Foreign currency should not be like a hieroglyphic. You can turn your financial worry into a seamless spending with planning and smart tools. These 10 Tips for Managing money while travelling abroad combine security, saving and ease of mind and your money will help you do things not cause you to pull your hair out.
1. Verify International Debit Card Compatibility
Not all debit cards work globally. Check with your bank that your card will be able to work internationally before you go. Turn on the travel mode, when necessary, and put restrictions on the maximum spending and withdrawals per day, inquire about the blocked areas (e.g., high-risk countries). Some banks automatically freeze cards upon foreign transactions unless notified—a call today prevents ATM disasters tomorrow.
2. Decode Foreign Transaction Fees
Another option is hidden fees which can eat away 3-5 percentage of each purchase. Banks will usually charge a foreign transaction fee (1-3%) and, in addition, there will be an ATM withdrawal fee ($2-$5). Check to see whether they offer travel-friendly accounts, which come with no international charges or connect with international atms (e.g. Allpoint or Cirrus) to reduce expenses. For frequent travellers, specialty accounts like Atlys-linked cards offer fee-free withdrawals.
3. Adopt a Hybrid Payment Strategy
Diversify to dominate. Carry:
- Cash for markets, tips, and cash-only vendors (20% of your budget).
- Debit cards for ATM withdrawals in local currency.
- Credit cards for hotels, rentals, and fraud protection.
- Prepaid multi-currency cards (like AtlysX) to lock exchange rates and avoid dynamic conversion scams.
4. Beat Dynamic Currency Conversion (DCC) Traps
“Pay in USD?” Say no. ATMs or retailers with DCC tempt you with local-currency pricing, but use usurious exchange rates and other surcharges. Demand to be charged the local currency and good bank rates. Check real time rates using applications such as XE Currency.
5. Enable Travel Alerts & Card Controls
A 2-minute alert prevents frozen funds. Give your bank travel dates/destinations using an app, phone or online portal. For added security, use card control features to:
- Disable online transactions if only using ATMs.
- Set geographic spending zones.
- Freeze cards instantly if lost.
6. Optimise ATM Withdrawals
Not all ATMs play fair. Prioritise machines inside banks or airports (lower skimming risk). Withdraw larger sums weekly to minimise fees—but never exceed safety limits. Partner networks like Global ATM Alliance waive fees for affiliated banks. For Atlys users, leverage their fee-free ATM map.
7. Track Spending with Digital Budgeting
Real-time tracking = no surprises. Apps like Mint or your bank’s tool categorise expenses in local and home currencies. Set daily spending caps (e.g., £100 for UK trips 5), and allocate 10% for emergencies. Sync with travel mates to split costs transparently.
8. Get Ready for Any Emergency
One stolen card shouldn’t cripple your trip. Pack:
- A backup card stored separately from your wallet.
- Bank helpline numbers (saved offline).
- Atlysemergency cash services info.
- Power of Attorney documents for extended trips.
9. Leverage Prepaid Travel Cards
Your financial Swiss Army knife. Load a card like AtlysX with CAD, EUR, or GBP before travelling to lock in rates. Benefits include:
- Near-zero transaction fees.
- Instant freezing via app if stolen.
- Auto-conversion between 14+ currencies.
10. Audit Accounts Weekly
Monitor to deter fraud. Log into banking apps every 3 days to verify transactions. Enable SMS alerts for all spends. Watch for “micro-charges” (e.g., £0.50)—common fraud tests. Report anomalies immediately.
