6 Unexpected Money Tips for Traveling Abroad

If there are two things most people love to do, it’s travel and save money. It may seem like the only way to save money on your travel expenses is to decrease your luxury and potential for fun. However, you can do several simple things to save money while still enjoying your next trip.

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Here are six unexpected money tips for traveling abroad.

Bring Cash in Perfect Condition

If you take cash on your trip abroad, take fresh notes from your bank. Currency exchanges sometimes won’t accept bills with marks or even minor tears. You should also take a variety of large and small bills, so you can exchange only what you need — but keep in mind that some currency exchanges will give better rates for big bills, like $100 bills.

It’s also important to get a favorable exchange rate to ensure you get the most value for your dollar. Exchange rates are always in flux. Before exchanging money, download an exchange rate app or do an online search to determine what amount you should receive back in the foreign currency.

Convenient places, like airports and hotels, often offer unfavorable rates. Researching online for the best spots or banks to exchange your money once you arrive can maximize value. You can also exchange money at your local bank before you go, but plan ahead, as processing a foreign currency order may take time.

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Coordinate With Your Bank

If you don’t like carrying large amounts of cash during your trip, you can still find ways to save. Coordinating with your bank can help you get some travel deals. For example, some banks, such as Chase, offer travel credit cards that waive foreign transaction fees.

Other financial institutions offer checking accounts that offer unlimited ATM fee rebates worldwide. With this, you can withdraw the exact amount you need, instead of withdrawing a considerable amount to make it worth the fee.

It’s always important to notify your bank about your travels. Otherwise, your bank may assume someone stole your card and block the transaction when you try to use it in a foreign country. This can lead to a stressful situation of having your card suddenly blocked and perhaps not having Wi-Fi or phone data to contact your bank to complete an important transaction.

Know the Local Scams and Customs

You could end up losing money on your travels simply by being uninformed.

Watch for Scams

While traveling can be an enriching experience, some locals see tourists as a way to make easy money. Understanding some of the scam tactics that some locals can use will better prepare you to protect your wallet. A quick online search before your trip can help you understand what scams other travelers have experienced.

For example, some taxi drivers will charge tourists an inflated price instead of using their taxi meters. Savvy travelers who know about this might demand that the driver use their meter or download a local ride-share app ahead of time, which will give them a fair price.

Research Customs

Knowing the local customs can also save you money. In many places, especially at local markets, sellers expect buyers to haggle. Sellers may give you an initial price for an item that could be three times what they would accept.

Also, while tipping is an important part of U.S. culture, it isn’t common everywhere. Doing prior research to know whether to tip at restaurants, hotels, taxis or on tours can save you a lot of money throughout your trip. Some countries, like Japan and South Korea, may even find it offensive if you try to tip.

Go Off the Beaten Path

When you plan your trip abroad, you may want to look beyond the Eiffel Tower or the Roman Colosseum. Heading to popular attractions will require a much larger budget than checking out lesser-known places.

Famous sites and attractions pull in tourists from around the world, allowing hotels, restaurants, shops and taxis to drive up their prices. Doing research ahead of time or speaking with locals can open up a variety of cheaper options and better experiences.

Use Public Transportation

It might be slower or a bit intimidating, but public transportation can help you save big. With the purchase of a local SIM card, you can use phone data to access different apps or websites that show you the fastest and easiest routes to your destination via local bus, train or subway. Using public transportation instead of taking taxis or renting a car can save you hundreds of dollars.

Likewise, walking is a great way to save money and explore a city. In addition, some cities offer free walking tours, which can be a great way to learn about the local history and culture without spending a dime.

Look at Different Accommodation Options

Staying at a hotel or resort for your trip will provide convenience, but it will also come with many unexpected extra costs. While booking well in advance or finding deals can cut back on your accommodation expenses, you may end up spending more than you realize when you eat at expensive restaurants connected to the hotel or grab a Coke from the mini fridge.

You may be able to save some money by booking through a short-term rental company like Airbnb. For longer trips, Airbnb in particular offers discounts of 10% or more if you stay longer than 28 days.

These short-term rentals offer a more local experience and may be available in more affordable areas of the city you’re visiting. You can also book an accommodation with a kitchen. This gives you the option to shop for groceries at local stores and markets and cook some meals, which helps cut costs significantly.

Save Money While Traveling

Traveling doesn’t always have to mean splurging. By putting in some time beforehand to research where you can save a bit here and there, you can find ways to make your trips more affordable while not compromising on enjoying great experiences abroad.

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