How to Manage Your Money While Traveling Abroad

Use a bank card that charges zero foreign transaction fees and always choose to pay in the local currency when a card terminal gives you an option. Avoid airport currency exchanges and withdraw cash sparingly using a debit card that reimburses ATM fees.

1. Select the right card. Open a checking account with a bank that offers ATM fee reimbursements (like Charles Schwab or Fidelity). Ensure your credit card has 'No Foreign Transaction Fees' listed in the fine print.
2. Set travel alerts. Log into your banking apps and set travel notifications for your destination dates. This prevents your bank from freezing your cards when they see a foreign charge.
3. Master the ATM. Only use ATMs attached to a physical bank branch, not standalone machines in tourist kiosks. Avoid any machine that charges an 'access fee' if possible, or accept it as a cost of business if you have a reimbursement card.
4. Decline the conversion. When a card reader asks if you want to pay in your home currency or the local currency, always choose the local currency. Choosing your home currency triggers 'Dynamic Currency Conversion,' a hidden fee that can cost you an extra 5-10%.
5. Carry a backup. Keep one credit card, one debit card, and $200 USD in cash stored in separate places (e.g., wallet, carry-on bag, hotel safe) in case one is lost or stolen.

Should I exchange money at the airport?

Absolutely not. Airport exchange kiosks often have the worst rates and high service fees. Use a local ATM upon arrival instead.

What if my card is stolen?

Call your bank immediately using the number on the back of the card or the emergency number stored in your phone. Most major networks (Visa/Mastercard) provide emergency card replacement services.

How much cash should I carry?

Carry enough for two days of expenses. The exact amount depends on the destination; in Japan, you need more, in Scandinavia, you can get away with almost zero.