or at a store while making a direct debit payment. You never know when the person behind you in line – or even the cashier! – might be looking over your shoulder for your PIN.

All it takes is covering the entry pad with one hand while your other hand punches in your PIN. Easy!

Keep An Eye On Your Account

This is another reason why online banking is super handy for travelers.

If you keep an eye on your account, you’ll be able to catch fraudulent transactions sooner rather than later and alert your bank.

Fees to Be Aware of When Using Your Debit Card at an ATM

Your Home Bank’s Fees At The ATM

Your bank will probably charge you a fee each time you use a foreign ATM (unless you’re visiting a branch of your home bank).

As discussed earlier, you can often limit these fees by structuring your account to include free foreign ATM withdrawals. This may necessitate maintaining a minimum balance to eliminate monthly account fees.

Foreign ATM Fees

Many foreign ATMs charge an additional commission to use their machine. In most cases the ATM states the fee before you confirm the withdrawal.

You’ll stand the best chance of avoiding these fees by using major bank-affiliated ATMs.

Currency Conversion Fees At The ATM

Whenever you change money over from one currency to another, you’ll be incurring currency conversion fees, which are almost always hidden, and come off the top.

At an ATM, these are coming from your bank. You can find out what these fees are by reading the fine print in the terms and conditions of your bank account.

The good news is the bank is probably giving you a better deal than you can get at other places, but it’s still an additional fee to be aware of.

Fees When Paying For Purchases With Your Debit Card Directly

Instead of using an ATM, you could just pay with your debit card itself, but this might incur some of its own fees as well.

Withdrawal Fees

Depending on your bank and the type of account you have with them, they may or may not charge an additional fee when making purchases with your debit card while abroad.

This means you might be able to ask the vendor you’re purchasing from for additional cash back, and not have to pay the ATM withdrawal fees at all! Make sure you ask the vendor if they charge a fee though.

Currency Conversion Fees When Using Your Debit Card

Unfortunately there’s no avoiding this one. No matter what, when you change one currency into another, you’ll always have to pay someone something. Again, this fee will be charged by your bank, and will come off the top (and invisibly).

Personally, I prefer to charge everything I can to my credit card, since it provides me with records of my purchases, I get a decent conversion rate, there is a degree of theft protection, and (quite importantly) it’s a great tool for accumulating frequent flyer miles .

But credit cards are not always accepted, nor ideal, and there are a few pitfalls to beware of.

For example, cash advances should be avoided whenever possible, since interest is charged on your entire credit card balance from the day you withdraw the money (as opposed to regular charges, which afford you a grace period).

It’s also important to have the discipline and wherewithal to spend within your means, and pay off your credit card in full each month (something I manage online).

This is important, because if you don’t pay off your balance in full and on time you’ll be charged interest (not good), and ultimately it’s possible to work yourself into a financial pickle while traveling that could get ugly – especially if your credit card is your last resort.

As with so many financial matters, knowing the best option is mostly about knowing yourself.

Here’s a list of the pros and cons of using your credit card on the road.

Pros To Using Your Credit Card While Traveling

• You’ll have a detailed record of what you spent your money on.
• Currency conversion rates vary by card, but you usually find reasonable rates on credit cards.
• If your card is lost or stolen, you usually aren’t liable for the fraudulent purchases.
• You often get some travel insurance automatically for things like flight purchases and car rentals. (will link to insurance guide)
• Racking up frequent flyer miles is one of the most important secrets to my ability to fly in business class for less than the price of economy tickets .

Cons To Using Your Credit Card Abroad

Or at least things to be aware of…

• If you use your credit card at an ATM for a cash advance, be aware that interest is charged from the date you withdrew it. (You can void this by pre-paying your entire credit card balance plus your withdrawal amount before you make the withdrawal).
• While some credit cards have great currency conversion surcharges (and some even have no surcharges!), some are obscene. Make sure you do your research when you pick the card you want to travel with.
• Sometimes stores or merchants charge extra if you want to pay with a credit card, even as much as 10%.
• Don’t let your card out of your sight, and always get a receipt. In some less-than-reputable areas, merchants have been known to “double-swipe” your card or write down your card number for later.
• Sometimes merchants will offer to charge you in your home currency, but it’s not usually a good deal. A lot of times, they’re using higher conversion rates, and sometimes your bank will still charge you the foreign transaction fee (if applicable).
• Don’t use your credit card at a payphone for long-distance calls! I learned this one the hard way, trust me .

Alert Your Credit Card Company to Your Travels

It’s important to let your credit card company or bank know ahead of time that you’re going to be traveling. Many credit card companies allow you to do this online; if not, just give them a call.

If you don’t give them a heads up, and they start seeing purchases from abroad, they might freeze your card. It’s a security thing, to protect you in case someone stole your information; if this happens it can be rectified with a phone call, but can be frustrating when your card is declined.

Giving them a heads up with your itinerary before you leave will save you a lot of hassle later on. But beware: it’s not failsafe! Even with a travel alert on your account, your card may be frozen. This is why it’s good to have more than one way to pay for things (more on this later).

Don’t Have A Credit Card Yet? Apply Before You Travel

Before you quit your job to travel full-time or start your new location independent business, there’s one very important thing you should do:

Apply for any credit cards you’ll need for the road while your income is steady and stable!

A great travel strategy to ultimately subsidize your travels is to accumulate massive amounts of frequent flyer miles by strategically applying for credit cards, both before you start traveling as well as while you’re on the road.

But if your income has dropped significantly (or disappeared entirely) since you started traveling, most credit card companies aren’t going to beat a path to your door to offer you new cards.

In fact, you may find (as I did, a few years ago) that they will flat out decline you.

Career Changes and Income Drops

I was earning six figures when I decided to sell my financial planning practice to travel full-time. I also had a stellar credit rating all my life, so getting credit of any sort was always a walk in the park.

Fast forward a few years: I was up to my eyeballs in my freelance writing and travel blogging career . I wasn’t making a ton of money at it.

But it was also not a full-time endeavour, as I also volunteered in trade for my accommodation so my earnings didn’t have to be high. (Have a peek for yourself at what financially-sustainable travel can look like: here are my detailed annual income and expense reports over the years)

Self-Employed Net Income

Regardless of my ability to balance the books while traveling full-time (and even continue to save some money), my income had dropped significantly since my financial planning days.

Not only that, but because of the spectacular tax deductions I could make use of by virtue of my entire lifestyle being career-related(!) for tax purposes, my net income was practically non-existent. (See also: Filing Taxes as a Digital Nomad – Everything You Need to Know )

While this is a boon for any taxpayer, it’s not good for demonstrating income as far as the credit card companies are concerned.

So when I applied for a frequent flyer mile credit card carrying a hefty bonus, I was declined.

Declined? Fight It

If you are declined for a credit card, conventional wisdom says you can call the credit card company and ask them to reconsider their decision, often with positive results.

In my case I wasn’t successful, but I’ll also admit I probably didn’t try hard enough.

Why didn’t I try? Because I already had two lovely hand-picked reward miles credit cards that I had applied for before I sold my business and started traveling full-time ; I didn’t need the card I applied for – I simply wanted it for the frequent flyer mile bonus.

Give It Time

Even if you’ve been declined, nothing is forever. If I were to apply for a credit card now (a few years after the experience I described above), I’m pretty sure I would be accepted. I have a better demonstration of income, and I continue to maintain an excellent credit rating.

Renewing Credit Cards While Traveling

How do you receive renewal credit cards when you’re traveling? Will the credit card company even honour a renewal if they know you’re abroad?

Good news: I – and many other travelers – have renewed multiple credit cards while traveling, without issue. Here are a few tips:

Check Your Renewal Date Prior to Leaving / When You’re Back for a Visit

If your credit card is close to its renewal date while you’re still in town, call your credit card company. If it’s in a certain window (often 60-90 days) before renewal, they can often manually start the renewal process early so that you can receive your new card with a fresh expiry date before you leave.

If you’re just outside that window but don’t want to bother with getting a renewal credit card while traveling, they might be able to issue you a new card right away. The downside is that it will come with a new credit card number, so any automatic payments you charge to the card will need to be amended.

Option 1: While Traveling, See if They Can Send Your Renewal Card to You

If you’re already traveling, call your credit card company two to three months prior to renewal and advise them that you’re going to be abroad when the card renews. Ask them to send the new card to your address abroad (if you have an address that can easily receive international mail, that is). Sometimes they will, sometimes not.

Caution: once you receive your renewal card, contact the credit card company again and ensure that the address they sent the card to is deleted from their records (assuming you won’t be staying there for years). I once had a renewal card sent to Australia, no problemo. At the following renewal however, no card came to my (original) Canada address. When I called to inquire, they had sent it to Australia as well! (Unbeknownst to me, they had changed my address on file to the Australian address).

Option 2: Have the Card Sent to Your “Home” Address and Forwarded

Since the Australia debacle, I tend to use this option; I simply wait for my renewal credit card to be automatically sent to my “home” address in Canada ( thanks, Mum! ). She then forwards it to me wherever I am. If you don’t have a willing friend or family member to act as your “home” address, a Virtual Mailing Service will do the same.

How to Avoid Credit Card Cancellation

Did you know that your credit card company can cancel your card for any number of reasons, without notifying you? And if they don’t have a reason they have a clause for that too!

Don’t get caught on the road needing to use your credit card on the road and finding out – the hard way – that it has been cancelled out from under you. Trust me – it happened to me.

Credit cards need to be managed actively, from calling in and providing travel alerts so your card isn’t frozen on the fly when you use it in a foreign country, to watching transactions closely to fend off fraudulent activity, to using it regularly to avoid cancellation for non-use.

The most common reason for your company to cancel your credit card is non-use.

It’s also really easy to avoid:

Make sure you charge something to your card every few months, and then pay it off in full at the end of every month.

This is really important if you have a credit card reserved for emergencies that doesn’t regularly get used.

Thankfully, this can be totally automated! If you have a regular payment like a subscription service, put it on that card, and then set up auto-payment in full. You can usually do this through your online banking platform for the card.

Chapter 5: How Many Debit and Credit Cards to Carry While Traveling

Juggling debit and credit cards on the road can be tricky business.

One reader wrote in:

“I’m planning a RTW trip and am having trouble wrapping my head around how to manage finances while traveling. I’ve read several blogs on this but still have two questions: 1) Is it best to carry a minimum of two cards (eg a debit and a credit or two debits etc) from different financial institutions to abate risk? 2) Is it best to keep multiple cards separate at all times? Like one on you and one in your luggage? Or does it make more sense to keep them together at different times?”

How Many Debit and Credit Cards?

I prefer to carry multiple cards to abate risk, as you say. I always have (at least) two credit cards from different banks, and one debit card. This has been handy, as I’ve frequently had minor mishaps with either one of my credit cards, and needed the second card as a backup.

Although some travelers believe in carrying multiple debit cards, I don’t bother, largely because I do most of my banking online, and I limit financial risk by keeping my bank account balance at a minimum.

Credit Card Brand Diversification

Not only do I ensure that each of my credit cards has been issued by different banks, but I also diversify my credit cards by brand; for example, Mastercard, Visa, Amex.

e not widely accepted around the world, so it’s important to have at least one Mastercard or Visa – which are the two most widely accepted credit card brands.  Ironically, Amex tends to offer the best rewards cards for frequent flyer mile and rewards points collectors – but unfortunately it’s the least accepted card.

How/Where to Carry Them

The best way to carry any duplicate valuables is to separate them in case you’re bereaved of something; for example, I carry my external hard drive and laptop in separate bags, I carry cash in different places on my person and in my bags, and when I’m on the move I keep one of my credit cards stashed in my under-clothes pouch containing my trusty USB stick .

I’m pretty vigilant with this when I’m actively on the move and my bags are packed; but once I stay somewhere long enough to unpack, I tend to carry everything I need for the day in a purse or wallet.

I will admit however, that complacency bit me in the butt when I had my purse stolen in Cusco – with everything in it.

Luckily for me, I have backups of backups of backups of everything, so even losing my wallet with everything in it wasn’t catastrophic.

It’s almost impossible to hedge against all risks at all times. Generally, a nice balance of prudence and faith is the best we can do.

Chapter 6: Prepaid Travel Cards – An Alternative to Debit or Credit Cards While You Travel

Is your credit so bad that you don’t qualify for a credit card?

And/or, are you concerned about the security of having just a debit card with you, giving potential perpetrators access to all the cash in your bank account?

Or perhaps you’re worried about being subject to currency fluctuations while you’re traveling.

Prepaid travel cards present a solution to managing your money on the road if you don’t have a credit card, want fixed conversion rates, and are concerned about the security of your credit or debit card.

What are Prepaid Travel Cards?

Although they may act and look like credit cards (and many prepaid travel cards are issued by credit card companies themselves), they work on debit, not credit.

You load the card with money, then you can use it around the world at ATMs, debit machines, and anywhere you can use a credit card.

Thus your potential loss if you run into trouble (theft, etc) is never more than the value of the card.

These can be considered even more secure than using a debit or credit card because in addition to being protected by a PIN number, your prepaid travel card is not connected to your bank account in any way.

They can also be a handy way to budget. You plan your budget for a trip, load that exact amount onto the card, and you can’t spend any more than that.

Beware however: prepaid travel cards can come at a cost, with hefty fees for transactions, currency conversion, and more. I highly recommend reading the fine print for any prepaid travel card you are considering, and taking whatever measures necessary to reduce your exposure to those fees. 

If you are interested in prepaid travel cards, a simple search (for “prepaid travel cards + [your country]”) will reveal your options. Make sure you read the fine print to ensure it will suit your travel needs.

Chapter 7: The Skinny on Travelers Cheques in the Twenty-First Century

Although travelers cheques used to be the most common option for traveling with currency and getting the best exchange rates with the lowest fees, they no longer are.

In fact, using travelers cheques can be a big mistake.

Even when I lived and worked at a hostel in Hawaii back in 2008, we accepted travelers cheques the (very) few times they were offered, but begrudgingly so, as they entailed more work than reward.

What are Travelers Cheques?

Travelers Cheques are pre-printed, fixed amount checks that people used to commonly use instead of cash while they traveled.

They were sold by banks to customers to use at a later time. The customer would immediately sign them as soon as they got them. Later, when paying with them, they would sign again and could use them as currency if the signatures matched.

They also came with receipts and documentation so that they could be replaced if they were lost or stolen.

The Decline of Travelers Cheques

According to Wiki , travelers cheques have been going steadily out of favour since the 1990s, with alternatives like credit cards, debit cards, and ATMs becoming more common, convenient, and cost-effective.

They also pose security risks for retailers, who would rather fork out commissions to accept credit cards instead.

Nowadays, travelers cheques are difficult to cash, even at banks.

One reader emailed me once about her experience taking travelers cheques to Europe:

“I unfortunately traveled with travelers cheques from American Express in Euros. You’d think Euros were Euros but they are not. Have not been able to cash them despite going to 12 banks. And there is no Amex office…”

Security Issues with Travelers Cheques

Travelers cheques aren’t even all that secure for travelers either.

Originally, the attractive thing about them was being able to replace them if they were lost or stolen. This led to a black market where they were sold by scammers for half the amount, and then reported stolen.

This, of course, contributed to the decline of travelers cheques and a lot of businesses stopped accepting them.

The problem for travelers whose checks were actually stolen, was that the process of getting them replaced is ridiculously complicated, and a lot of people aren’t able to even get them replaced at all! (which is of course why they got them in the first place).

At one point in time, they were a viable alternative to carrying large amounts of cash.

But these days, your cash is best left in your bank account (or travel savings account), and accessed when you need it via credit card or debit card.

So that’s my ultimate guide to the best ways to travel with money.

What’s been your experience with any of these strategies? Do you have any other methods you use?

Let me know by leaving a comment below!

SEE ALSO: How to Drastically Cut Your Expenses so You Can Save Money to Travel

22 thoughts on “The Ultimate Guide To Traveling with Money”

This is a long one, a lot of good advice! Thanks!

Hey Rob, I hope you like the long format guide! I’m creating a few massive guides in the next few months that will clean up a plethora of smaller older posts on my site, and make the info that most people are asking for infinitely more accessible. 🙂

I like the new long format and I think it will be better for your readers though I wonder a couple of things. First, I am curious to know whether it will be better or worse for the business side of your blog (traffic, ranking, etc.). Second, I wonder if readers really will value it or not. Just because I do doesn’t mean I am typical. I have a few really long guides on my site and while they get traffic I always wonder how many people actually read them all. I suspect quite a lot maybe bookmark them for later reading, which never happens. Or they maybe start reading and get distracted and then never bother to finish.

Hi Jeff, Great concerns! Apparently prudent SEO practice now entails the publication of much longer articles. So putting together these long guides serves to help me clean up dozens of older posts (that don’t generally get much traffic), provide updated information, AND hopefully score some extra bonus points with Google.

As for the reading of long-form guides, I do agree with you in that at times I lose patience in dedicating myself to reading a full guide. But with the chapter breakdown at the beginning (which I have on my posts, and which many people who publish guides like these use), it’s easy enough to navigate to the parts I really want to read.

Thanks for the reply and good luck with the new approach. I know you don’t post much about the art of blogging, but after you have had sufficient time applying this new long format to other topics and can judge the impact it might be interesting to post a summary of how it turns out.

Yep! You’re absolutely right, Nora. Google now favours longer content. One of my clients is now asking me to write content that’s three times the length he used to want. Google says jump and everyone seems to ask how high.

Great article, by the way. I recently opened a Transferwise Borderless account because it appears to make things a lot cheaper with currency conversions. Every time you add a currency you get an account in a country that uses it. Then you just transfer between accounts. So far, I’m impressed, but I haven’t had it long enough to evaluate all the pros and cons.

Good deal on da wallet Nora. I always use credit in developed nations. But in cash-only, 3rd world nations, I do not flash da cash LOL. All about discretion. I rarely carry much cash on me either. I just eat ATM fees and travel light.

Ryan! Does your bank have a plan that allows you to have foreign ATM fees covered or reduced? That’s how I manage to avoid paying ridiculous withdrawal fees in cash-necessary countries.

Good information here. I first used a foreign ATM in 1995 in Paris. Now I rarely carry much cash for international travel. Instead I rely on credit cards for purchases, and ATM’s to replenish cash when necessary. The exchange rates for the cards has been much better than bank rates. You did not mention that anymore, ATM’s often offer the option of a fixed exchange rate at the time of transaction vs. the exchange rate your bank will give you. The optional fixed rates at the ATM’s I used last summer in Portugal charged 5 to 7 US cents more per Euro.

By “bank rates,” in the part reading ” The exchange rates for the cards has been much better than bank rates,” I was referring to the rate one gets changing a piece of currency at a bank, not the inter-bank rates typically used for credit or ATM transactions in my experience.

Hey Gary, I’m glad you clarified about the “bank rates”, because in my experience, inter-bank rates (the rate you get when withdrawing cash at an ATM with your debit card) are the lowest rates.

I’ve never had an option to pay an optional fixed currency conversion rate at an ATM….personally I’d be leery. PayPal and many credit card issuers do the same thing: you can pay a fixed (hidden) exchange rate and then the item is charge in your home currency, or you can pay whatever exchange rate is prevailing on the day the credit card posts the charge. In my experience charging in your home currency is not a good deal; they’re skimming extra in offering to convert for you!

And for the record, I do mention in the section called “Cons to Using Your Credit Card Abroad” that it’s generally a bad idea to allow the vendor to do the conversion for you and charge in your home currency.

I have seen the fixed rate offered at ATM’s in Portugal, Ireland and Mexico within the past 2 years. Those rates all turned out to be about 5% more expensive than the prevailing rate when the transaction was posted to my credit union account.

Wow – that’s fascinating! (And upsetting – ha ha) Between some ATMs charging extra commissions (Thailand is the worst I’ve encountered at almost $10 – and they ALL charge it), to now offering fixed exchange rates (at a premium), they’re certainly making sure they “get their piece of the pie”!

Thanks Nora. We have just started a 12 month sabbatical. I travelled for many years in the 1980s with cash and travellers cheques. Our first stop has been Bali. It did not take long to see how the fees added up at the ATMs using debit cards. I figured A$5 to use the ATM to get 1,000,000 Rps (A$100) plus the currency conversion fee it ended up being 7-8% per transaction. Fortunately the 28 Degree Credit Card has provided relief from this as has cash (but there’s only so much of that one can carry). The other thing I do is only keep small amounts on my debit cards e.g. A$1000. Every week I top up the debit card account from an online account that do not have a card for. This is working well for me. Thanks for an informative post for a traveller back on the road after 25 years. Mitch

Hey Mitch, Great strategy in limiting your debit card balance! But beware of changing money in Bali – Bali is renowned for their currency exchange scams. Kuta in particular was a complete horror show for me (which of course made a funny – and cautionary – tale): https://www.theprofessionalhobo.com/visiting-kuta-bali/

Nora you did it again. What a thorough guide! ?

Thank you, Dane!

A couple of notes here. I am a US ex-pat living in Hungary. Still, one of my credit cards does not have a chip in it. For those cards that do, most places around Europe no longer need you to sign a receipt when using a chip encoded credit card. In Hungary, you still do for now.

I have called my credit card companies about over-paying on my card in order to have an opportunity for a cash advance if needed. I was informed that even with a credit on the card, I would still be charged the same interest rate as any other cash advance. To solve this, I got a Charles Swab account. They reimburse all ATM fees at the end of each month.

Also, as an ex-pat, I had problems getting a pre-paid credit card even with superior credit ratings. Not living in the US or Canada sometimes has its drawbacks.

Hi Ryan, Thanks for the intel! There are a variety of countries (especially in Asia) that still require a signature even when they use the chip reader. I find it funny, since it usually means signing a receipt that says “no signature required”!

I don’t understand how you could possibly be charged interest on a non-existent credit card balance however…..assuming you have a $0 balance plus you overpay the amount you want to withdraw, the only charge I could imagine being possible is the withdrawal fee. Which, thankfully, you’ve now managed to sort out with your Charles Schwab account. yay!

And don’t feel too bad about the pre-paid travel card. They’re not typically that great a deal anyway 😉

Hi Nora – thanks for such an informative post. I keep coming back to your site again and again as my travel plans advance. This time it was to find the Soctiabank Passport Visa link so that I could apply and you’d get some credit/payment for it. 🙂

Thank you so much Sherry! I’m thrilled that you use my site and content as a resource to come back to. And even more thrilled that you got the Scotiabank Passport Visa! (Thank you so much for using my link). I hope you love it as much as I do! 🙂

Most of the people around me think that flashy hotels and expensive flights are the only way to travel and yet I use to holiday all the time and get comments like “I robbed a bank” or something. Thanks so much for sharing this, a couple of things I can look into to help me even further

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Traveling Internationally? Order Foreign Currency Before You Go

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Upon landing in a foreign country, expect a lot of lines. There’s immigration, passport control and customs inspection. But there’s one line you can — and absolutely should — skip: the airport currency exchange.

Not only does the airport currency exchange counter’s line cut into precious time abroad, but it’s typically a terrible money move. Airport currency exchange rates are among the worst you’ll find.

It’s not uncommon to see airport exchanges charging 14% more than the current International Monetary Fund (IMF) exchange rate. NerdWallet even found some premiums exceeding 17%. Some also charge additional fees on top of the poor exchange rate.

So what do you do if you need cash upon arrival to order a cab or tip the bellhop? Consider ordering foreign currency before you fly.

Most banks allow you to order foreign currencies, which you can typically pick up at a local branch before your trip. Some banks offer to ship currencies to you, and sometimes they don’t even charge extra for postage if you order a certain amount.

Plus, the exchange rate are usually quite good. For instance, at Bank of America, the exchange rates we checked in January 2024 average roughly 6% more than the IMF rates — and less than half of what the airport currency exchanges are charging.

Just check your own bank's exchange rate to ensure it's optimal before initiating the transaction.

» Learn more: The best travel credit cards right now

How to order foreign currency from your bank

While the exact process varies by bank, most major banks make it easy to order online.

Typically you can access the currency exchange webpage through your bank’s website or mobile app, or by phone. From there, you usually enter the currency you need, add the desired amount, select the pickup method and place your order.

While you can generally expect a solid exchange rate, use a trusted source such as Reuters or the International Monetary Fund to find current exchange rates and ensure you get a fair deal.

Additionally, understand all the fees involved. For example, Citi charges a $5 service fee for transactions under $1,000, though it’s waived for clients with premium bank accounts .

Or you might get charged a shipping fee. Bank of America’s standard shipping costs $7.50, but overnight shipping is $20. Sometimes you can avoid shipping fees by opting to pick up the cash at a local branch or by being a loyal customer. Bank of America Preferred Rewards program members get free standard shipping.

There’s also generally a minimum amount of foreign currency you can order ($100 or $200 is common) and a maximum ($10,000 within a 30-day period is common).

Other good ways to pay abroad

If it’s too late to order foreign currency from your bank, here are other ways to curtail currency fees :

Find an in-network ATM abroad

Major banks usually have branches abroad or partner with other banks to create a network. Using those ATMs often provides a decent exchange rate while eliminating out-of-network ATM fees.

If you end up using a non-network ATM, pay attention to ATM fees , which vary but usually run about $5 per transaction. Given that, consider limiting ATM debit transactions by withdrawing the amount you think you’ll need for the entire trip, or at least a large portion of it.

ATM availability is more common in some places than others. Macau has the highest number of ATMs per capita with 316 ATMs per 100,000 adults, based on 2021 data from the World Bank Group. Uruguay, Canada and Austria are other destinations with the most ATMs per capita.

But other countries tend to have far fewer. For example, Kenya had fewer than 7 ATMs per 100,000 adults and Nepal had only 20 ATMs per 100,000 adults, according to the same data.

Pay with a credit card that doesn’t charge foreign transaction fees

Depending on the card, you might get dinged with foreign transaction fees of 1%-3% when you make purchases at non-U.S. retailers abroad.

That’s why it’s wise to carry a no-foreign-transaction-fee credit card abroad.

on Chase's website

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. .

Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel. .

Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening. .

» Learn more: The best no-foreign-transaction-fee cards

And more international merchants are taking plastic. This wider card acceptance and increased security are reasons travelers are ditching cash, according to the Visa Global Travel Intentions Study 2023, which polled more than 15,000 people in the Asian Pacific region between April and June 2023.

While this type of card won’t help you pay at cash-only businesses or get money for tips, it’s otherwise one of the smartest ways to pay internationally.

» Frequent travelers: Consider a multicurrency account

Try paying in cash dollars

If all else fails, offer to pay in U.S. dollars. In fact, some merchants or individuals accepting tips prefer it in certain countries. You might find vendors willing to give you an even better deal if you pay with U.S. dollars.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are some of the best travel credit cards of 2024 :

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Wells Fargo Autograph℠ Card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

American Express® Gold Card

Access over $400 annually in benefits value with the American Express® Gold Card on eligible dining and travel purchases. Learn more here.

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The Ultimate Guide To Managing Money While Traveling

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If you’re traveling internationally, there are many things to consider when it comes to dealing with money in a foreign country.  

You’ll be using debit cards to take out cash from ATMs and make payments, credit cards to rent cars and earn points, and cash for basically everything else in destinations that haven’t caught up to the 21st Century.  

You need to be prepared with the right debit card, a good credit card, and the best strategies to getting cash or else you’ll be wasting money on fees you don’t need to pay.  

In addition, you’ll need to know the best ways to avoid overspending, transfer money internationally, protect your money, and what to do if something happens to it. 

On this page, I will outline everything you need to know about managing your money when you travel so that you are well-prepared and you know exactly what to expect! 

1. Get the right debit card

Debit cards are an absolute necessity when traveling (and for everyday life, for that matter).  They are needed to access your money, make payments, and take out cash from ATMs. 

Pretty much everyone has a debit card, but not everyone has a good debit card for traveling.  Some might charge you high fees to use them whereas others might not even be compatible with foreign ATMs or allow you to make payments in the first place.

Having the right debit card for traveling is extremely important as it can mean the difference between having a stressful experience trying to figure out how you can pay for things in cash because your card doesn’t work in your destination and blowing your budget because you didn’t account for hidden fees vs being able to pay for things easily both online as well as in person while also saving hundreds or even thousands of dollars a year on fees that you don’t need to pay.

Some of the things you should look for in a debit card for traveling include a chip & 4-digit number PIN, contactless payments, Visa or Mastercard integration, and low or no foreign transaction fees, foreign conversion fees, and foreign ATM withdrawal fees.  

If your current bank offers a card like this for you, then great! But most banks don’t so you might have to look for a different one.  

I wrote a whole guide on the best debit cards you can get for traveling, including which banks offer them, which you can find here: Guide to the Best Debit Cards for Traveling .

2. Get a good credit card

While you can still travel without a credit card, not having one means you miss out on being able to rent cars, book certain hotels, and have even more options for payment.  

Having a good credit card can also provide you with benefits that can save you even more money on your travels. There are lots of different credit cards out there so you need to make sure you get a good one to maximize your opportunities and potential savings.

Similar to the debit card, using the wrong credit card can mean spending hundreds or even thousands of dollars a year on extra fees that you don’t need to pay.  

You should try to get one with a chip & 4-digit number PIN, contactless payments, and low or no annual fees, foreign transaction fees, foreign conversion fees, and foreign ATM withdrawal fees.  

However, those are only the basic requirements for a good credit card for traveling.

The best credit cards for traveling also include rewards and perks such as travel points, access to airport lounges, free upgrades, car rental insurance coverage, and travel insurance coverage.  

Finding the best credit card for you depends on where you live, your personal spending habits, and the types of rewards and perks you are most interested in.

I wrote a whole guide on the best credit cards you can get for traveling, including how to get them, which you can find here: Guide to the Best Credit Cards for Traveling .

3. Don't get your cards blocked

Some banks and credit card providers require you to inform them when you will be traveling abroad so that they know that any foreign transactions that appear were actually made by you and weren’t as a result of fraud.  

Find out if yours requires this because if you don’t do this, your cards might get blocked which can be super annoying to deal with when you’re halfway across the world! 

And sometimes, even if you did inform them ahead of time, your cards will still get blocked because their internal fraud detection systems are too trigger-happy (some banks and credit card companies just love to watch the world burn).  

If you forgot to inform them that you will be traveling or you did, but your cards still got blocked anyways, you’ll have to give them a call to unblock them.  Making a long-distance international call where you will probably be kept on hold for several minutes can get really expensive, especially if you are roaming. 

Having a travel-ready phone and getting a local prepaid SIM card can save you some money, but the best thing you can do is to actually download an app called TextNow which gives you a Canadian or US phone number that you can use to make and receive calls and texts to and from any other Canadian or US phone number for free over the internet.  

TextNow also lets you make calls to other countries at super cheap rates, including free calls to Brazil, France, Germany, Italy, Mexico, Portugal, South Korea, Spain, Sweden, and the United Kingdom.  

You can make calls using your smartphone, but also your computer: you just need a wifi or data connection, a TextNow number, and credits if you’re making a call to a country which is not free.

4. Know how to get cash

At the end of the day, cash is king.  Even if you have the right debit card and the best credit card, there are still many countries and destinations in the world where you won’t be able to get by without cash.  

And even if you are traveling to an almost cashless society like Sweden where many stores don’t even accept cash and only 20% of all in-store transactions are actually made in cash, you will probably still need to use cash at least once or twice on your trip in one form or another.

Therefore it’s very important to know how to get cash when you’re abroad, especially when the place you’re going to uses a different currency.  There are a few different ways you can do it, but some ways are better than others and you need to know the tricks to avoid paying extra fees that you really don’t need to pay for.

A lot of people think that exchanging cash at foreign exchange offices, whether at home or abroad, is the best or even only way to get cash, but it is actually one of the worst ways.  The actual best strategy is to wait until you are in your destination and take out cash using local ATMs.  

I tell you why and also give you other tips in my Guide to Getting Cash While Traveling .

5. Bring some US Dollars if you can

Some countries around the world operate using US Dollars, even if it’s not their official currency.  

For example, many countries in Southeast Asia that have Visas on Arrival for tourists require that you pay for them in cash using US Dollars or their own currency.  Since you can’t enter the country to access an ATM to get cash in their own currency, you will have to be prepared ahead of time with US Dollars.

In addition, many of them will not accept US Dollar bills that are too old or that have any rips or tears.  This could mean being stranded at the border if your bills aren’t in pristine condition. 

Do your research ahead of time to know what to expect and even if you’re not going to such a country, it’s still always a good idea to have some backup cash in US Dollars with you anyways as it may come in handy in case of emergencies.  The US Dollar is the most widely accepted currency around the world so it’s a good one to have.

6. Stay safe and be prepared

A lot of things can go wrong when you’re abroad if you’re not prepared.  Here are a few tips to help you stay safe with your money while traveling:

Take care of your money

Avoid taking out and carrying too much cash with you at any one time.  Keep a small amount in your wallet to cover what you need while you’re out, but keep the rest of it hidden somewhere in your luggage, ideally separated and spread out in different, hard-to-access pockets.  

Whenever possible, lock up your valuables when you don’t need them, such as in a hotel safe or hostel locker.

Consider investing in travel accessories designed to prevent pickpockets such as a money belt and be aware of your surroundings when you’re out.  Never leave your bags unattended and wrap the straps around your arm or leg when sitting somewhere. Avoid sketchy areas and try not to stand out too much in public.

If your mobile banking app has this feature, freeze your card whenever you’re not using it.  This will ensure that it cannot be used to make any fraudulent transactions at any time.  This only works if you have a consistent internet connection to be able to freeze and unfreeze it whenever you want.  

A  Travel-Ready Phone  and  Prepaid SIM Card  will let you do this.  In addition, you should also set up the instant push notifications on the app so that you receive one every time your card is used.  This way, you will notice immediately if any unauthorized transaction is made with the card.

Watch out for card scams

Take care and watch out for card skimmers when using your debit or credit card.  Card skimmers are what more sophisticated thieves use to copy and steal your card information.  It involves placing a recording device over the card slot of an ATM or payment terminal that looks identical to the original card slot, but that copies and saves your card information when you slide it through.  

They usually also have a camera pointing at the keypad or a sensor over it to record your PIN as well.  So before you use any card machine or ATM, give the card slot a tug, feel the keypad to make sure there isn’t a fake one placed over it or that there aren’t any sensors on it, and check for any small, hidden cameras that are facing down towards it.

Another thing to look out for is a scam called the Lebanese Loop which is when a small film is placed inside the card slot which traps your card in it.  If your card gets stuck in an ATM, feel along the card slot to see if there is anything sticking out and watch out for “friendly” people nearby who try to “help” you as they are most often the scammers that put the film there and who will look at your PIN when you try to put it in.

Once you give up and walk away, thinking that the ATM ate your card, they will pull out the film with your card in it and then run away with it.  If you can’t seem to find the film by running your finger along the card slot and someone comes along to “help” you, ask them to go get the staff from the bank instead of entering your PIN in the machine in front of them.  And if you must walk away from the ATM, block your card immediately.

And even if it seems safe, always cover your hand when entering your PIN because you never know.  Also, never let your cards leave your sight such as when paying at a restaurant as it can take as little as one second for someone to snap a photo of your card, letting them use it to make fraudulent online purchases.

Have emergency backups

You should also be traveling with more than one debit and credit card anyways in case something happens to your main ones because it will be very stressful for you if you don’t have other ways to get money while you’re abroad.  

To be most prepared, you should have at least 2 different debit cards and 2 different credit cards with you: your main ones and your emergency ones.  Make sure to keep the emergency cards separate and hidden somewhere in your luggage and to note down all your card information somewhere safe so if something happens to any of them, it’s easier to get your money back later.

If you’re traveling as a couple and you have a joint bank account, then take a card each with you on the trip (and keep the second one safe).  That way, if something happens to one of them, you will still be able to access your money with the other one.

In addition, you should also consider storing some money in a different format such as PayPal .  Open up a free PayPal account if you don’t have one already and add a couple hundred dollars to it just in case.

Be careful with wifi

Be wary of free public wifi networks and avoid logging in to your bank account when connected to one.  The best thing you can do is have a Travel-Ready Phone with a Prepaid SIM Card that has data which you can use to create a hotspot if you want to connect to the internet with your laptop.  

However, if wifi is your only option, then you should consider getting a VPN for your phone and computer.  A VPN will disguise your identity when connected to a public wifi network, making it much harder for hackers to access your information.  

Most VPN providers offer both mobile and desktop versions, but I recommend using NordVPN .  I use them myself and they do a great job.

If you’re looking for more travel safety tips, be sure to check out my Guide to Staying Safe While Traveling .

7. Know what to do in case of loss, theft, or fraud

Everyone at some point in their lives is going to have to deal with losing or getting their cash, cards, or money stolen.  

Even if you’re the type of person that never loses anything and you’re impossible to pickpocket thanks to all the high-security travel accessories you invested in, you simply never know when an ATM will get hungry and decide to eat up your card or you walk into the wrong neighbourhood and bump into the wrong people.

No matter how it happens, you need to know what to do in case your cash, cards, or money goes missing or gets stolen.  Here is a step-by-step guide:

If you can’t find your cash, you may have simply misplaced it.  Check every possible pocket you may have put it in and if necessary, go back to the last few places you were in to see if they’re there.

And if it’s your card that’s missing, remember that you most likely will be able to get your money back from the bank/credit card provider if it gets used to make any unauthorized transactions.

If your cash was stolen, especially if you were mugged, you should file a police report with the local authorities.  You probably won’t be able to get your money back, but at least the police will be aware of it. And some Travel Insurance policies might even be able to reimburse you for a small amount of that cash if you have a police report.

If your card was stolen, you lost it, or you notice that unauthorized transactions were made using it, you’ll have to take a few more steps:

If your mobile banking app allows you to freeze it instantly, go ahead and do that, but you will still need to contact your bank/credit card provider to cancel the card anyways since it has now been compromised.  Use the TextNow app to avoid spending a lot of money on roaming charges.

Every bank/credit card provider will have a different procedure for this and you will most likely be informed of it when you call to cancel your card anyways, but it usually involves some paperwork you have to complete.

• File a police report.  Part of the paperwork involved typically includes filing a police report with the local authorities about the unauthorized transactions.  Find the nearest police station and get a copy of the filed report so you can send it to your bank/credit card provider.

If your trip is almost over and you will be back home before the card would arrive anyways, then just have it sent home and use other forms of payment for the rest of the trip.

If there is still lots of time left on your trip, then have them send the new card to a destination that you will be going to later.  Find out the estimated delivery time, add an extra week to it just in case there are delays or something, and figure out where you will be then. 

Ask the accommodation you will be staying in if they can accept mail on your behalf and hold it for you until you arrive (most will say yes). Give their address to the bank/credit card provider and have the new card sent there.

If the bank/credit card provider is only able to send it to the registered address on your account, then have a friend or family member who has access to that address pick it up and mail it to you using the same process I just described. 

Some countries may not allow the mailing of debit or credit cards and you should take precautions to protect it anyways so before it gets mailed, tell your friend/family member to tape it inside a relatively thin, but still hardcover notebook that will fit in a standard envelope and to mail it with a tracking number, ideally with a private delivery company like UPS, DHL, or FedEx.  If they require a description of the contents, do not say debit or credit card.  Instead, say documents and you will not run into any issues.

Once you get to the accommodation where the card has been sent to, pick it up and activate it so you can go back to using it for the rest of your trip!  Make sure to update your accounts with the new card number if you have any recurring payments.

8. Set a budget and track your spending

One of the best ways to make sure you don’t overspend on your vacation is to actually set a budget for yourself, stick to it, and track your spending.  

A lot of people will book the cheapest flights and accommodation, but when they arrive at their destination, they start to spend money like there’s no tomorrow.  Then they come home and wonder how their vacation that they got the best flights and accommodation for ended up being so expensive!

Setting a budget is one way to prevent this.  Get an idea for how much you should expect to spend in your destination for everything on a daily basis.  Use sites like Numbeo which can show you the average cost of everyday things in many different countries around the world.  

Add up and include the cost of all the tours and attractions you plan to do while you’re there as well as any pre-trip expenses that you have already paid for (such as transportation, accommodation, visas, vaccinations, and travel insurance).

Once you’ve figured out how much you will be spending no matter what, see how much more you can afford to budget for.  Whatever is left you will be able to use on souvenirs and gifts, other fun experiences that you might come across while there, and any emergencies that you might run into.  

Make sure you know what the exchange rate is if you’ll be dealing with a different currency and track your spending by noting down any expenses you make and by checking your bank account frequently. Stick to this budget and you won’t come home to any surprises!

9. Transfer money internationally like a pro

While traveling, you may run into a situation where you need to transfer money from your bank account to another one in a foreign currency or maybe you do a little work while abroad and they want to pay you in their currency.  If you try to use your standard bank in these scenarios, you will be spending lots of money on transfer fees. 

So if you want to save a lot of money, I recommend opening up a TransferWise Borderless Account which is completely free to have.  Use this link to open yours and get a no-fee international transfer of up to £500!

TransferWise is an online banking company that lets you keep money in more than 50 currencies in your account as well as real bank accounts for the USA, UK, Australia, New Zealand, Poland, and the Eurozone which also let you receive payments in those currencies.  

They have the cheapest exchange rates out there as well as super low foreign conversion fees compared to standard banks and they can also provide you with a Mastercard debit card which you can use while traveling. 

The debit card does have ATM withdrawal fees for withdrawals over $250 over a 30 day period, but it makes up for it with very good exchange rates and no fees for foreign transactions so you can also use it to make payments while abroad if you haven’t found a better debit card for you in my Guide to the Best Debit Cards For Traveling .  

You can also stay safe by locking and unlocking your card instantly from their mobile app!  Keep in mind that they are only able to send cards to residents of Europe, Singapore, Australia, New Zealand, or the USA.

If you want to open a TransferWise Borderless account, use this link to get a no-fee international transfer of up to £500!

And that’s all you need to know!

Managing your money the right way while traveling means you will spend less of it on unnecessary fees and more of it on great experiences!  

Let me know if this guide helped you figure out your money situation in the comments below and if you want to know what other things you should get for your trip, check out my Guide to the Top Travel Accessories .

About The Author

Hi there,  I’m Sebastian , founder and creator of Travel Done Simple. Since I turned 20, I have lived in 5 different countries and traveled to over 40 others! You can learn more about me on my  About page   and find me on social media.

Hi there, I’m Sebastian , founder and creator of Travel Done Simple. Since I turned 20, I have lived in 5 different countries and traveled to over 40 others! You can learn more about me on my About page   and find me on social media.

I’m Sebastian , the founder and creator of Travel Done Simple! I was born in Europe and raised in Canada, but I now consider myself to be a citizen of the world. When I’m not busy exploring new destinations, I’m here giving you the best travel tips so you can do the same! 

You can learn more about me on my About page and if it’s your first time on my site,  start here !

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The Best Way to Travel with Money (and Tips on Using Money Abroad)

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What’s the best way to travel with money? I’m glad you asked.

If you’re new to traveling abroad, dealing with currency exchange can seem a bit overwhelming. What type of currency do you need? Where should you exchange your money? How much should you take? It can all be a bit stressful.

Don’t fret. We’re here to help! We’ve made dozens of trips across Europe and the Caribbean, and we’ve definitely learned a lot about handling money overseas. By following these tips, you can learn from our mistakes, save money on fees, and relax knowing that your money situation is taken care of. So, let’s get started!

Traveling with Money: Where are You Going?

Before we talk about the best way to travel with money, it’s important to talk about where you’re going. The location of your travel has a big impact on how you’re going to handle your money abroad. Each area handles money differently, and it’s important to know what you’re dealing with before you get there.

For instance, if you’re traveling to the Caribbean, you probably don’t need to worry about exchanging money at all. Most travel destinations in the Caribbean are happy to accept USD as a form of payment. So, instead of converting a a bunch of cash to the local currency, just bring a stack of USD with you. Of course, it’s always a good idea to bring smaller bills, especially if you’re leaving tips at an all-inclusive. That way, you’re not stuck with $100 bills you can’t spend.

On the other hand, if you’re traveling to Europe, you’ll definitely need to change your money into the local currency. Unlike countries in the Caribbean, Europeans will simply scoff at your attempt to use USD. So, unless you plan to exchange those dollars at a currency exchange (see why you shouldn’t below), those dead presidents hold roughly the same value as a roll of toilet paper.

Many European countries use the Euro as their currency. However, certain places – like the United Kingdom, Switzerland, and others – still use their own. Before you leave, know which currency is used in the countries you plan to visit. Then, decide how you can get your hands on it without paying a fortune in fees.

Best Way to Travel with Money: Use Your Card

When it comes to taking money abroad, there’s no contest for the best way to do it: Use your credit cards whenever possible. Not only are credit cards more convenient, they’re likely “safer” than carrying around a bunch of cash. And, if you happen to lose your card, you’re not out a bunch of money.

Of course, you can’t just take any ol’ card with you. Make sure you’ve brought along a card that doesn’t charge for foreign transaction fees! This saves you money by eliminating foreign transaction fees, eliminating currency exchange fees, and by getting you the best/current exchange rate when you go to pay. (More on that in a bit!) You can find our favorite travel cards here!

Preparing Your Money to Travel

Before heading to the airport, it’s important that you take some steps to ensure everything is working properly, including:

• Alert your bank. – Even though using a credit card is generally best practice, you’ll still need some cash. (I like to get cash at a local ATM upon arrival.) Before leaving the country, it’s important to alert your bank that you’ll be traveling. Simply call your bank and let them know where you’re going and when. They’ll put a travel alert on your bank account so you’re not stuck getting a “denied” message at a foreign ATM machine. If it sounds like I’m talking from experience, it’s because I am.
• Alert your credit card company. – Just like your bank, be sure to alert your credit card company (or companies) that you’ll be traveling. Even if you bank with the same company who issues the credit card, you must alert both departments. Again, you don’t want to be trying to pay for dinner and get denied.
• Carry a credit card that doesn’t charge for foreign transactions. – As I mentioned above, it’s important to bring a credit card without foreign transaction fees. Typically, non-travel credit cards charge around 3% per purchase for foreign transaction fees. So, for every $1,000 you spend, you waste about $30 in fees. That’s not a ton of money, but it adds up quickly. Skip them all-together by using good travel cards without foreign transaction fees.
• Bring a backup credit card. – It’s always a good idea to bring a second credit card, just in case something goes wrong. Perhaps your card doesn’t work, you lose it, or it gets compromised while you’re there. Having a second card makes this a minor inconvenience instead of a major issue. Again, it’s best to bring a card without foreign transaction fees as your backup. Like with your primary card, be sure to alert your credit card company that you are traveling.

Other Tips for Using Money Abroad

• Understand the exchange rate. – Before you go, be sure to check the exchange rate. When paying in Euros (or Pounds), it’s easy to think you’re paying less than you actually are. However, depending on the current exchange rate, a €20 item may actually cost $22 or a £100 meal may actually equal $150. Add this up over the course of your trip, and you could easily blow your budget without realizing it.
• When given the option, pay in the local currency. – When using a credit card, some merchants may offer you the option of paying in USD. Don’t do it. You’ll almost always get a better exchange rate if you pay in the local currency.
• Use ATM machines, not money exchange centers. – Avoid using the money exchange centers you see at airports and in popular tourist areas. These businesses typically charge higher fees and offer worse rates. Instead, use your ATM card to simply withdraw money once you get there. You’ll almost always get a better exchange rate, saving you money right off the bat. (Remember to call your bank before you leave home!!!)
• Carry USD for emergencies. – With respect to the above, it’s still a good idea to bring some USD with you. (I usually bring a couple hundred dollars.) In an emergency, you can always hit the money exchange and trade your USD for the local currency. It may cost you more, but at least you’ll have it.
• Always carry some cash in the local currency. – Although the best way to travel with money is using a card, it’s always a good idea to have some cash in the local currency on you. Some places are more card friendly than others, but – even in those destinations – you’ll still find merchants that are “cash only.” Smaller denominations are typically better.
• Take out only what you’ll need. – Don’t take out too much cash. Withdrawing too much local currency isn’t just a pain to exchange, you’ll also take a double whacking in currency exchange fees – both when you take it out and when you exchange it back to USD.

Handling Money Abroad: Final Thoughts

Before traveling, not knowing how to deal with money can be stressful. Having money problems while on your trip can send you straight into panic city. Lord knows I’ve made my fair share of money mistakes abroad, and while you can’t plan for every eventuality, I’ve learned that preparing ahead of time can save you tons of headaches.

I hope you’ve found these travel and money tips helpful! I’m happy to answer any questions you have in the comments below. Thanks again for reading, and – until next time – happy traveling!

Free Travel Rewards Advice – Need help choosing the best rewards cards for your trip? We can help! Tell us where you want to go, and we’ll help you build a personalized travel rewards program to suit your needs.  Learn more here!

Greg Johnson is the co-founder of Club Thrifty and an expert in personal finance, family travel, and credit card rewards. His work and commentary have been featured in publications like Newsweek , Kiplinger’s Personal Finance , Dough Roller , CreditCardReviews.com , and more. He also works as a freelance personal finance editor at Bankrate.com.

Greg travels the world for about 20 weeks each year and has visited over 40 countries. He holds two bachelor's degrees, is the co-author of the book Zero Down Your Debt , and owns his own independent travel agency. Learn more about Greg here.

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I agree: I think traveling with a card is the easiest thing to do. I always carry local cash AND USD with me for emergencies, but cards are so much more convenient. In places like Europe you’ll look like a total tourist if you try to use cash. It’s best to use cards and blend in (pssst–you can get better prices if you look like a local!).

I give these tips to my students as well when I take them on study tours. However, they always forget. I have to bring extra currency because I basically become the ATM. Maybe I should start charging an extra fee for doing so.

Travelling in the eurozone is sooooooo much easier now with the euro. I remember travelling in the past and ending up with coins from all sorts of currencies. I think I still have some Dutch guilder and German marks somewhere. So much easier having just one currency for all those countries.

Get an app that will do currency conversion. There are tons of them. Yeah, you think you can do the conversion in your head, but sometimes your jet lagged or have had a few drinks.

See if one of your accounts will waive/refund ATM fees. I got a Fidelity ATM card tied to my money market account that refunds all ATM fees.

Credit card is the best travel companion as long as you’re able to control your spending. I would also find it very necessary to bring extra cash when card terminals won’t work all of a sudden.

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18 tips to help you manage your money while traveling

International travel is full of excitement. Seeing new places, trying new cuisines, and navigating a different culture lead to memories that last a lifetime.

As a college student or young professional, travel can be one of the most rewarding ways to spend your well-earned money.

But with all the excitement of traveling abroad, you can’t forget about managing your money. In addition to having the right currency and understanding foreign exchange rates, you’ll want to take measures to manage your money well while on the move.

While traveling doesn’t have to be more expensive than your day-to-day life, there are extra considerations to take to keep money safe while traveling.

What’s Ahead:

Before you leave

1. alert your bank and credit card company.

Alerting your bank and credit card company used to be a standard practice when traveling abroad — so “suspicious” charges in another country didn’t put a freeze on your accounts.

These days, however, banks are a little better at tracking fraud. But alerting your bank and credit card company still can’t hurt — especially if you’ve never traveled abroad with your card and want to make sure you don’t run into any issues with your account.

2. Look into your cards’ foreign transaction fees

Foreign transaction fees — tacked onto any purchase made outside of the U.S. — can add up fast when you’re traveling abroad. If you’re not sure if your card company charges foreign transaction fees, give them a call before your trip to find out. While you’re on the phone, ask if there are specific ATMs to use that will help you avoid extra fees.

If your cards do charge foreign transaction fees and you have enough time before your trip, you might want to consider getting a credit card that doesn’t charge them. If you plan to do more traveling abroad in the future, a card without foreign transaction fees will save you a lot of money over the years.

3. Save copies of important information

Before you leave, make sure you have access to all of your important bank and credit card information in case something happens and you lose your cards. Keep an accessible digital record of the following:

• Your bank’s phone number
• Your credit card company’s phone number
• Your credit and debit card numbers

It might be easiest to take photos of your cards and save them on your phone. The important thing is to be able to access your card numbers and contact your bank in case of an emergency.

4. Confirm or purchase travel insurance

If you have a travel credit card, chances are it comes with travel insurance benefits. These benefits can come in handy when things don’t work out as planned — like when your flight gets delayed or your rental car windshield cracks. You don’t want to be on the hook for added expenses, especially after working hard to plan a trip within your budget.

Look up the travel insurance benefits that come with your card so you know exactly what’s covered. If you don’t have a travel credit card — or your benefits don’t cover enough — consider buying travel insurance. You can compare policies online using sites like SquareMouth and Travelinsurance.com to find the best option for your trip.

5. Get some local currency

It’s always wise to have at least some local currency on hand before arriving at your destination. You never know when you’ll have unexpected card troubles and need cash when there’s no ATM or bank around. Bring at least enough cash to get you a couple of meals, a hotel room, and transportation to tide you over until you can access a bank or ATM.

And don’t wait until you get to the airport to get cash, or you’ll pay a fortune to exchange currencies. Instead, call your bank ahead of time to see if you can exchange your money there — you’ll usually get a much better deal.

6. Consider a prepaid travel debit card

If you don’t have a credit card without foreign transaction fees — or you’re worried about using your card abroad — you can always get a prepaid travel debit card to load up with cash before your trip.

These cards, while they can be costly, come with lots of perks — like fee-free transactions, 24/7 assistance, and no ATM withdrawal fees. But just like credit cards, the perks vary card-to-card — and the fees can add up — so weigh your options and do your research to pick the best card for your trip.

During your trip

7. know when to use card vs. cash.

It’s always wise to have several methods of payment while traveling abroad. Some businesses will prefer card over cash, while others may not accept a card at all.

For example, using a credit card at a local street market may not be possible — so you’ll probably want some cash on hand. And in some countries, it’s best to tip with cash rather than on your card.

Alternatively, businesses like hotels may prefer you pay with a card — and you may save money if your card doesn’t have foreign transaction fees. And depending on how you tend to spend and budget, using a card can help you categorize and analyze your spending more easily at the end of your trip.

8. Use points

Travel hacking — or using miles or points to pay for travel — has become more popular in recent years. And contrary to what you may think, you don’t need to spend a ton of time or effort to earn and make use of points.

Travel credit cards usually issue points or miles when you pay with the card, which add up over time to help you save big on flights or hotel stays. If you have a travel credit card, read the fine print to understand how to earn points and make the most of them while traveling. If you don’t have a travel credit card, pick one that maximizes benefits you’ll actually use, doesn’t clobber you with fees, and — to get you some rewards right off the bat — has an attractive sign-up bonus.

9. Avoid random ATMs

When withdrawing money in a foreign country, be smart about what ATMs you use. First of all, if your bank allows fee-free withdrawals at particular ATMs — or they have branches where you’re traveling — make sure to use those machines to save money on withdrawal fees.

Try to avoid independent ATMs — they’ll often have higher fees and lower security than bank ATMs. And don’t use any ATM in an area that feels unsafe. Use machines in public places, and check your surroundings before making a withdrawal.

10. Protect yourself from theft

A smart way to manage money while traveling is to not keep all your money in the same place. If your wallet gets lost or stolen while you’re out, you don’t want to risk losing all your cash.

If you withdraw more cash than you need to spend at once, keep the extra bills in your hotel safe. When you’re out, carry your cash securely in a money belt or tamper-proof wallet. You might even want to invest in an RFID-blocking wallet, which protects your cards from digital theft by radio-frequency identification skimmers.

11. Choose local currency when paying with a card

When you’re paying with your credit card in a foreign country, you may notice an option to select either your home currency or the local currency when checking out. It might not seem like a big deal in the moment, but you’ll save money by choosing the local currency.

Despite having a credit card without foreign transaction fees, you may still pay a fee — usually around 3% —for paying in your home currency. And though you may have to do a quick currency conversion to determine how much you’re spending, you can end up saving a lot of money with this one easy tip.

12. Understand tipping culture

In North America, it’s not just polite — it’s expected — to tip 15% or more in restaurants and for other services. But tipping culture isn’t the same across the globe, and in some countries, tipping is even considered rude.

In Europe, for example, you’ll often pay a 5-10% service charge that’s already tacked on to the bill. In Asia, however, tipping isn’t the norm (and in some countries, like Japan, can even be disrespectful). Do some research on tipping culture in the countries you’re visiting. Consult travel guides and tourism websites to find out what’s expected before you go.

13. Check your account regularly

When you’re spending a different currency than your own, it’s easy to spend more than you realize (I am definitely guilty of this ). And when you’re using a card — in any currency — it’s easy to overspend. Now that lots of restaurants and stores are now card-only, you might be spending more than you realize.

Make sure you check your account regularly to avoid overspending your budget. You don’t want to arrive home after your trip with a pile of credit card debt that you weren’t expecting to pay.

14. Bank securely while traveling

Banking securely will help you keep money safe while traveling. And since most of us bank online these days, it’s extra important.

First of all, make sure all of your devices are password-protected before you travel. Otherwise, if your computer or phone gets stolen — and you have your passwords saved automatically — someone could instantly gain access to your online accounts.

If you can help it, try to avoid using free public Wi-Fi, which could potentially put your information at risk. If you need to log into your bank accounts, make sure you’re using cellular data or a protected Wi-Fi network.

15. Don’t forget the exchange rate

No matter whether you’re paying with card or cash, keep the exchange rate in mind when you’re spending. It’s easy to lose sight of how much you’re actually spending — and think something is “cheap” when you’re really paying with a more expensive currency.

If you need to, you can use an app to convert currency prices before making a purchase. That way, you know exactly how much you’re spending each time you swipe your card.

After your trip

16. convert your leftover cash.

Unless you know you’ll be traveling again soon, try to spend any foreign currency before returning home. If you come back with foreign cash, you’ll have to exchange it back to U.S. dollars. Exchanging money twice — to a foreign currency and then back to U.S. dollars — will cost you a lot in fees.

If you do need to exchange currency back into U.S. dollars, you’ll want to return to the bank. That’s where you’ll find the best exchange rates and lower fees. Or better yet, if you have a friend who’s planning to visit the destination you just came from, see if they’ll buy your leftover currency for a reasonable, fee-free rate. You’ll both come out ahead.

17. Pay off your credit card

When you return from your trip — and before you start dreaming up the next one — make sure to pay off your credit card. If you used your card for most of your purchases abroad, you don’t want to let that hefty balance linger.

Make sure you pay off your credit card and any travel-related expenses as soon as you can so your trip doesn’t end up costing you more down the line.

18. Check on your accounts

On a similar note, make sure you check up on your accounts after returning home from your trip. Don’t let any unfamiliar charges go unnoticed — instead, if you see something suspicious, call your bank or credit card company right away to report the charges.

Next time you travel abroad, use these tips to help keep your money safe while traveling. When you take the time to make security a priority, you can travel with a lot less stress — and spend a lot more time having fun.

Featured image:  HappyTime19 /Shutterstock.com

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International prepaid cards

Compare fees, accessibility and more before choosing a prepaid travel card..

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Compare international prepaid cards

We compare the following brands

In this guide

3 factors to consider when comparing international prepaid cards

Is an international prepaid card right for me, what is an international prepaid card, prepaid travel money cards pros and cons, get an international prepaid card online, 5 international prepaid card fees and how to avoid them.

• What if my prepaid card doesn't support the local currency?
• What's the default currency order?

Alternatives to international prepaid cards

Prepaid guides

There are plenty of ways to take your cash overseas, but the right option will depend on your finances, travel plans and spending habits. Weigh the features, fees and benefits of a prepaid travel money to help you find the best travel money option for your next overseas trip.

To get the best international prepaid card for you, compare the following info:

• Fees. Most prepaid cards come with high fees, so you’ll want to choose one with the lowest monthly fee and one that has low fees for things like ATM withdrawals and foreign transactions.
• Accessibility. Make sure it services the currencies you’ll be using. And make sure it’s widely accepted wherever you’re going.
• Exchange rates. You want the most competitive exchange rates — which is why using an international prepaid card is much more beneficial than exchanging cash at an airport kiosk.

We love Wise for being super transparent about all of the above, so it’s worth looking into if you’re on a tight timeline and want a no-BS experience.

An international prepaid card might be a good option if you want to:

• Visit a country whose currency is available on the prepaid money card.
• Avoid fees, including the currency conversion fee and the foreign transaction fee.
• Lock in your exchange rate before traveling.
• Preload a debit card that is separate from your personal banking accounts.
• Have an acceptable form of non-cash payment.

An international prepaid card — also known as a prepaid travel money card — is a debit card that allows you to add money and converts it into several types of currency that you can spend when traveling. This ultimately allows you to spend overseas without paying a currency conversion fee. Before traveling to your destination, make sure your card supports the local currency to ensure you’ll benefit from its features.

Prepaid travel cards also let you lock-in exchange rates before you travel. By knowing exactly what exchange rate you’re getting and how much money you have on the card, you’ll be able to budget more efficiently.

Here are a few advantages and concerns with using a travel money card on your next trip abroad.

• Spend like a local. Prepaid travel cards allow you to preload multiple foreign currencies while avoiding the currency conversion fee.
• Backup card. Prepaid travel cards come with a backup in case the first card is lost or stolen.
• Manage your travel budget. Reload the card when you need funds with a locked-in exchange rate. This protects you from exchange rate fluctuations and also allows you effectively budget.
• Travel card fees. Each card will come with different fees such as initial load fees, reload fees, ATM fees and inactivity fees. Look at the Travel Money Card , as it waives most of these charges.
• Reloading time. It can take anywhere from two to three business days for the transaction to process — don’t forget about extra time for holidays or weekends.
• Weaker exchange rate. Although travel money cards protect you from unpredictable fluctuations in exchange rates, your exchange rate is generally lower than the market rate.

The best place to get international prepaid cards is online, since you can compare the different fees and terms without squinting at the fine print. If you want to pick up an international prepaid card from a physical location, contact your bank to see if you can open one at a branch.

While some grocery stores and chain retailers like Walmart and Costco do sell prepaid cards and gift cards, many of these cannot be used internationally — or they’ll charge hefty fees when used internationally — so we strongly recommend going to your bank or getting one online.

Take a look at some fees associated with travel money cards and a few hacks to reduce or avoid them entirely.

What if my prepaid card doesn’t support the local currency?

Most prepaid travel cards — like the Travelex Money Card — support about six currencies that have their own currency wallet. When you load funds onto your card, you’ll have to choose which currency you’d like to top up so you can use those funds in that country without having to pay a currency conversion fee.

If you don’t have the funds loaded in that particular currency wallet, or if your card doesn’t support that local currency, you’ll get hit with a currency conversion fee whenever you use your travel card in that country.

Your card provider withdraws funds from your account according to the default currency order at their existing exchange rate, and charges you an additional fee for converting currencies.

What’s the default currency order?

Currency order matters when you withdraw or spend money in a currency that your card doesn’t preload and can’t support. When this happens, your purchase amount is taken from the available currency highest on the default currency order list. Your card provider typically determines the default currency order.

For instance, a typical currency could be:

• United States dollars (USD)
• Great British pounds (GBP)
• Euros (EUR)
• Canadian dollars (CAD)
• Australian dollars (AUD)
• Japanese yen (JPY)
• Mexican pesos (MXY)

If you have preloaded USD, EUR and AUD on your card, and you are spending Thai baht in Bangkok, the card will convert whatever USD you have into baht for your purchase.

If you have insufficient USD preloaded on your card, it will convert the remaining USD you have into baht, and then withdraw the difference from your EUR wallet. A currency conversion fee will generally apply in these instances.

If an international prepaid card isn’t quite what you’re looking for, consider these alternatives:

• Borderless accounts. A virtual bank account designed to streamline the process of withdrawing cash and paying in different currencies, with low fees and transparent exchange rates. We like Wise because it offers free ATM withdrawals all around the world.
• Cash management accounts. These are tech-savvy accounts offered by nonbank financial service providers, Aspiration and Betterment. They’re considering because they have a reputation for low fees and offer more flexibility when it comes to managing your money. For example, Betterment reimburses you for all ATM and foreign transaction fees.
• International debit cards. Debit cards that won’t ding you for withdrawing money from a foreign ATM or stocking up on souvenirs in a foreign country.
• Travel credit cards. These typically come with zero foreign transaction fees and rewards you for buying travel items like plane tickets, hotel reservations, car rentals and more.
• Compare travel money

Kyle Morgan

Kyle Morgan is SEO manager at Forbes Advisor and a former editor and content strategist at Finder. He has written for the USA Today network and Relix magazine, among other publications. He holds a BA in journalism and media from Rutgers University. See full bio

Amy Stoltenberg

Amy Stoltenberg managed newsletters at Finder, gathering the best articles each week to help subscribers save money and stretch their hard-earned dollars. She also handles the Twitter account, dabbling in Instagram and Facebook too. When she's not on the computer, you can find her exploring Los Angeles with a good book in tow. She studied writing at Savannah College of Art and Design and has been featured on the Zoe Report. See full bio

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• Travel Tips

How To Use Wise For CHEAPER Travel Money & Spending

Published: September 7, 2023

Modified: December 27, 2023

by Robbi Tedder

• Budget Travel
• Hotel Reviews
• Travel Essentials & Accessories
• Travel Guide

Introduction

When it comes to traveling, one of the most important things to consider is how to handle your money. Whether it’s exchanging currency, sending money abroad, or simply using your card for everyday expenses, finding an efficient and cost-effective solution can make a big difference. This is where Wise comes in.

Wise, formerly known as TransferWise, is an online platform that offers a range of financial services, including international money transfers, multi-currency accounts, and prepaid debit cards. What sets Wise apart from traditional banks is its focus on transparency, convenience, and low fees. By using Wise for your travel money needs, you can save significant amounts of money and have more control over your finances.

In this article, we will explore the benefits of using Wise for travel money and provide you with a step-by-step guide on how to set up a Wise account, verify your identity, add money, convert currency, send money abroad, and use the Wise card for your expenses. We will also compare Wise with traditional banks to help you make an informed decision.

So, whether you’re a frequent traveler or planning your next vacation, read on to discover how Wise can make your travel money management simpler, cheaper, and more convenient.

What is Wise?

Wise is an online platform that aims to revolutionize the way people handle their money internationally. It was founded in 2011 by two friends, Taavet Hinrikus and Kristo Käärmann, who experienced the frustrations and hefty fees associated with traditional banks for international money transfers.

Wise operates on a peer-to-peer model, matching individuals and businesses looking to exchange currencies at mid-market rates, which are the real exchange rates, without any hidden markups. This allows users to avoid the high fees charged by banks and traditional currency exchange services.

One of the key features of Wise is its multi-currency account. With this account, you can hold and manage money in multiple currencies, allowing you to effortlessly switch between currencies at the real exchange rate. This feature is particularly beneficial for travelers who often need to convert their money into different currencies as they move from one country to another.

Wise also offers a prepaid debit card, known as the Wise card, which can be used worldwide for payments and ATM withdrawals. The card is linked to your Wise account, giving you full control and transparency over your spending. Additionally, the Wise card is accepted at millions of locations worldwide, making it a convenient option for your travel expenses.

Overall, Wise provides a modern and user-friendly platform for managing and transferring money internationally, with a strong emphasis on transparency, convenience, and cost-effectiveness.

Why use Wise for travel money?

Wise offers several advantages that make it an ideal choice for handling your travel money:

• Transparent and low fees: Unlike traditional banks, Wise charges low and transparent fees for its services. You’ll always know exactly how much you’re being charged, and you can save significantly compared to banks that often have hidden fees and unfavorable exchange rates.
• Real exchange rates: Wise uses the mid-market exchange rate for currency conversions, which means you get the same rate you see on Google or financial news websites. There are no markups or hidden fees, ensuring you get the most value for your money.
• Multi-currency account: With a Wise multi-currency account, you can hold and manage money in different currencies all in one place. This eliminates the need to open multiple bank accounts or carry large amounts of cash when traveling to different countries.
• Convenient currency conversion: Wise allows you to convert currency easily and conveniently within your account. You can convert funds at any time, whether you’re preparing for a trip or need to switch currencies while on the go.
• Fast and secure transfers: Transfer money internationally with ease using Wise. The platform ensures fast and secure transfers, so your funds reach their destination quickly and safely.
• Wise card for spending: The Wise prepaid debit card makes it easy to access your money while traveling. Accepted at millions of locations worldwide, it offers competitive exchange rates and low fees for international transactions and ATM withdrawals.
• User-friendly interface: Wise provides an intuitive and user-friendly online platform and mobile app, making it simple to manage your money, track transactions, and stay in control of your finances while on the go.
• 24/7 customer support: If you encounter any issues or have questions, Wise offers reliable customer support around the clock to assist you with your travel money needs.

By choosing Wise for your travel money, you can save money on fees, enjoy transparent currency conversions, and have greater control and convenience while managing your finances abroad.

How to set up a Wise account

Setting up a Wise account is a straightforward process that can be completed in a few simple steps:

• Visit the Wise website: Start by visiting the Wise website or downloading the Wise mobile app from your device’s app store.
• Create a new account: Click on the “Sign up” or “Get started” button to create a new account. You will need to provide your email address and create a password to secure your account.
• Select your account type: Choose the account type that suits your needs. If you’re an individual, select “Personal.” If you’re a business, select “Business.”
• Provide personal information: Enter your personal details, including your full name, date of birth, and country of residence. This information is required to verify your identity and comply with regulatory requirements.
• Verify your email address: Check your email inbox for a verification link sent by Wise. Click on the link to verify your email address and activate your account.
• Set up two-factor authentication: To enhance the security of your account, Wise offers two-factor authentication. You can set this up by linking your account to your mobile phone number or by using an authenticator app.
• Choose your primary currency: Select the currency that you will primarily use for your transactions. This will be the default currency of your Wise account.
• Agree to the terms and conditions: Read through the terms and conditions, privacy policy, and any other applicable agreements, and agree to them to proceed.
• Complete additional verification: Depending on your country of residence and the regulations in place, you may be required to provide additional documentation to verify your identity. This typically involves uploading a copy of your identification document, such as a passport or driver’s license.
• Account activation: Once you’ve completed all the necessary steps and your identity has been verified, your Wise account will be activated, and you can start using it for your travel money needs.

It’s important to note that the specific steps and requirements may vary depending on your country of residence and the type of account you’re creating. The Wise website and app will guide you through the process, providing clear instructions along the way.

After setting up your Wise account, you’ll have access to a range of features and services to help you manage your travel money conveniently and efficiently.

Verifying your identity

Verifying your identity is an essential step in setting up your Wise account, as it helps ensure the security and compliance of the platform. The process may vary slightly depending on your country of residence, but generally involves the following steps:

• Initial identity verification: When you sign up for a Wise account, you’ll need to provide your personal details, such as your full name, date of birth, and country of residence. This information is used to initiate the identity verification process.
• Uploading identification documents: In most cases, you’ll be required to upload a scanned copy or clear photo of a valid identification document, such as a passport, national ID card, or driver’s license. Ensure the document is valid and not expired.
• Additional documentation: Depending on your country of residence and the regulations in place, you may be asked to provide additional documentation to support your identity verification. This could include proof of address, such as a utility bill or bank statement, or additional identification documents.
• Verification review: Once you’ve submitted your identification documents, they will be reviewed by the Wise verification team. This process typically takes a few hours to a few days, depending on the volume of verification requests.
• Identity confirmation: If the verification team determines that your documents are satisfactory and valid, your identity will be confirmed, and you will receive a notification that your account is verified.
• Additional steps for business accounts: If you’re setting up a Wise business account, you may be required to provide additional documentation, such as proof of business registration, tax identification numbers, and ownership information.

It’s important to provide accurate and up-to-date information during the identity verification process. Any discrepancies or inconsistencies may lead to delays or even the rejection of your account verification. If you encounter any issues or have questions during the process, Wise provides customer support to assist you.

Wise takes privacy and security seriously, and all personal information and identification documents are handled with strict confidentiality and in accordance with applicable data protection laws.

Once your identity is verified, you can enjoy the full range of services and features provided by Wise for your travel money needs.

Adding money to your Wise account

Once you have set up your Wise account, you will need to add money to it before you can start using it for your travel expenses. Wise provides several convenient methods to add funds to your account:

• Bank transfer: One of the most common ways to add money to your Wise account is through a bank transfer. You can initiate a transfer from your personal bank account to your Wise account by using the provided bank details. Wise supports transfers in various currencies, making it easy to add funds from different accounts.
• Debit/credit card: You can also add money to your Wise account using a debit or credit card. Simply link your card to your Wise account and initiate a transfer. It’s important to note that some issuers may classify this transaction as a cash advance, so be aware of any associated fees or interest charges.
• Direct deposit: If you’re receiving a salary, pension, or other regular payments, you can opt to have them directly deposited into your Wise account. This eliminates the need for manual transfers and ensures a seamless flow of funds.
• PayPal: In certain countries, you may have the option to add money to your Wise account using PayPal. This can be a convenient method if you already have funds available in your PayPal account.
• Other local payment methods: Depending on your country of residence, Wise may offer additional local payment methods, such as Apple Pay or Google Pay, to add funds to your account. These methods can provide added convenience and faster transfer times.

It’s important to note that when adding money to your Wise account, you will need to consider any associated fees and currency conversion rates. Wise provides transparency in its fee structure, and you will be able to see the exact amount you’ll receive in your chosen currency before initiating the transfer.

Once the funds are added to your Wise account, you can easily manage and convert them into different currencies, send money abroad, or use the Wise card for your travel expenses.

Add funds to your Wise account hassle-free and take advantage of the competitive exchange rates and low fees offered by the platform for your travel money needs.

Converting currency with Wise

One of the key features that sets Wise apart is its ability to convert currency at the mid-market rate, also known as the real exchange rate. Converting your currency with Wise is a simple and cost-effective process:

• Select the currencies: Start by logging into your Wise account and navigating to the “Holdings” or “Balances” section. From there, choose the currency you wish to convert from and the currency you want to convert to.
• Enter the amount: Specify the amount of currency you want to convert. You can either enter the amount manually or choose from preset options, depending on the currency pair and available balance.
• Confirm the exchange rate: Before confirming the conversion, you will be shown the exchange rate, along with the total amount you will receive in the converted currency, including any applicable fees.
• Approve the conversion: Once you are satisfied with the exchange rate and total amount, click the “Convert” or “Exchange” button to initiate the currency conversion.
• Conversion completion: The currency conversion will be processed instantly, and the funds will be available in your Wise account in the new currency. You will also receive a confirmation of the transaction.
• Hold multiple currencies: With a Wise multi-currency account, you can hold and manage funds in multiple currencies simultaneously. This allows you to conveniently convert currencies at your desired time or when favorable exchange rates are available.
• Track your conversion: You can view your transaction history and track your currency conversions within your Wise account. This helps you keep track of your expenses and conversions during your travels.

It’s important to remember that Wise uses the mid-market exchange rate for currency conversions, which is the real exchange rate without any hidden markups. This means you get a fair rate with no added fees or surcharges, often resulting in significant savings compared to traditional banks and currency exchange services.

By converting your currency with Wise, you can have peace of mind knowing that you are getting the best exchange rate available and avoiding unnecessary fees and charges.

Take advantage of Wise’s convenient currency conversion feature to efficiently manage your travel money and get the most out of your funds.

Sending money abroad with Wise

Wise is renowned for its international money transfer service, allowing you to send money abroad quickly, securely, and at a fraction of the cost charged by traditional banks. Here’s how you can send money abroad using Wise:

• Choose the recipient’s country and currency: Start by selecting the country where you want to send money to. Wise operates in numerous countries and supports a wide range of currencies.
• Enter the recipient’s details: Provide the recipient’s name and bank account details, including the International Bank Account Number (IBAN) or local bank account number, depending on the recipient’s country.
• Specify the amount to send: Enter the amount of money you wish to transfer. Wise will display the exact amount that the recipient will receive in their local currency, along with any applicable fees.
• Review the transaction: Before confirming the transfer, Wise will show you the exchange rate, fees, and estimated delivery time. You’ll have a clear view of the fees and the total cost of the transfer.
• Choose the funding source: Select the source of funds for the transfer. You can use your Wise balance or link your bank account or debit/credit card to fund the transaction.
• Verify the transaction: Review all the details once again to ensure accuracy. If everything looks good, confirm the transaction to initiate the transfer.
• Monitor the transfer: You can track the progress of your transfer within your Wise account. Wise provides real-time updates, keeping you informed about the status of your transaction.
• Delivery to the recipient: The funds will be transferred to the recipient’s bank account in their local currency. The exact delivery time depends on the recipient’s country and the corresponding banking system.

Wise’s international money transfer service offers several advantages over traditional methods. You can save on high fees and unfair exchange rates, as Wise uses the mid-market rate for currency conversion. Additionally, Wise provides transparency throughout the process, ensuring that both you and the recipient know the exact amount being sent and received.

With Wise, sending money abroad is a hassle-free experience, allowing you to support family and friends, pay bills, make investments, or handle other financial obligations in a cost-effective and efficient manner.

Spending money with your Wise card

The Wise card is a prepaid debit card that offers a convenient and cost-effective way to spend money while traveling. Here’s how you can use your Wise card:

• Activate your Wise card: Once your Wise card arrives, activate it by following the instructions provided. This typically involves accessing your Wise account and confirming the receipt of the card.
• Load money onto your card: Before you can start using your Wise card, you need to load funds onto it. You can transfer money from your Wise account to your card using the online platform or mobile app. The loading process is quick and straightforward.
• Choose your spending currency: With a Wise card, you have the option to choose the currency in which you want to make your transactions. This can be beneficial if you’re traveling to a country with a different currency than your card’s default currency.
• Make purchases: Your Wise card can be used for both online and in-person purchases. Simply present your card or enter the card details at the point of sale. The card is accepted at millions of locations worldwide, wherever Mastercard is accepted.
• Withdraw cash: If you need cash while traveling, you can use your Wise card to withdraw money from ATMs. Look for ATMs displaying the Mastercard logo and follow the instructions to complete the withdrawal. Remember to be mindful of any applicable ATM fees.
• Monitor your spending: Keep track of your transactions and balance through your Wise account. The online platform and mobile app provide detailed transaction history, enabling you to monitor your expenses and manage your budget effectively.
• Enjoy competitive exchange rates: When using your Wise card for purchases or withdrawals in a different currency, you’ll benefit from competitive exchange rates. Wise aims to provide fair and transparent rates, eliminating hidden fees and markups.
• Manage your card settings: Through your Wise account, you can manage various card settings, such as enabling or disabling contactless payments, setting spending limits, and even freezing or canceling the card if needed.
• Top up your card on the go: If your card balance runs low while traveling, you can easily top it up using the Wise app. This ensures that you have access to funds whenever you need them, without the hassle of visiting a bank or currency exchange.

With the Wise card, you can enjoy the convenience and security of a prepaid debit card while also benefiting from competitive exchange rates and low fees. It’s a reliable companion for managing your travel expenses and ensuring easy access to your funds wherever you go.

Travel with peace of mind and manage your spending efficiently with the Wise card.

Wise fees and charges

Wise is known for its transparent fee structure, offering competitive rates compared to traditional banks and currency exchange services. Here are some fees and charges to consider when using Wise:

• Currency conversion fees: When you convert currency within your Wise account, there is a small fee involved. The fee is typically a percentage of the amount being converted and varies depending on the currencies involved.
• Sending money fees: When you send money abroad using Wise, there is a fee associated with the transfer. The fee is usually a percentage of the amount being sent and can vary based on the currency pairs and the recipient’s country.
• Wise card fees: While there are no fees to obtain a Wise card, certain fees may apply when using it. For example, there might be charges for ATM withdrawals, card replacements, or inactivity. It’s important to review the fee schedule specific to your region to understand the costs associated with the Wise card.
• Bank transfer fees: If you choose to add money to your Wise account through a bank transfer, your bank may charge fees for the transfer. These fees are not controlled by Wise and vary from bank to bank. It’s recommended to check with your bank for any applicable charges.
• Inactivity fees: If you have a Wise account but do not use it for an extended period, an inactivity fee may be charged. This fee is to cover the maintenance costs of your account and can be avoided by regularly transacting or using your Wise account.

It’s important to note that the specific fees and charges can vary depending on your country of residence, account type, and the services you use. Wise provides a transparent breakdown of fees on their website, allowing you to review and understand the costs associated with their services.

Despite the fees, Wise is typically more cost-effective compared to traditional banks when it comes to currency conversion, international money transfers, and travel-related expenses. The transparency and lower fees make Wise an attractive option for managing your travel money with ease.

Before using any Wise services, it’s advisable to review the fee schedule applicable to your account and familiarize yourself with the costs associated with specific transactions.

Wise vs traditional banks for travel money

When it comes to managing your travel money, Wise offers several advantages over traditional banks. Here’s a comparison of Wise and traditional banks for travel money:

• Transparency: Wise provides transparency in its fee structure, clearly displaying the fees associated with currency conversion, international money transfers, and card usage. In contrast, traditional banks often have hidden fees and markups, making it challenging to determine the true cost of your transactions.
• Exchange rates: Wise uses the mid-market exchange rate, which is the real exchange rate without any markups or hidden fees. This means you get a fair and transparent rate for your currency conversions. Traditional banks, on the other hand, offer their own exchange rates, which often include a margin that results in unfavorable rates for customers.
• Low fees: Wise’s fees are typically significantly lower compared to traditional banks. Whether it’s for currency conversion, international transfers, or card usage, Wise aims to keep fees competitive and transparent. Traditional banks, on the other hand, often charge high fees for these services, leading to unnecessary costs for travelers.
• Convenience: Wise offers a user-friendly online platform and mobile app, allowing you to manage your travel money anytime and anywhere. You can easily convert currencies, send money abroad, or access your funds with the Wise card. Traditional banks may have limited opening hours and require in-person visits, which can be inconvenient, especially when traveling overseas.
• Multi-currency accounts: With Wise, you can hold and manage funds in multiple currencies within a single account. This eliminates the need to open multiple bank accounts or carry large amounts of cash when traveling to different countries. Traditional banks often require separate accounts for different currencies, adding complexity and inconvenience.
• Speed of transfers: Wise offers fast and secure international money transfers, with most transfers typically processed within one to two business days. In contrast, traditional bank transfers can take several business days, resulting in delays and uncertainty for those who need to send or receive money quickly.
• Accessibility: The Wise card can be used globally, providing convenient access to your funds for purchases and ATM withdrawals. Traditional bank cards may have limited acceptance or charge high fees for international transactions.

Overall, Wise provides an innovative and cost-effective solution for managing your travel money. With its transparent fees, competitive exchange rates, convenience, and multi-currency capabilities, Wise offers a superior alternative to traditional banks for handling your finances while traveling.

By utilizing Wise’s services, you can save money on fees, benefit from fair exchange rates, and have greater control over your travel budget.

Managing your travel money can be a daunting task, but with Wise, you have a reliable and cost-effective solution at your fingertips. Whether you’re exchanging currency, sending money abroad, or using a prepaid card for your expenses, Wise offers transparency, convenience, and competitive rates that traditional banks struggle to match.

With Wise, you can enjoy the benefits of the mid-market exchange rate, avoiding hidden fees and unfavorable exchange rates. Their user-friendly platform and mobile app make it easy to set up an account, convert currencies, send money abroad, and track your transactions. The Wise card adds an extra layer of convenience, providing an accessible and secure way to spend your money worldwide.

Compared to traditional banks, Wise stands out with its low fees, transparency, and speed of transactions. By choosing Wise, you can save money, have greater control over your finances, and eliminate the hassle of dealing with multiple accounts or carrying large amounts of cash.

Whether you’re a frequent traveler or planning your next vacation, using Wise for your travel money needs is a smart choice. You’ll have peace of mind knowing that you’re getting the best rates, avoiding excessive fees, and managing your finances with ease.

So, next time you’re planning your trip, consider Wise as your trusted companion for all your travel money requirements. With Wise by your side, you can embark on your journey with confidence, knowing that your finances are in good hands.

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Bradford Extra Tesco Travel Money

About tesco travel money at bradford extra.

Tesco Travel Money Bradford is conveniently located inside our store so you can easily exchange currency. Take a look at the Tesco Bank website to see our stocked currencies. Our bureaus are sometimes single-staffed meaning there may be periods where the bureau is unmanned, but signage will let you know when colleagues are returning from breaks.

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Please contact Travel Money on 0345 366 0103 or visit https://www.tescobank.com/travel-money/contact-us/ .

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Blinken wraps up Ukraine-focused Europe trip in Poland with arms requests on table

U.S. Secretary of State Antony Blinken, left, shakes hands with Polish Foreign Minister Radosław Sikorski in Warsaw on Sept. 12, 2024. (Czarek Sokolowski/AP)

WARSAW — U.S. Secretary of State Antony Blinken wrapped up a three-nation, Ukraine-focused European tour in Poland on Thursday after hearing repeated appeals from Ukrainian officials to use Western-supplied weaponry for long-range strikes inside Russia.

Blinken traveled to Warsaw after spending a day in Kyiv with British Foreign Secretary David Lammy during which they pledged to bring the Ukrainian requests to their leaders.

U.S. President Joe Biden and British Prime Minister Keir Starmer are to meet in the United States on Friday amid signs both Washington and London are growing more receptive to allowing the Ukrainians to use their arms to hit targets farther inside Russia than previously okayed.

“As what Russia’s doing has changed, as the battlefield has changed, we’ve adapted,” Blinken said at a news conference in Warsaw.

Biden has allowed Ukraine to fire U.S.-provided missiles across the border into Russia in self-defense, but has largely limited the distance they can be fired.

Just last week Defense Secretary Lloyd Austin met with Ukraine president Volodymyr Zelenskyy and pushed back on the long-range ask, noting that Ukraine has already been able to strike inside Russia with its own internally produced systems including drones.

One of the key requests from Kyiv is to strike with U.S.-produced Army Tactical Missile Systems, or ATACMS. The Pentagon has noted they wouldn’t be the answer to the main threat Ukraine faces from long-range Russian fired glide bombs, which are being fired from more than 300 kilometers away, beyond the ATACMS reach, said Pentagon spokesman Lt. Col. Charlie Dietz.

In addition, the U.S. supply of ATACMS missiles, which can cost up to $1.5 million each depending on the variant, are “finite,” Dietz said. “We need to be judicious about where and when they are deployed.”

At Ramstein Air Base last week Austin said the arguments the Ukrainians have used for long range strikes are like the discussions the U.S. had with Ukraine over Abrams tanks. While those systems were ultimately provided, they are currently not being used.

“I don’t believe one specific capability will be decisive, and I stand by that comment,” Austin said in Germany.

At the Pentagon Thursday, press secretary Maj. Gen. Pat Ryder would not say if Austin’s views had changed since last week.

“As of right now, the policy has not changed. I’ll just leave it there,” Ryder said.

In Warsaw, Blinken said, “One of the purposes of my visit to Kyiv yesterday was to hear from our Ukrainian partners what they believe they need now to deal with the current battlefield, including in eastern Ukraine and other parts of the country”

“I can tell you that as we go forward we will do exactly what we have already done, which is we will adjust as necessary … in order to defend against Russian aggression,” Blinken said.

He delivered a similar message in Kyiv a day earlier. In both cases, the language was similar to that which he used in May, shortly before the U.S. green-lit Ukrainian use of U.S. weapons just inside Russian territory.

The diplomatic visit unfolded as Russia’s bigger and better-equipped army bears down on Ukraine’s eastern Donetsk region and conducts aerial attacks on cities across the country using missiles, glide bombs and drones that claim many civilian casualties.

NATO member Poland, which shares a border with Ukraine, has been supportive of the Ukrainians and Blinken heard requests for easing weapons-use restrictions from Polish Foreign Minister Radek Sikorski.

Sikorski argued that Ukraine should be allowed to use Western weapons against Russia in self-defense, because “Russia is committing war crimes by attacking civilian targets.”

“Missiles that hit these civilian targets are fired from bomber aircraft from over the territory of Russia. These bombers take off from airfields on Russia’s territory,” Sikorski said. “A victim of aggression has the right to defend itself.”

“So I believe that Ukraine has the right to use Western weapons to prevent war crimes,” Sikorski added.

Blinken also met in Warsaw with President Andrzej Duda and Prime Minister Donald Tusk, who share Sikorski’s pro-Ukraine stance.

On Wednesday, Blinken and Lammy announced that the United States and Britain had pledged nearly $1.5 billion in additional aid to Ukraine during their visit to Kyiv. Blinken announced more than $700 million in humanitarian aid, while Lammy confirmed that his country would provide another $782 million in assistance and loan guarantees.

Much of the effort was aimed at bolstering the energy grid that Russia has repeatedly pounded ahead of an expected difficult winter.

Ukraine’s wish list is long and non-military assistance is certainly on it, but Ukrainian officials made clear their most important ask is for easing restrictions on where Western weapons can be used. Air-raid sirens sounded repeatedly during the visit, causing delays in their schedule and forcing them to cancel a wreath-laying ceremony.

Blinken said he would bring the discussion with Zelenskyy about the missiles “back to Washington to brief the president” and that Biden and Starmer will “no doubt” talk about the issue when they meet in Washington.

Relations between Ukraine and its Western partners have been increasingly strained by Kyiv’s repeated appeals for the West’s authorization to use long-range weapons from the United States and other allies to strike targets deeper inside Russia.

That issue took on added urgency after Russia’s latest reported acquisition of ballistic missiles from Iran, but Western leaders have so far balked at Ukraine’s request, fearing that, if granted, it could escalate the war.

Zelenskyy has said that he has a plan for victory which includes several components, including goals Ukraine hopes to achieve on the battlefield as well as diplomatic and economic aims.

In late August he described Ukraine’s incursion into Russia’s Kursk region as part of that plan, saying it had removed the Russian threat from Ukraine’s Kharkiv, Sumy and Chernihiv regions. He has said he hopes to present the plan to both Harris and Trump in September, not knowing which will win the presidency.

“Let’s count on some strong decisions, at least,” Zelenskyy said Wednesday. “For us, it’s very important.”

Vanessa Gera in Warsaw and Tara Copp in Washington contributed to this report.

previous coverage

• As US and Ukraine debate arms restrictions, Blinken visits Kyiv

related stories

• Ukraine braces for hardest winter due to intensified Russian attacks on energy infrastructure

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