Tips for Managing Your Money While Traveling

Although there are some ways to travel for free, such as Couchsurfing and WWOOFing, you’ll still need money for your trip around the world to pay for your plane and bus tickets, hostel bed, food and other expenses. The more money you can save and the better you are at managing it, the longer you’ll be able to stay on the road and the more places you’ll see.

txking / Shutterstock.com
txking / Shutterstock.com

So how can you manage your money more effectively when you’re on the road? Here are some tips to keep in mind:

Do Your Research on Bank Fees Before You Leave

When you are using an ATM in a foreign country, many banks will charge you a withdrawal fee. Some fees are reasonable, while others are surprisingly high. These charges really do add up when you’re traveling for a long time, so before you leave, make sure you find out exactly how much your bank is going to charge you for every withdrawal.

If the amount is high, you might consider switching to a bank with lower fees. Some banks even offer accounts that don’t charge for international withdrawals. Finding out this information before you leave is better, because it’ll be a lot easier to make the switch to a different bank if you’re still in your home country.

It’s a good idea to let your bank know you’ll be going away. Otherwise, when you start making transactions in other countries, they might flag your account for fraud and block your card. Also, make sure that you have your bank’s phone number available so you can call them if you ever need to resolve an issue.

Denys Prykhodov / Shutterstock.com
Denys Prykhodov / Shutterstock.com