5 Ways to Save Money While Traveling Overseas

As a cost-conscious traveler, you're always finding ways to cut down expenses as well as avoid fraudulent issues while overseas.

Here are five tips for keeping costs down and managing your money during your next trip abroad.

1. Steer clear of transaction costs Most credit and debit card issuers charge foreign-transaction fees, which typically run between 1% and 3% of the purchase price, as well as ATM fees. That might seem like a minor expense per transaction, but all those extra charges can really add up.

2. Find the best exchange rate Airport currency kiosks may be convenient, but is the most pricey.  Cash withdrawals from ATMs are generally the best choice for day-to-day funds but beware of transaction fees. Speak to your bank beforehand so you are aware of these fees.

3. Watch out for “Dynamic Currency Conversion” Many unexperienced overseas travelers are enticed by the familiarity of paying bills in U.S. dollars. But this new trend, called dynamic currency conversion, often comes with an unfavorable exchange rate and transaction fees. When asked if you want to pay a bill in the local currency or in U.S. dollars, ALWAYS PAY IN LOCAL CURRENCY.

4. Secure your information Nothing ruins a trip like a lost or stolen wallet, so take a picture of the contents of your wallet, including the fronts and backs of credit, debit, and insurance card so you can find all of those important phone numbers to call in case of emergency. Make sure to upload these copies in the cloud in case you lose your phone too. Shit happens!!!!

Importantly, set up a travel notice to have your bank and credit card merchants to monitor your accounts for fraudulent activity when traveling especially for high risk transactions.

5. Take advantage of built-in benefits Before you book your trip, see if your credit or debit cards offer travel-related perks that can save you money. For example, many offer hotel and restaurant reservation assistance, free Wi-Fi access on eligible flights, and even discounts on certain types of accommodation and transportation.