Tips on using credit cards and exchanging currencies abroad

Are you overwhelmed with how to handle your money in another country? Join the club because you’re not alone! Dealing with foreign transaction fees, money exchange, and cash withdrawals can make your head spin and is often the biggest dread of planning trips. 

Even the most experienced travelers have fallen victim to obnoxious ATM fees or have missed out on better exchange rates. You don’t have to fret because we’ve got helpful tips for saving money abroad.

Follow these money-saving tips for foreign travel:

1. Monitor exchange rates and always know how much the US dollar is worth at your destination to make wise currency exchange decisions.
2. Make use of prepaid travel cards to place a predetermined amount on them if you cannot obtain a good travel rewards card.
3. Get a credit card that offers travel rewards as they often give you 3x points for every dollar you spend on travel-related purchases that can be redeemed for future travel.
4. Avoid foreign transaction fees and choose debit or credit cards like the Chase Sapphire Reserve with no or low foreign transaction fees when spending abroad. 
5. Checkout in your local currency when paying with your credit card to avoid inflated exchange rates. 
6. Avoid airport exchange kiosks, as they can be expensive, and wait until you find a better place at your destination to get a more favorable exchange rate.
7. Always use a local bank’s ATM when withdrawing cash to avoid higher fees and unfavorable rates. Avoid non-bank ATMs in tourist hot spots to prevent theft and higher fees.
8. Exchange larger amounts of cash to get a better deal.

Pro-tip: Don’t bring back a foreign coin stash from your trip, as banks won’t take it anyway. Instead, you can donate it to charity at the airport drop-slot kiosks and give back to a good cause! With these travel hacks, you can spend less time worrying about money and more time making core memories.

Extra pro tip: You can use your credit card points to fund your next trip. Maximize your spending abroad with our favorite travel credit cards.