Travel, especially abroad, can become very expensive, very quickly. Many of us give up the opportunity to travel because of the financial burden it may cause. Fortunately, there are strategies for traveling for less. Check out these tips on how to see the world without breaking the bank.
Get the best exchange rate.
There are three ways to exchange currency: converting cash at a bank before your trip, using a currency exchange service like the ones in airports, or simply using a credit card, in which case your money is converted automatically with a purchase.
According to an exchange rate study conducted by Card Hub, international travelers can save up to 15 percent by using a credit card. More specifically, major worldwide credit networks automatically provide the best exchange rates possible — currently 14.7 percent better than the currency exchange companies that operate out of airports and 7.9 percent better than the average major bank.
Get a no-foreign-fee credit card.
Over 90 percent of all credit card issuers charge foreign usage fees, which inflate the cost of any transaction processed outside the United States. No-foreign-transaction-fee credit cards are perfectly suited to overseas spending. Follow these guidelines to use no-foreign-fee cards to their full advantage:
Withdraw cash before you leave.
If you'd rather not worry about finding an ATM as soon as you arrive in a foreign country, convert some cash at your local bank before you leave. Keep in mind that you should:
Consider these tips.
Regardless of which debit or credit card you use while traveling overseas, it's important to take these precautions:
Overseas travel can be expensive, but it’s possible to minimize costs with discipline and careful planning. Looking for more travel tips? Consider these Five Ways to Save on an Overseas Trip.