Dealing with money abroad can be complex, confusing, and sometimes inconvenient! It's easy to make mistakes and even lose money in the process. Consider these tips. Please click on the title of the link for the full article!
Recently I've gotten a lot of questions from clients about traveling abroad with money. How much cash should you bring? When and where should you exchange for the local currency? How can you be sure you're not getting scammed? Should I skip cash and just take plastic?
The answers to these questions differ depending on your circumstance, but I thought I would share a few rules that I have learned over the course of my travels and my research. Let's start with cash...
Always bring cash!!
You always want to have cash on you, in your own currency even. Why? Always imagine the worst case scenario and here are a few:
Exchange cash in the country you're visiting
There are a lot of ways to exchange money to local, foreign currency both before and after your trips, but which will cost you the most money? This is something important to consider, whether you're a budget or luxury traveler. Consider these situations:
Use ATM's to get your cash!
In my experience, ATM's while traveling are the best possible way to get your cash, when they are available. Consider these scenarios:
Get the right banking products that are designed for travelers!
I have received no benefit for supporting these products, instead I just want to share what I use and has worked for us! We have saved thousands on foreign transaction fees, poor exchange rates, exchange fees, and ATM fees.
DON'T FORGET THESE FINAL, IMPORTANT POINTS!
If you consider all these helpful tips, you should be able to save a TON! Have fun!!