Megan and Emily talk money! We’re sharing best practices for traveling abroad and dealing with different currencies.
- Get cash right away! Use ATMs rather than currency exchange and consider switching to a bank that doesn’t charge withdrawal fees at foreign ATMs (or even reimburses you for them). From NerdWallet: Foreign ATM and Debit Card Transaction Fees by Bank
- Notify your bank and credit card companies that you are traveling to avoid triggering a fraud alert and having the card shut down. Often you can do this online or just give them a call. When you select which countries you’ll be in remember to include any countries where you have a layover and may buy something in the airport.
- Use Splitwise to track and share bills when traveling with others and Venmo or PayPal to settle up.
- Make copies of your cards including the important phone numbers (usually on the back) in case the card gets stolen and you need to alert the company. Keep these – and a backup card – in a separate place, like your luggage or a money belt v. your purse. Look into money belts, bra clips, or anti-theft purses – bonus points for RFID blocking technology. They’re not for everyone, but are inexpensive and may give you peace of mind.
- Consider a travel credit card, which come with many perks, usually including waiving of foreign transaction fees. We discuss the additional perks of our beloved Chase Sapphire Reserve cards.
- Bonus! Learn the money customs of the countries you are visiting – tipping, how money is handled, etc.
We’re still reading our November book club pick: Come On Shore and We Will Kill and Eat You All by Christina Thompson, read along and send any questions you have to be featured on the show!
Mari Johnson’s video, How to Pronounce Maori Words for Travelers
Have you made any foreign money faux pas like Megan? What other tips do you have for handling money when traveling abroad?
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