Ok, so you want a trip without destroying your bank account. A lot of people lose a lot of money when traveling. They don’t lose a massive lump sum all at once, but when you are on the road little things like currency exchange, ATM fees, and lose change and bills add up fast over months.
Soon you realize that you have lost hundreds of dollars for no reason. However, what most travelers and backpackers don’t understand is that these charges can be avoided with a few simple tips and tricks. These will help you save money to go around the world, and keep you traveling longer.
Getting the right Bank Account
This is key. Most banks charge a foreign transaction fee, as well as an ATM fee. This destroys you bank account quickly as one trip to the ATM can cost you up to $5. That is why getting a bank account that works for you is the single most important thing you can do when you are traveling. These fees are more expensive in certain part of the world. So if visiting the best places in Europe these fee rack up fast.
Companies like Halifax help you Keep control of your money when travelling between currencies and countries. They help travelers hang on to their money as much as possible. Some banks reimburse your ATM fees at the end of the month. It has saved me hundreds of the years. And really helps if you having a family adventure and need a lot of cash on hand.
Hang on to your small bills.
Once I ran out of money, I was waiting for money to transfer in from another account, and during the wait I was completely broke. Uh oh. Luckily I had been keeping my change, and the small bills I had left over from the previous countries I had visited.
Yes, the currency exchange lady hated me, but when she exchanged I had over $200. That is a huge chunk of cash, and saved me from a massive headache. Saving small bills and change is a major, which is why it is one of my top saving tips.
Another way to save money on your travels is to get a credit card that gives you travel points that you can spend on airfare or hotels. There are many cards out there, and you should find the one that best fits your needs. When you are traveling you are going to be spending money anyway, so why not get rewarded for it. It just makes sense. Right now one of the best is the Chase Sapphire Reserve.
If you’re struggling with any of these, make them a priority by making them a travel new years resolution.
These are just a few of the many tips that will help you money go further for you. If you find a good bank, try the Halifax, who is reliable, and get a good credit card you travels will not only be less stressful, but longer.