Make sure to read and implement these 5 travel money tips for withdrawing money before your next ATM withdrawal on vacation. These will spare you from unnecessary headaches and have been tried and tested by travel bloggers, like myself to optimize our travel budget.
While we live in a predominantly cashless world, it’s important to remember that some countries still heavily rely on cash transactions. That’s why, when traveling, it is recommended to withdraw money from an ATM. However, it’s advisable to withdraw a smaller amount for expenses like taxis, small purchases, and tips.
The way you handle these transactions before, during and after a trip can make a significant difference in your savings.
To help you make the most of your travel budget, here are 5 money-saving hacks for travelers that I personally use during my Latina solo adventures.
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5 Travel Money Tips
1. Have A Plan-B
Before your trip, before withdrawing money from an ATM while traveling, contact your credit card provider to set up the cash back option on your card. Credit cards can act as debit cards in emergencies. Interest rates on credit card cash withdrawals are higher then other purchases made on the same card. There may also be a fee for taking out cash, as one does with debit cards on ATM’s. But in an emergency, you will be willing to use this.
When setting up cash back, be sure to ask the credit card representative about interest rates, fees, etc. to better understand how this works for your card.
2. Inform Your Bank & Credit Card Of Your Travel Plans
Letting your bank and credit card company know about your upcoming trip will ensure they don’t freeze your account. Additionally, this should prevent you from having problems using a credit or debit card abroad.
3. Check Your Card Logos
See what credit logo is on your card. For example, MasterCard, Visa or American Express and ensure the ATM you are using has this logo as well. This means the ATM works with the financial institution that issues your card.
4. Use an ATM connected to a bank
In some establishments you will find various ATM machines available to use. Select the ATM connected to your bank or a local bank in the city you are traveling in. This makes it easier to speak to someone or visit a local branch should you have issues when withdrawing money.
What issues can happen? An ATM could keep your card. Read this step-by-step guide of what to do if this happens while traveling HERE.
5. Use your credit card
Most places in the world are becoming cashless. You may not need to withdraw cash or may only need a bit of cash for tips, etc. Some smart travel money strategies you can consider is using a credit or debit card while on vacation. It’s a great way to keep track of costs, see conversion rates and get points should your card be tied to an incentive program. The travel credit card I use gives me flight miles with for every USD spent and doesn’t charge me foreign transaction fees.
BONUS MONEY SAVING TRAVEL TIP:
When making purchases if you are offered to convert the amount to your home currency, ALWAYS turn it down. The conversion rates provided by your bank will always be better.
More Content On Smart Travel Money Strategies
These additional resources can help with financial planning for travel. The will provide you with additional money saving tips and step by step guides to the most unexpected of scenarios.