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I am thinking about the first few times I traveled abroad and would use traveler’s checks or cheques. I was out in these foreign streets with no phone (well, I had a calling card for a pay phone) and some folded paper, feeling free. Am I aging myself? LOL… but anyway, we are long past those days… so here’s an update to get your money right before traveling overseas.
Get Your Money Right
- Notify Your Bank and Credit Cards of Your Travel Plans. Before you leave home, notify your bank and credit cards of your international travel plans. I was trying to purchase something one time, and my card was frozen due to suspicious activity. I was able to call, but it was still an inconvenience. Many cards now have built in security when traveling, but I still check.
- Understand what the exchange rate is. The exchange rate is the ratio between currencies from two different countries. Look it up before your travels and learn how to convert currency. There are apps for this.
- Know your options for exchanging currency. Try to exchange your money at a bank before your trip. It’s usually cheaper than those exchange centers. Check with your bank before a big trip, and they’ll typically have fair exchange rates and no fees, and they can order the currency if you plan ahead. Outside of that, there are ATM networks. I find airport kiosk and those currency exchange stations to be the most expensive. So try and plan ahead.
- Use a Credit Card Without Foreign Transaction Fees. You need to check whether or not your credit card charges foreign transaction fees. If you are using a regular non-travel card, that added 3% per purchase can add up real quick.
- Spend that leftover foreign cash…if you can. Nine times outta ten, it’s just going to sit there looking dusty when you get back home. Also, it usually costs you more to convert money back into US dollars. I have so much random leftover foreign currency…random coins just floating around my house. (Telling myself I’ll use it when I go back.) *I have taken some back to bank though if large amount.
- Bring some US dollars with you. Do some research ahead of time to see if US dollars are accepted at places you plan to go to. This could help minimize your need to exchange currency. And you can use the dollar bills to tip. Also, make sure your dollar bills are New and CRISPY. Listen…the number of times my tattered dollars have been rejected. You don’t want that smoke. Get those New New Dollar bills.
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