Money tips for traveling abroad

International travel is super exciting but also requires some preparation to ensure your experience is safe, hassle-free and inspiring. 

An important aspect of "traveling smart" is to devote some thought to how you will manage your money while you're abroad.

These tips may seem like common sense, but sometimes we get carried away with everything we have to do before our trip, and our departure date sneaks up on us without having had the time to deal with money matters.

Here are 13 money tips for your peace of mind while you travel internationally.

1. Never change money at the airport

If you have to change money at an airport, it likely means you're rushed, unprepared and desperate. And those are precisely the ingredients that cook up the exorbitant rates that airport exchange offices will "offer" you! 

2. Know the exchange rate in advance

To understand how far your money will go and how much things actually cost, it helps to familiarize yourself with the local currency in advance. You can also download a quick currency converter app. Look up the exchange rate before you change your money so you know what to expect in return and know to feel alarmed by hidden commissions, transaction fees or wrong calculations. Stress, numbers, jet-leg, crowds and a foreign language can lead you to feel flustered and inattentive, so better to be as prepared as you can be. 

3. Don't store all your cash in one place

If you are forced to travel with a decent amount of cash, certainly don't carry it all in one place... and certainly not in your back pocket. This would easily be a pickpocket's dream and your nightmare! If traveling with someone, split the money up between you. If you have a secure place to leave it that is not ON you, that is a safer bet. If you have no choice but to carry it on you, be sure to hide it in different secure areas of your backpack, purse and/or on your person, so that it is not vulnerable to loss or theft in one shot. Some nifty items have been invented over the years to hide banknotes, so you can be creative as well as strategic!

4. Have enough cash for your first few days (and emergencies)

Even if your trip is the spontaneous, "go with the flow" kind, be sure to have enough cash on you for your first few days abroad, as well as for emergencies. Research where you can get extra money in advance, but plan for the unexpected. 

5. Ask for small denominations

When you exchange your money, ask for smaller denominations as a general rule. If you have a few large denominations, break them in reputable places where you are not in a rush or surrounded by a crowd (and be mindful of the change you get back). Smaller banknotes are also a good idea to stash in a safe place in case of emergencies. 

6. Carry more than one bank card

Even if you foresee paying cash almost everywhere you go, it's a good idea to have more than one bank card on you, in case one gets demagnetized, lost, stolen, frozen by your bank or swallowed up by an unfriendly ATM machine. 

7. Keep your bank cards separate (and know how to report them lost)

Carry your bank cards separately to avoid losing them in one fell swoop if your wallet is lost or stolen. In case you don't have data or internet access, make sure you have the phone numbers of where to report your card lost or stolen, and that you have the information required by your bank to identify yourself and your account. 

8. Know your cards' usage fees 

Your bank probably charges a fee to withdraw from foreign ATMs. It's a good idea to know any special fees that may be incurred on your account before you travel. If you use your credit card to withdraw cash, note that it will charge you a cash advance fee as well as interest on the amount immediately, until you pay your card's balance in full. 

9. Notify your bank before you travel

Notifying your bank / credit card company of your travel prior to your departure is a good idea to avoid their fraud department freezing your card as a precaution when they see frequent or large transactions being made abroad. Notify them of your dates and destinations so they know the irregular activity is not fraudulent. 

10. Choose a secure ATM for your withdrawals

If you're planning on withdrawing cash abroad, be smart about when, where and how you do it. Choose an ATM that is not in a sketchy or poorly-lit location. Make sure to be discrete and strategic when divvying up the money you withdraw into your different "stash" areas, and opt for making the withdrawal on your way back to your accommodation rather than on your way out for the day, so that you are not carrying a ton of cash everywhere you go. 

11. Familiarize yourself with the currency 

Knowing what the country's banknotes and coins look like will facilitate your life when you're abroad, whether you're about to pay for something in a line-up or whether you want to double-check what you received as change. When money looks foreign to you, it is surprisingly easy to confuse similar-looking banknotes.

12. Check your statements online

Using a secure internet connection (i.e., not the free public WiFi), make a point to periodically check your bank statements online. Create an entry in your calendar to remind yourself when your credit card is due, and take that opportunity to make sure there are no suspicious transactions on your account. Before notifying your bank of what you think might be a fraudulent transaction, take an extra moment to make sure it really was not something you purchased yourself - sometimes establishments come up under a different legal name on your statement. 

13. Use as much change as you can

It's tempting to always pay with banknotes for the sake of ease and simplicity, especially to avoid counting coins when we're in a rush or in a crowded place. Unfortunately, that might mean you'll end up with a ton of coins that will have no value to you when you return home, because currency exchange places and banks rarely accept coins in return. One strategy would be to count your coins before you leave your accommodation and to organize them so you can easily pay for your coffee or fruit with a chunk of pre-counted change. 

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