Best Ways Of Managing Money While You Travel
May 17, 2019
by Karen Rose Kingsbury
If you’re planning a big trip, you may be concerned about the best ways of managing money while you travel. Whether you’re taking a gap year, a sabbatical or just hitting the road with no real plan, we’ll help you discover the best tips and tricks for saving money whilst on the move.
With most of us carrying mobile phones everywhere, all the time, and with almost every hotel, B’n’B and hostel offering free WiFi, the easiest way to manage your money while you travel is with online banking. We save our mobile banking details to our phones and only log in on secure internet networks.
We use online banking to keep our money in accounts that we don’t have direct access to so that if we lose or have our bags stolen, there’s only a very minimal amount of money that can be accessed via our debit and credit cards. Online banking allows us to do this easily and seamlessly, logging in to move only the money we need into a debit account, or logging in to move over the money we need to clear a credit card balance. Use online banking as a way to protect your money, access more funds as and when you need them and avoid the need for handling large amounts of cash.
By far our top tip for managing money while travelling is a competitive exchange rate and no foreign transaction fees credit card. Credit cards are by far the safest way to spend money when you travel. They avoid the need to carry large amounts of cash, are more discreet and robust to carry and are also easier to cancel if you become a victim of fraud.
We have always used the Halifax Clarity Mastercard as our best U.K. credit card option for foreign travel. We found this recommendation on an online travel forum and haven’t used anything else since. If you are U.K. based, we highly recommend you try this credit card for travel, or if you are based elsewhere, search for local banks that provide a competitive exchange rate on purchases and zero foreign transaction fees.
When using a credit card, remember to only purchase what you can already afford and log in monthly to your online account to clear your balance and avoid nasty interest fees.
As a rule, we avoid cash and therefore very rarely need to worry about currency conversion. However, sometimes, cash is necessary. If you need to tip or are spending time in more remote locations where cards might not be accepted, carrying a little cash is sensible.
When it comes to currency conversion, we always have a little shop around, especially if we are changing up large sums of money. This will always help to avoid losing out too much in the conversion process. We recommend you compare exchange rates online and pick the most competitive rate – the one that gives you the most of the currency you want for the least currency you have.
Managing money while you travel need not be a stressful task. In fact, modern money management tools such as online banking and competitive credit cards make managing money secure, straight-forward and fast.