Dealing with money while you travel can be really challenging, especially when navigating new currencies, bank fees and all the rest. I know how challenging it can be after a few years of travel, so decided to make this post to help you manage your money overseas.
1) Sending Money Overseas
This is more applicable if you’re sending money to friends or family overseas, or to yourself in an overseas account. You might think the best way to do this is through your bank, but wrong. That can be really expensive. I use Currency Fair because they offer great rates and lower fees. Click here for more information of their foreign currency exchange fees.
2) How to Reduce Your Fees When Traveling
If you’re planning to withdraw cash from ATMs, look into the international fees in different banks and shop around. A $5 or $6 fee each time really adds up quickly, especially if you’re going on a longer trip. Many banks offer free international transactions so if you know you’ll be heading away soon, look into it.
3) Consider a Rewards Card
Again, look for something with a low rate on international transactions. I actually have one where the first few transactions per month are free and I earn points for travel. Win, Win. This is a purpose designed travel card, so see what are offered in your area. Earning points for travel while I travel is obviously a great way to ensure the trips keep coming.
4) Use A Currency Convertor
When you’re buying things, especially expensive things, take the time to convert it back into your local currency so you really understand how much you’re spending. There’s nothing worse than miscalculating the cost, buying something on your credit card and then getting a big shock when you see it on the statement.
Traveling is one of life’s greatest pleasures. Use these tips to ensure you save as much money while traveling and sending money overseas.