Cash & Cards: What Money to Bring on Your Trip
Please note: This guide shares general tips and things to think about when planning your travel money. I’m a travel advisor, not a financial advisor, and bank fees, exchange rates, and rules change often. Please do your own research and choose what’s best for your own situation.
One of the questions I get asked most is “what should I do about money?” Do you bring cash from home? Use an ATM when you land? Which cards should you pack?
Here are the questions I encourage clients to consider, along with what I do when I travel. Every bank has its own fees and rules, and every trip is a little different… so your miles may vary!
Short on time? Here’s what works for me:
- I take multiple cards in case I have issues
- I turn on purchase alerts in my bank app
- I exchange a little cash before leaving so I have some when I land
- I keep at least one card separate from my daily wallet in case of loss or theft
- I take currency out at bank ATMs only
- I always select the local currency; my bank almost always gives me a better rate
Want the details? Keep reading.
Credit cards: bring two, and keep them apart
Consider bringing multiple cards and keep at least one separate from your daily wallet. That way a lost wallet or a frozen card won’t leave you without a way to pay.
Visa and Mastercard are the most widely accepted overseas. It’s also worth finding out whether your cards charge a foreign transaction fee. You may want to consider one that doesn’t.
Call YOUR bank before you go
Call your bank and each of your credit card companies before you leave. Let them know where you’re going and when, and ask whether they need a travel notice (some banks no longer require one). Then ask about fees, because every bank is different:
- What’s the foreign transaction fee on my credit card?
- What does it cost to use my debit card overseas?
- What are the fees for using an ATM abroad?
- Which card should I use at an ATM, and will my PIN work there?
- What’s my daily ATM withdrawal limit?
Write the answers down so there are no surprises on your statement.
Always choose the local currency
When offered a choice between dollars and the local currency, paying in local currency often avoids the merchant’s conversion markup. Check your card’s terms for any fees that still apply. Visa explains this choice and it’s potential markup.
Getting cash
You can exchange currency at your bank before you leave so you have some on hand when you arrive. It sometimes takes a few days, so call ahead.
You can also use an ATM once you arrive; they’re easy to find in most cities. It’s a good idea to check for an ATM in your bank’s network or use one attached to a bank.
Airport exchange counters are usually the most expensive option, so it’s best to skip them.
Call your bank to find out about their exchange rate and fees so you can decide what works best for you.
How much cash to bring
It depends on where you’re going and what you’ll be doing. A few questions to get you thinking:
- How are you getting around? Private transfers are usually prepaid. Taxis may mean more cash.
- Are you taking tours or cruise excursions? If you’ll want to tip a guide or driver, plan on cash for that.
- Will you be browsing local markets? Artisan, craft, and farmers markets are often cash only.
- Big cities or small villages? The smaller the town, the more likely you’ll need cash.
Things that often require cash:
- Market stalls and street vendors
- Small family-run cafés, bakeries, and shops
- Some taxis
- Tips for guides and drivers
- Public restrooms that take coins
- Lighting a candle or leaving a donation in a church
Keeping your cards safe
Keep your card where you can see it when you pay, and tap to pay whenever you can.
If a vendor says your payment didn’t go through and wants to run your card again, check for an alert or pending transaction before trying again. If it’s still unclear, contact your card issuer.
At the ATM, take a quick look before you insert your card. If anything looks loose, damaged, or out of place, use a different machine. Cover the keypad with your hand when you enter your PIN.
If something goes wrong
Report a lost card or an unfamiliar charge promptly. Your bank or card issuer can explain the steps and protections that apply to your account. And because you packed a second card in a separate place, you’ll still have a way to pay while it gets sorted out.
The most important thing
The best advice I can give you is to call your bank and credit card companies before you go. Do a little research on your destination for any unique circumstances. And if your card charges a foreign transaction fee, it might be time for a new one 😉
Want to read more?
I bank with Chase, and they have two helpful articles on this:
Every bank is different, so contact your own bank for information specific to your accounts.
Disclaimer: The information in this guide is general travel advice, not financial advice. Fees, exchange rates, and card policies vary by bank and change over time, so please check with your own bank and card companies before you travel and do what’s best for your own situation.