Traveling Abroad? Here’s What You Need to Know About Foreign Money
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  • Post published:09/06/2021
  • Post last modified:09/06/2021

Getting out of the country lets you explore other cultures and achieve some substantial personal growth. Depending on the place, you might even be saving money for airfare and a nice hotel– but your financial oversight shouldn’t end there. With differences in currency and other factors at play, you need to know how to carry yourself and your money in a different country. These tips will help you understand how to handle your money overseas.

Converting Cash

Another country’s currency can be a fun souvenir. It’s also very useful since you can’t guarantee that all merchants will accept your credit card, or even credit cards in general. There might be high fees in converting your cash at foreign airports or ATMs. According to Need a US Address, because of high transaction fees, you should only use ATMs as a last resort. Instead, you should try to get your money converted in advance. You could do this at your local bank or even through special websites. Should you have no choice but to use an ATM, you can find one associated with an international bank.

Credit Cards

If you’ve got a high-status credit card, you might be able to use it pretty often when traveling abroad. Certain credit cards have little to no surcharges when used abroad. Even if this doesn’t apply to your current credit card, you can try to get approved for another one. Having a strong credit history will pay off even more when you’re able to get a credit card that you can pull out many times when you’re overseas and not have to worry about having your bill get hit too hard or at all.

Planning Your Spending

When you’re used to one type of currency and how different things are valued, you might be experiencing a major culture shock when another country’s prices seem grossly different than yours. Another component of your preparation can be researching to see how much things tend to cost, such as transportation and drinks at bars. You should have enough money on hand to cover these expenses when you first arrive, but it’s okay if you have to make some withdrawals. Just do your best to not blow your budget. For instance, you might focus on being reasonably thrifty with most meals and being extravagant with one special meal at one of the finer restaurants in town.

Try asking the locals for good places to visit or cool places to eat. They will most likely know what is overpriced or overrated versus what will give you the bang for your buck. However, according to the Simple Dollar, do recognize that locals also tend to bump up their prices for souvenirs if you look or act like a foreigner. Making friends with locals will get you a cheaper vacation and make the trip so much more memorable. 

It can take some getting used to another country’s ways with money, but if you do enough preparation, you’ll see that it’s not all that different from what you’re used to. It’s great to go on vacation and experience different ways of life.

Ready to take that big trip overseas? Click here for one more tip before you forget — and it involves your favorite technological gadgets!

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