This post explores how to avoid money disasters while traveling.
Most of us would like to have copious amounts of money to spend on trips and vacations. Think about it for a moment. You are in a far away land, one you have wanted to visit for the longest time ever. And, you are able to spend with the most pleasing abandon. Doesn’t sound nice?
Yes, it is all good. Well, more than good.
However, here on Planet Earth, a lot of us travel with limited resources. Even though the word “limited” is subject to who you are and what you do for a living, there is something universal about our resources: we want to make the most out of them.
In other words, we want our money to go a long way and buy us things that matter.
During my travels, I have done a lot of stupid money related mistakes. It hurts every time I have to pay a mysterious fee or end up being overcharged for a service because I didn’t do my homework beforehand. And, I do not want to think about the times I have cried because all the ATMs in town decided to boycott me.
The good news is that I have learned from all those mistakes, sometimes the hard way, and feel like I take care of my money in a better way as a consequence.
I will keep making mistakes, that is a given. The more I travel, the more I learn. In the meanwhile, here are the techniques I use to avoid money disasters while traveling.
- Budget, budget, budget!
Extremes do not tend to work well. I do not want to be a travel scrooge but I do not want to return home with massive amounts of credit card debt. Based on research, I set up a daily expenditure limit. I do not obsess since I like to leave room for spontaneity. However, being over budget by 300 bucks on my first two days of travel can be a red flag.
Not having a general idea of how much you are spending can make a huge dent in your wallet. I do not believe travel has to take us to a hard financial situation
- Have an emergency fund
For each trip, make sure you put some money into a pot labeled “emergency.” Things happen and you have to be prepared. You may need to spend money on clothing, shoes or medicines. Plus, what if you learn about a “must do” activity that didn’t come up in your research?
- Know the currency exchange rate
I have noticed a considerable amount of people do not care about currency exchange rates when those rates are in their favor. For example, people go to Mexico and do not mind paying 90 pesos for a bottle of Coke. They assume that is the cheapest Coke they have bought in their lives because Mexico is a “cheap” country. Sorry baby but you just spent $5 or $6 on something that should cost a fifth of that.
Before leaving home, check the currency exchange rates for the country you are visiting. Use a calculator (if needed) to check how much you are paying (unless you want to be taken advantage of).
- No fee credit and debit cards
Banking related topics can get complicated fast. I am not going to go into details but keep in mind your bank (or the bank that owns your credit cards) can charge 3 or 4 fees when you are buying goods or services on a foreign currency.
Do your research and take abroad a card that charges no fees.
- Banks that do not charge fees
In the same way, you want to make sure the bank you are using on a foreign country does not charge banking fees. The most common example is taking money out from an ATM machine. Do you really want to pay to take out cash? I do not think so.
Before departing for your trip, check what banks do not charge fees.
- Have a backup plan
This is a simple one. Travel with two credit and two debit cards. If something happens to one, you can rely on the other one. A good idea is to use your no fee credit and debit cards as your primary travel cards and have the other cards where a fee is involved as a backup. I do not like to pay banking fees but, hey, sometimes you need to get cash on your hands.
- Divide monetary resources
Do not walk around with all your cash and cards. Go out with some and leave the others securely stored on your accommodation.
- Pickpockets are the real deal
Since we are talking about dividing monetary resources, let me mention one thing. Professional pickpockets and scammers congregate in areas with lots of pedestrian traffic. They know what they are doing and they will get you if you are not prepared.
Ladies, travel with a purse that is difficult to rip from your body (I like crossbody bags). Maintain the purse in front of you all the time. Gentleman, keep your money in a front pocket that is protected with a button or zipper. Plus, be alert when you are surrounded by a lot of people.
- Find reputable money exchange operations
With all the technological and banking advances available to travels, I do not rely on money exchange service providers. I go for the best exchange rate and I do not think they provide it. If you need to use one of these services, please find a reputable one (ask around or research). There is a lot of dishonesty in this industry.
- Keep proof of your money exchange transaction
Just in case, keep the receipt you are given when you exchange money. This will work on your favor in the rare case there is something wrong with the money given to you (it is fake or something like that).
- Bring your passport to change money
Do not forget to bring your passport if you want to exchange money. A decent agency will deny your request if you do not have your passport with you.
- Do not agree to buy a good or service without knowing how much it costs
Quick story. A friend of mine once ate some shellfish from a local vendor while we were at the Dominican Republic. He was shocked when the vendor charged him $70. Things got a little bit messy and he ended up paying. Moral of the story, please, please, do not consume a good or service without knowing the price.
- Look at the expiration date of your debit and credit cards
A month before a trip, you should look at the expiration date of your cards. In that way, you can get a new one if necessarily.
- Take into consideration holds
This one can be a real money disaster. For example, let’s say you rent a car and the agency places a $900 hold in your card. They will release it once you return the car in good condition. The problem is that you were counting with that amount of credit on your card to pay for your accommodation. Now you are in trouble if you do not have a backup plan. Once again, this is when research can save you. I have heard of agencies that want to place hold as high as $3k.
- Add a travel notice to credit and debit accounts
Banks have started to combat identity theft and fraud in a very aggressive way. In general, they will deny transactions that are non-compatible with your spending habits. To avoid having a transaction denied in a foreign destination, add a travel notice to your accounts. Nowadays, you can do this by phone or online. Do not forget to include in-transit destinations too.
There are several banks that do not require travel alerts anymore. They will send you a text message and/or e-mail if they notice a strange transaction. Once you respond confirming the transaction, things should be fine. However, make sure you respond to the message in a reasonable time.
- Take a look at your bill
When you get your bill at a restaurant, check it line by line to make sure there are no errors or hidden fees. If you have questions, ask. You have no idea how many overcharges I have seen during my travels
- Do not assume you can get cash backs
Don’t you love the idea of buying something in a store and being able to get some cash at the same time. Well, do not assume this practice is common in a country you are visiting. Check before leaving home.
- Cash is still king in some places
Ahh, not sure why but cash is the ultimate currency medium in a lot of countries. Therefore, you need to be prepared to pay with it (shocking if you like me do not get to see cash in weeks, direct deposit rocks!). Do not be fooled. This is not a practice exclusive of third world countries. Places in Central and Eastern Europe run on cash.
- Make sure you have enough cash for the weekend
In some countries, the banking industry does not provide services during the weekends. On top of that, banks have ATMs secured in a closed area. If for some reason your ATM card does not open the closed area, well, you are out of luck (and will have to wait till Monday to get money). This happened to me in a small town in Brazil. I have been ready for the weekend after that.
- Have small bills in the local currency
Take out money from the ATM in a way that you end up with small bills. For example, if you need 200, take out 220. It sucks when nobody wants to accept a large bill.
- Make sure the bills are not broken, dirty or marked
ATMs tend to dispense bills in a good condition. If you notice bills in less than optimal condition, enter the bank and ask for better bills. Tons of businesses in Central and South America do not take broken, dirty or marked bills (yes, they check each bill).
- Do not use public Wi-Fi for banking transactions
Please be careful with this one. In theory, anybody can see what you are doing on a public network. Somebody can steal the password used to access your online banking area and use it to wipe your account. Hotel networks may be unsecure too.
- Have somebody who can wire you money
For a case of extreme failure, have in mind who can help you out with some money.
There you have it! These are some of the things I have learned along the way.
I hope you find these suggestions useful and actionable. Furthermore, I hope you can use your hard-earned money on things that affect your life in a positive way (not on a horrible money disaster!).
Do you agree with the suggestions on how to avoid money disasters while traveling? Is there something you can add?
Please share if you enjoyed this post!
Ready to pin? Let’s do this!
Photo Cache says
Yes, very important to discuss this part of the travel. We subscribe to most of this, especially alerting your credit cards of your travel plans a week or so before the travel, just in case you know. Sometimes even though you have put a travel alert on your cards, you might still find your card being denied. Happened to us.
Ruth says
Good for you! I didn’t know you can still be denied even with the travel alert. I have seen people who are denied because they forget to add transit, connecting or layover destinations on the alert (not saying that is your case).
Anda says
Excellent advice, Ruth. We also made money mistakes over the years but learned our lessons. Lately you can’t even use your credit card abroad unless you notify the credit card company that you are traveling and where. That is a good thing. #TheWeeklyPostcard
Ruth says
Yes, Anda that is the case nowadays. It is good that credit card companies have upped their game. I remember one time my credit card was hacked in Brazil. I have had no problems in recent years.
Mandy says
I’ve definitely made some of these mistakes before. I think the one tip you left out is to always have American dollars on hand (unless you aren’t from the US). I feel like, almost anywhere, they will take American dollars even if you’ve run out of cash in their currency or your credit card doesn’t work. BUT you should keep the currency exchange rate in mind. For example, on our last day in Paris, my husband and I were trying to get to the airport and caught a cab. We thought we had enough Euros but ended up not. The cab driver allowed my husband to pay him in dollars since we didn’t have enough Euros. Of course, the end of the story was that we were ripped off since he paid more in dollars than we would have if we had had Euros (too tired and worried about catching the plane to do Euro to dollar exchange rate calculations), but the point is that we got out of the “sticky situation” with dollars.
Another thing worthy of mentioning: there are credit cards and debit cards that do not charge fees in other countries. Schwab (debit) and Venture (credit) are two of them. If you can find a card that won’t charge fees, it’s like you are paying in your own currency. Win for the bank (the card gets used), win for you (no extra fees!).
Thanks for the tips!
With Love,
Mandy
Ruth says
Mandy, thanks a lot for your wonderful comment. Agree you should always have a stack of dollars with you. You would never know when they can save you. But, do not be surprised if locals do not want to accept the dollars. It happened to me in Brazil. I had plenty of dollars and was out of the local currency. Nobody wanted the dollars and it was a very stressful situation.
I use a no fee credit card from from Capital One. It works wonders. I have a debit card with the same company (I have to fund the account before traveling).
Kelleyn says
Ruth you have a really lovely blog! Yes, money can be tricky! I can’t per say I have really had any problems in all my years of traveling, but this is a really great this for the beginner as often times one just doesn’t think of these things. Now I am off to read your tips for Frankfurt as we are here for the next year and always looking for things to do.
Ruth says
Thank you so much! The thing is that money is managed differently in different countries. You may think you have seen it all and they you end up with a big surprise. That is why you should be alert. Wow, how awesome your news about Frankfurt. I would love to stay there for an extended period of time.
Keri | Ladies What Travel says
Great tips! #wanderfulwednesday
Ruth says
Thanks Keri!
Nerissa says
Great advice. I’ve learnt over the years to do the same for a some of these. Especially keeping cards and money in different places incase they get lost or stolen.
Ruth says
Good for you! Yes, you do not want to have everything on the same place.
Lina says
Helpfull post!
There is a lot of diffrent current exchange apps now, which you can use whithout wifi (it uploads the latest rate when you´re connected to wifi).
Currently travel along Africas west coast and here cash is definietly king! It can be tricky to find an atm and a lot of times it out of order due to powercut or something. So we always carry along euro and Us dollar aswell.
Ruth says
Lina, that is a great advice. I need to download one of those apps. Traveling to several countries with different currencies can be super confusing. Wish you the best in your Africa’s travels.
Zara says
Very well written. I see so many people falling into these traps and myself included from time to time. I know I could be better with money while travelling, and even my best intentions go out the window sometimes when I am feeling frivolous and free haha! But the less I spend, the more carefully I spend, the more I can travel!! Good post!
Ruth says
Zara, that is a good point and actually the point I am trying to make. Taking good care of your money can help you to travel more often or foe a longer period.
Lydia C. Lee says
I can not stress the back up plan enough. I used to always do it with travellers cheques and then got lazy in the days of ATMs. And then in Vietnam, our travel money card got eaten by the ATM and it was only by accident I had the back up account card with me – with no idea how much money was in it. It was the only access to cash we had for the rest of the trip!! Great post. Even us frequent travellers get complacent.
Ruth says
That is not a situation I discussed in the post but I am glad you brought it up. To be honest, I will try to avoid the ATM machines that “swallow” the card. At least, I will do it during non-business hours. But, I know that is not always an option.
Danielle Dorrie says
Hello! These are EXCELLENT tips. the one about having two of everything is right on. Thanks for sharing – looking forward to following!
Ruth says
Thanks Danielle! Glad you enjoyed reading the post.
The Curious Creature says
Dividing monetary resources is KEY. Having travelled to over 40 countries I can tell you that tip alone has saved my ass a few times!!
Ruth says
Oh, you are so funny! But, it is true! I can think of so many situations where things can go wrong. I guess it is also essential for each member of the travel party to have monetary resources at hand (in case you get separated).
Emily says
Great tips! I once went to the Philippines and had no idea what the exchange rate was, so when I withdrew money from the airport ATM, I had no idea how much to take out because I didn’t have a reference point. Oops!
Ruth says
That has happened to me too. The freaky thing is when the ATM asks you how many thousands you want to withdraw (it is a currency exchange thing but you are not used to withdraw thousands).
Julz says
Great tips! Yes the exchange rate is super important! i usually try to travel with cash, just because plastic is so much harder to check how much you use – so my card is my emergency fund and otherwise i try to go by with wuat i have in my pocket for the day.
Ruth says
That is a good idea because you can control the budget better. Things can get out of control if you are swiping the card on every purchase.
lisa says
Great advice and yes always have an emergency fund! I got in India at a train station after missing my train. You have some really good tips here and sounds like you have had some experiences. I can never stick to a budget but when we travel full time form next year going to have too! Happy travells.
Ruth says
I try to stick to a budget as much as possible but try not to suppress the entire travel experience because of money. The other thing is that I travel with my husband and we have different ideas of what a budget is (we try to get to common ground before the trip).
jesh StG says
Very needed article! Glad you posted this:)
About my “buckets” of paint – yes it was an investment, since I don’t know how much paint I would use when talking about paintings of over ten feet. Since it takes me 1 1/2 hours to go to the store for some colors and half an hour further for other colors, this has saved me on time and gas for the car. thanks for visiting!
Ruth says
Jesh, thanks for elaborating on your painting process. I find it very interesting. Glad you were able to find an efficient way to continue focusing on your art.
image-in-ing: weekly photo linkup says
Such an informative and valuable post. Thanks for sharing, and for linking up:
https://image-in-ing.blogspot.com/2017/08/lucky-shot.html
Ruth says
Thank you!
Amanda Blizzard says
Great tips! One thing that has helped me save money was to be aware of the global ATM alliance that my bank about about 200 other banks world wide are a part of!
Ruth says
Amanda, thanks for mentioning that. Using partner banks of your home bank is a great way to save money.
Ashfina says
oh this is such a smart list. I tend to go overboard while travelling *sigh*
But this list going to make my travel planning much easier. thanks for sharing this 🙂
Ruth says
Really? I hope you are having tons of fun. Glad to know this list would be helpful for you.
Trish says
Excellent advice, Ruth. We have learned similar lessons over the years. We also got caught out buying fish in Greece many years ago and the restaurant charged us a fortune!
My credit card was cloned just before we went to Canada: the hotel we were staying at couldn’t charge our bill to it because the credit card company had put a stop on it – we always make sure my husband and I bring a selection of different credit and debit cards.
#FarawayFiles
Ruth says
Trish, seems like we have had similar experiences. I really get a bit mad when I am charges unexpected fees. Once time, a restaurant wanted to charge us 12 dollars for the live music. I asked if that was compulsory and they said no. I asked them to take it out of the bill.
Tracy says
Excellent tips! I find the hardest for me is to stick to a budget! We spent 20% more than I budgeted for on our last trip – I think this is one area I really need to work on!
Ruth says
Believe me, I think that is a lot of people’s pressure point.
Sharon Wagner says
So far so good on that front. I do love to take photos of colorful currency when we are in Central America.
Ruth says
The currency in Central America (and Mexico) is very interesting. They have a lot of motives related to their roots and heritage.
Deea says
Very good points, Ruth! Number #9 really hit me in Prague when everybody was trying to rip us off with their bad exchange rates and hidden fees up to 30%! If you distanced yourself a couple of streets from the tourist areas, you could find fair exchange shops, but it’s incredible how many people were going with the first ones because they didn’t know…
Ruth says
It is funny you mentioned that because I was thinking about Prague when I wrote that tip! Our guide (from a free tour we took) keep repeating over and over to be careful with the people who change money. He pointed the group to reliable houses. Wow, 30% fee? That is incredible!
Jenn | By Land and Sea says
What a great list of tips! I too hate it when I make silly yet wasteful money mistakes while traveling! Saving this for later!!
Ruth says
Thanks Jenn, we all make mistakes but the important thing is to learn from those mistakes.
Amanda Keeley-Thurman says
Great tips! I use a few of these myself, but I learned a few new ones too! So important to be money smart when traveling.
Ruth says
That is great Amanda! Stoked you learned something from these.
Ava Meena says
These are all great tips and I definitely need to heed some of them before our next international trip! When we were living in Germany it was easy to exchange money and or use our German debit card when traveling in Europe but that’s not necessarily the case when traveling from the US to a foreign country. And, as you’ve mentioned, planning ahead can help a lot! #FarawayFiles
Ruth says
Eva, I agree. Sometimes you think things like a 3% or 5% fee is not much but if you have to make multiple transactions, that will add up. I try not to give anything to the banks (if not necessary).
Annalise says
Such great advice! It’s so hard to think about money when you’re going away but a mini checklist like this will be so useful! Sadly, I’ve fallen into a few of these traps which is annoying!
Ruth says
I know! The thing is that resources are usually limited and I do not like to accumulate debt. Do not worry, a lot of us have fallen for some of these.
Anisa says
Great tips. I always have issues calculated the exchange rate in my head, so yes I do use a calculator just to be sure. Sometimes people try to rush you but I make sure I know how much it really is before buying. Thanks for sharing on #TheWeeklyPostcard.
Ruth says
Anisa, I see the rushing thing as part of the selling routine. Of course, they do not want to give you time to think about it.
Tanja (the Red phone box travels) says
all excellent advice! budgeting is very important as well as carrying local cash in small bills #theweeklypostcard
Ruth says
Thanks Tanja!
Rhonda Albom says
Great advice and I follow all of these when I travel. Finding a card with no fees and, good FX rates, and no surcharges is gold. Check everywhere because this one thing will stretch your purchase power
Ruth says
Rhonda, good for you! I feel like walking over clouds after getting my no fee cards.
Michelle | michwanderlust says
Great tips, Ruth! This is such an important topic, it’s definitely important to protect ourselves as much as we can when travelling. I recall on one occasion in Bangkok, we went to a famous seafood restaurant and ordered a LOT of food – because we were starving and everything in BKK is cheap, right? The menu listed “seasonal prices” for many of the items, and we made the mistake of not checking the prices before we ordered. Needless to say, we got a big shock at the end of the night. And I’m never making that mistake again!
Ruth says
Michelle, thanks for sharing your experience. I get that some things are seasonally priced but it can be used in whatever way the restaurant want. They can charge more to outsider if they want. I have seen this done when there are menus in different languages with different prices.
Michele {Malaysian Meanders} says
Really great tips! I have a great currency exchange app (whose name I am currently forgetting) which is so helpful in figuring out how much things cost in a unit that I can comprehend. With that type of technology at a person’s fingertips, people really have no excuse to ignore the exchange rate when making purchases. In any case, I keep surprising myself on how many money mistakes I pop up and surprise me. Like my cards not working in Chinese ATMs or prematurely using up all my cash in the Philippines without realizing there was an exit tax. I also used to think that if I changed the currency displayed on an online booking site, it would also change the currency they charge in. Nope!
Ruth says
Michelle, you added a lot of great points in your comments. It is a good idea to use your no fee credit cards to make online travel reservations. Like you mentioned, some sites charge you in a foreign currency (you will end up paying fees if you do not use that card). The exit tax thing has happened to me too. Sometimes, the tax is high and has to be paid in cash.
Cris says
Excellent tips! I’ve written extensively about safety while traveling, VPNs and everything else I could think of 🙂
With a little bit of practice, anyone can be safe and avoid money disasters.
I have never used my bank website from anything but my laptop (with VPN or connected to my cells wi-fi on my roaming plan). And I never ever even install the bank app on my cell.
Ruth says
Cris, thanks for sharing your expertise. The banking app tips got me thinking.
Paul and Carole says
Great advice here, particularly about an emergency fund and securing your bag when in crowds. Sometimes it is hard to keep to a budget as we do enjoy splashing out but nothing worse than coming home to debt. Thanks for sharing. #feetdotravel
Ruth says
That emergency fund is crucial. I know we all feel like traveling more often but some cushion is needed.
Catherine - Red Door Ponderings says
Great advice. We always forget about the ‘holds’ that can be placed on cards – they can really catch you out. Really liked your practical advice throughout.
Ruth says
Thanks Catherine! Those holds can really mess you up. I once had a $900 dollars hold places by rental car agency. We didn’t know till something went wrong.
Toni says
Awesome tips here! I am so a money conscious person. I really believe paying attention to your credit and debit card bills so you’re aware of currency exchanges is vital. I also know that holds on credit cards are also not considered by people as much as they should be. But most definitely using secure wifi is the biggest key.
All of these are so relevant.
Ruth says
Toni, thanks for sharing your insights. A lot of us think the Internet is secure but it is not (if you do not take precautions).
Angie (FeetDoTravel) says
Great advice! As a full time traveller, there are a lot of tips you have given that we had to do before we left the UK, especially around bank/credit cards and banks themselves – we didn’t want to be stranded a million miles from home with no way of accessing money because an ATM had swallowed our only card or something like that. I also hate the monetary mistakes I have made so far, and I know there will be more … I hope I will live and learn! #feetdotravel
Ruth says
Angie, well said. it is a different animal when you are travelling all the time. A lot of my money mistakes have been made under pressure. Therefore, I try to avoid stressful situations at all costs.
Theresa says
This is a great post, I’m going to pin in for reference. Very comprehensive tips. I already do several of them, but you always miss some.
Ruth says
That is great Theresa! Glad you can put some of these into practice.
Abby says
Pickpockets! Definitely a bother. I’ve had my mobile stolen in the local trains in my home country, but I was lucky in Rome.
We were on the metro and only when we got off the train realized that my bag had been opened. Strange though, the train was only crowded for a few stops, and then got emptier for the rest of the 15 minute journey, but no one on it bothered to tell me that my bag was open. Luckily my purse was in another section of the bag, and all the pickpocket had access to was a lot of boxes of juice. 😉
Definitely good advice about keeping the bag in front or using a cross bag.
Ruth says
Wow, such a bad story. Thank goodness your purse was somewhere else. People do not realize how dangerous pickpockets are. They think they are not going to be affected by them.
Lolo says
These are some great tips! I should really follow the rule of having an extra stash just in case! The problem is we’re such an American couple, we always use our credit cards…and yet we struggle in Germany because we know they don’t always accept CCs. I hate running to the ATM! Thanks for linking up with #TheWeeklyPostcard!
Ruth says
Running to the ATM is not my favorite thing neither. It happened to me in Luxembourg and Munich. It took us forever to find an ATM.
Sarah says
Good tips. We try to never ever exchange money and only get local currency in ATMs. We have a no-fee bank account and so can take out small amounts of money at a time so we’re not left over with a lot.
Ruth says
Good Sarah! Seems like you have things sorted out!
Kat says
Adding a travel notice to your credit and debit cards is such a good tip and one that lots of people forget or overlook when they’re travelling. It can be such a pain to have your cards declined because you’re bank thinks your cards have been stolen.
Ruth says
Yes and then you have to call the credit card or contact them thru e-mail. Not fun and not worth the stress.
Carol says
Great post and so much good info. You are wise beyond your years – guess you’ve had a lot of experience!
Ruth says
Oh Carol! Thanks a lot for your comment. I guess I have learned after many falls.
Megan Johnson says
Ohh man, I almost ran out of money twice, TWICE! in the Philippines. You’d think I would have learned. Luckily I was with someone that let me borrow some and I paid her back once I got to an ATM that my card worked with! And, in Taiwan, the first time I needed to use an ATM it wouldn’t work with my card, so I wandered around trying every one I saw until I finally saw a Western Union. I was thankfully able to get money out from that one, but it was a close call! Too close!
Ruth says
The banks in some countries are not connected to international networks so you card are not going to work on them. That happened to me on Brazil. No national bank was giving me money.
Carrie says
These tips are so useful! One other thing I always do is check not just the exchange rate in terms of what’s $1 equal to, but also what 100 of the local currency, 50, etc. amounts to. This is super helpful when the exchange rate is something hard to calculate in your head, like 17-to-one. I got overcharged in Ethiopia when I couldn’t figure out how much 100 birr was quickly enough to pay my taxi driver — never again.
Ruth says
Carrie, thanks so much for sharing your tips. I do that two. I tend to have the conversion for 100 and then can go p or down depending how much I am charged.
Mapping The Map says
Very interesting post! We try to follow those tips in our travels. In particular it is important to be aware of the exchange rate because as you say some countries seem to be cheap but when it comes to tourism they are not as cheap as we think. #TheWeeklyPostcard
Ruth says
That is true! Some businesses are going to try to take advantage of you. You should not let them take advantage of you.
Steph says
Oh yes, I learnt the hard way to always travel with backup cards! Some great advice here.
Ruth says
Thanks Steph! Backups are always needed.
Barry says
Great bunch of tips and a little common-sense goes a long way. It’s not always that easy when you travel though and the temptation to overspend in the moment is very real. I always budget for my month’s travel and add 20% just in case. I have a travel emergency account also for emergencies.
Ruth says
Great to read your perspective Barry! Like you say, it is tempting to spend but you will regret that decision later.
Shona says
Sadly, there’s no bottomless money pit so having a few tips to prepare for travel expense is handy. There’s always something that slips through the cracks but the more prepared the less that will matter.
Ruth says
Shona, have to agree with you! The more prepared the better.
lexie says
This is an excellent topic as a lot of travellers ignore, I mean it really depends too but this is so helpful for travel bloggers, We don’t get that much income anyway if we constantly rely on one resource. It’s an essential thing to plan first and bugdet on crunch. I really did enjoy reading I’ll be bookmarking this post 🙂
Ruth says
Oh Lexia, you are so kind. Glad you enjoyed and learned reading this post.
Jenn says
These are some great tips! Just curious, what do you do when you are traveling to countries with multiple currencies? Do you take cash for all those countries with you or would you use an atm machine? I’m doing a RTW trip and would love to know what my best options are.
Ruth says
Jenn, I take cash from the ATMs. On those cases, I try to have a good idea of how I am going to spend daily. If I am about to leave and need to buy something, I use the credit card (no fee).
Clare (Suitcases and Sandcastles) says
Some really useful tips and tricks here, Ruth. We’ve been caught out with bank charges for using debit cards abroad too often. We now take a lot more money out with us and try and avoid using the debit card at all apart from for big items like the hotel bill or hiring a car. It’s very useful taking cash particularly on small Mediterranean islands where they don’t have many ATMs around. Thanks for sharing on #FarawayFiles
Ruth says
Hi Clare, thanks for your comment. Isolated places can be tricky, so, yes, you have to plan for that.
Go Far Grow Close says
Great article. I can imagine how difficult some of these lessons were to learn – like no access to cash over a weekend in a town that likely only accepts cash! I like to prepay things as much as possible before I leave. It helps me budget over the months beforehand and it limits how often I have to access my credit card for big purchases.
Ruth says
I try to prepaid too. But, like you know, you have to pay most hotels once you are there. So, you have to spend while moving around.
Edith says
These are such great tips! We’ll be starting our round the world trip next month so reading it helps me prepare ahead of time for any disaster that may be prone to happen! #weekendwanderlust
Ruth says
So good to hear that Edith!
eileen g says
These are good tips. In countries where they take US Dollars we make sure to have small bills since vendors might not have change for a $20. And if we need to pay in dollars or exchange physical dollars we make sure the bills are in good shape. Some countries are picky about that.
Ruth says
True Eileen! You risk losing money with large bills. It is good to have small bills when negotiating something. A large bill will not help you in that case.
Laryssa Gobets says
what great tips. We found that in Curacao american dollars were worth more than the guilder. We worked hard to get rid of the guilders when we left. #theweeklypostcard
Ruth says
Yes, sometimes it is hard to change back the extra money in local currency.
budget jan says
I agree with all of these. I think the most important is to have two unrelated bank accounts so that is one card is stopped or lost you have a back up.
Ruth says
Thanks Jan! Backups are so important. They are a life saver.
Urska - Slovenian Girl Abroad says
Useful tips Ruth! I agree with all the things written. 🙂 #FarawayFiles
Ruth says
Thanks Urska!
Jessica @ Independent Travel Cats says
Hi Ruth, Some great money saving tips everyone should be thinking about when traveling, especially internationally! We have also used money exchange places fairly often as we are often traveling between countries that require cash (some currencies can’t be taken out of a country [its actually illegal in some places] or are difficult to exchange outside their country of origin) and have been able to almost always find reasonable rates – we just check the currency exchange rate and then compare based on that. Airports and banks usually have legitimate money exchange places. But again that is mostly for developing countries! Best, Jessica
Ruth says
Jessica, thanks a lot for sharing your insight. I didn’t know it is not allowed to take some currencies out of the countries. Hope I have not done that without knowing it.
Jim ~ ReflectionsEnroute says
Great advice! And yes, pickpockets are real. Riding a streetcar in Lisbon, I had my wallet in my front pocket and my hand in the pocket with it. Suddenly I felt another hand in my pocket trying to get my hand off the wallet! I elbowed very hard and the “gentleman” quickly backed away.
Ruth says
Good catch Jim! At least, you had your hand in your pocket. My husband has pants with buttons and zippers (on the front side of the pants). He use those for travel.
Marcelle says
What is really annoying is, that there are no bank cards in Europe without fees or banks who don’t take transaction fees for the use of ATM’s. I envy the Americans for this. Adding up the amount on fees I paid the last five years I could probably go on a cruise ship holiday.
Ruth says
Marcelle, I didn’t know that. That must be frustrating.
Erin Gustafson | Oregon Girl Around the World says
Great post and fabulous tips Ruth. We have run up against the car company hold on our bank and learned the hard way what that does to your expected travel budget if not prepared! Also with Copenhagen being a virtually cashless society, we often forget how many places only do cash – I will admit I was shocked in Berlin to find a specialty boutique toy shop that would only take cash. This was no small village – this was Berlin! Great tips and reminders for even the seasoned traveler. Thanks for sharing with #FarawayFiles, Erin
shere says
Great tips!! I have a credit card that I can use to take many in any country in the world without paying any commission. This is the one I use all the time.
I once had the exchange course wrong, in Costa Rica. I normally take many from the ATM in the airport. I thought I would have taken the equivalent to 200€, but i had just 20€, ha,ha,ha. After a long flight and with a tired toddler mistakes happened.
Sandy N Vyjay says
These are really sensible and practical tips on avoiding money disasters during travel. We always budget for out travel and plan well in advance. Also we do not carry much physical cash, only as much as is required.
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Thomas Espeute says
Hi Ruth! There is lots of great information in your article!!! It can be useful for the people traveling to Colombia!!!
I like the mobile bank to avoid paying bank fees 😉
Nancie says
Excellent tips, Ruth. I always use the ATM at the airport to get my first cash upon arrival. I have always found that bank ATMs have the best exchange rate. Some countries (Thailand comes to mind) charge a rather significant service charge. The last time I was in Thailand it was around 7 or 8 dollars per transaction, so to ease that pain try to make larger withdrawals
Cannon Law says
To me, two things worked out: vigorous planning of budget and learning many ways of making money, like investment and quick learning strategy for any discipline available next to me. Hope this helps and adds value to your tips
The Oaks Plastic surgery says
It´s very interesting… all the info you shared. Especially the banking tips on public wi fi. I used to do that. But I´m not doing that anymore
Tyler Flood says
The topic is really difficult as there are too many things that can happen. I wish there’d be a system analogous to data storage one like Dropbox where you put money and only you and no one else can access these money
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