EXPLORE: 10 Financial Tips for Traveling Abroad

Sometimes even experienced travelers can’t anticipate every financial need while on the go. It’s crucial to pack a combination of financial information and payment methods for your trip abroad. Packing should include foreign currency and credit, debit, and ATM cards. It is recommended that you carry at least two of these payment types and have small denominations of foreign cash to pay for taxi fares, tips, and meals. Here are 10 financial tips to consider for managing your money needs when traveling abroad.

10 Financial Tips for Traveling Abroad

10 Financial Tips for Traveling Abroad

  1. Before traveling, call your card companies to let them know your travel plans. Transactions in another country could be declined as suspicious if your card company isn’t aware of your travel plans.
  2. Inquire about foreign transaction fees and fees for withdrawals at an international ATM.
  3. Make a list of the important international phone numbers for reporting lost or stolen cards. A good place to have this list is written down in another location from your payment methods or as notes in an email account or in a phone.
  4. Make sure your ATM PIN is in the proper format. Four-digit numeric PINs are standard in most countries. These are not the same as European PINs. Read more here.
  5. Know your daily spending limits before you leave and check to make sure they will fit your spending needs.
  6. When using an ATM, keep your cash out of sight and only use an ATM in a safe location.
  7. Store your passport, airline tickets, extra foreign currency, and other must-haves in a secure place, such as this travel wallet.
  8. Carry only the cash you need for each day’s outing. The rest should be stored safely in the room safe.
  9. Keep your exchange receipts until you get home, in case you’re asked to show them while traveling or in case you need them for tax reimbursement at the airport.
  10. Keep photocopies of your key documents separate from the originals — they can sometimes help speed up the replacement process.

Do you have any advice or tips for new travelers? Comment below to share ideas and tips!