The Best Travel Money Tips I Learned the Hard Way

Learn the best ways to manage foreign transaction fees, save and move money while on the road.

The Best Travel Money Tips

Note – this is not qualified financial advice. It’s a collection of travel money tips that I’ve found useful based on years as a professional travel writer.

Money. It’s one of those things that most of us don’t feel comfortable talking about – but it’s one of those things that we need to manage well. And just because you manage your own day to day investments and cash flow impeccably,  doesn’t mean there isn’t more to learn, especially when it comes to managing money abroad.

Over the years, I’ve learned that even the most financially literate among us can run into avoidable irritations when funds, or people, cross borders.

So, once again, this is not financial advice. This is simply what I have found to be useful travel money tips.

Cards, Cash and the Quiet Mechanics Behind Them

However polished the trip, relying on a single payment method is an invitation for things to go wrong.

I always travel with:

• A primary credit card with strong rewards and robust fraud protection; the kind that sends immediate notifications when something odd happens.
• A second credit or debit card, stored somewhere completely different. After watching my main card vanish into a rural Japanese ATM with all the ceremony of a snake swallowing a mouse, I learned this lesson the hard way.
• A modest amount of local currency for tips, small markets, historic sites, and those cash-only cafés that have been running beautifully since before the banking sector discovered apps.
• A few US Dollars because, sometimes, people accept these more than local currency. 

For sending payments abroad, for deposits, small business collaborations or long-term stays, it helps to understand how different systems work. In the US, for example, the ACH network handles many domestic transfers. If you’re curious about how it functions (or need to explain it across borders), this resource is helpful: how to send ACH payment.

Different countries favour different systems, and knowing the basics keeps things moving.

And just to rule out something embarrassing: know your pin because contactless payments may not be widely available when you go abroad. Use your card at least once at home in case it triggers a security alert that you could do without when on the road.

Note: while it’s a good idea to pay for large expenses, like accommodation, with a credit card for buyer protection, it’s generally wise to avoid using them for cash withdrawals because of the hefty additional fee. Instead, it’s usually best to use a prepaid card for currency exchange to get the best rate. But always, always check the small print.

 Reducing Fees Without Reducing Comfort

Luxury travel is many things but it should not involve paying unnecessary mark-ups to access your own money. One of the simplest ways to save money is to exchange money wisely.

Avoiding airport exchanges

Airport kiosks typically offer exchange rates that feel more like a cautionary tale than a service. I’ve tested this more times than I’d like to admit, and the result is always the same: withdraw or transfer elsewhere. I understand that they need to charge a commission but you’re almost guaranteed to find a better deal away from the airports and hotels.

Travel-friendly accounts and card networks

Some banks genuinely cater to travellers. Monzo, for example, has become one of my favourite options for day-to-day spending abroad. Transactions appear instantly, the exchange rates are transparent, and the app categorises your spending without being intrusive. It’s a modern, no-fuss solution for managing money on the move. Others swear by bank accounts which charge an annual fee but which then waive withdrawal fees for international travel.

Always choose the local currency

When presented with the choice to pay in pounds (or your home currency) rather than the local one, always choose the local. Dynamic currency conversion adds surprise fees and uses poor exchange rates. It is the financial equivalent of accepting a “recommended” restaurant situated directly on the main square. Pay in local currency whenever you can.

Withdraw strategically

I withdraw cash less often but in slightly larger amounts to reduce the number of times I need to pay the fixed ATM fee. Many machines (especially independent ones in tourist-heavy areas) charge per withdrawal. However, I avoid carrying too much at once for obvious reasons. 

Security

True financial security while travelling doesn’t involve spy-level gadgets. It’s about quiet, consistent habits.

Separate your resources

Don’t rely on one credit card. Carry cards in different pockets. Cash in more than one place. A photocopy of your passport stored away from the original. It’s not glamorous and exciting but it is effective.

Digital backups

I find it helpful to photograph key documents (card numbers, passports, insurance policies)  and store them in a password-protected cloud folder. If something goes missing, you have the essentials to hand. It’s also a good idea to plan ahead and send a copy of these documents to someone you trust at home before you hit the road. If you do spot fraudulent activity on one of your cards, credit card companies can now issue you a new one instantly to your phone, which is a huge bonus compared to ye olde days.

Tokenised payments

Contactless mobile payments (Apple Pay, Google Pay) can be more secure than physical cards, and luxury hotels and restaurants increasingly accept them. I use them in cities but carry physical cards when heading into remote areas, as well as some cash in case ATMS are hard to find.

Budgeting for Convenience, not Constraint

Even on assignments or research trips packed with logistics, budgeting shouldn’t feel like a chore. I’ll admit I manage spending money a little differently to many – and it’s something I go into in more detail in my Travel Toolbox©️ 

For now, let’s talk about the traditional method: setting a daily limit.

A daily benchmark

Many people set a soft daily guide rather than a strict limit. It needs to be something realistic that doesn’t dampen the experience. If they overspend on a memorable tasting menu, then so be it. If they underspend one day, that simply balances things out.

Apps that do the heavy lifting

Apps like Monzo categorise spending beautifully, but for longer or more complex trips, I sometimes add receipts straight into Quickbooks as I go. Others use a simple spreadsheet updated daily or weekly. The aim is clarity, not scrutiny.

Strategic splurging

This is the philosophy that has served me best. Save on the forgettable. Spend on the unforgettable.
Examples?

Save on generic airport snacks; splurge on a Michelin tasting menu.

Save on the uninspired branded tour; splurge on a private guide who opens doors (literal or metaphorical).

Save on unnecessary souvenirs; splurge on experiences that become stories.

When Problems Arise

Even with preparation, problems can crop up. The secret is in how you respond.

If your card is swallowed/stolen/lost

In Costa Rica, an ATM once seized my card with all the urgency of a snapping turtle. I contacted my bank immediately through the app, and because I had a dedicated backup, the disruption lasted minutes rather than days.

If your account is frozen

Banks sometimes freeze accounts due to suspicious activity. This is often well-intentioned but poorly timed and used to happen a lot. It happens less often now that people have mobile phones and banks can text you security questions right away.

Still, it’s always a good idea to keep international helpline numbers accessible and, if you’re going somewhere where it’s going to be difficult to call home, notify your bank before travelling. I spent a very hungry few days in China back in the day.

Travel Insurance claims

Document everything. Call your insurance company the moment something goes wrong and don’t wait until you get home as many policies will not pay out if you didn’t authorise an expense with them before you paid for it. Take photos. Keep receipts. Save confirmation numbers, names, everything. For you to stand a chance of benefiting from your insurance coverage,  you need to build a watertight case.

Special Situations: Groups and Long Stays

Travelling in groups

The easiest invention for group travel? Splitwise.
It keeps everything transparent without awkward conversations. Whether you’re sharing a villa in Tuscany or splitting wine tastings across the Douro, Splitwise does the maths quietly in the background, even for amounts in a foreign currency.

Long-term or remote-work trips

Of course, for long trips it makes sense to look into opening a local bank account. This often needs an address and evidence of employment but makes paying for other bills and receiving payments much easier. 

Final Thoughts on Money Matters

Wo how about you? What tips have you learned about how best to manage your money while on the road?