3 Money Mistakes to Avoid Abroad

Written By:
Haley Sacks
(aka Mrs. Dow Jones)

Let's talk through some crucial advice to ensure you're not making financial missteps while jet-setting around the world. Here are my go-to travel money tips:

Exchange Money at the Airport: The Convenience Trap

Ah, the airport - a place of convenience but not necessarily the best financial decisions. Currency exchanges at the airport come with extra fees and steep exchange rates, much like the overpriced snacks you'd find. Instead of falling into this trap, head to your local bank or credit union before your trip and order your currency. Trust me, I just did this for my Japan excursion, and my wallet is thanking me.

Accept The Conversion Rate on an ATM: Deny for a Better Deal

When you're using an ATM abroad, it often throws a curveball at you - the option to accept or deny the conversion rate. Always DENY it. This doesn't mean you won't get your money; it simply ensures that your bank converts your funds, offering you a more favorable rate compared to the ATM's bank rate. Don't let your travel excitement blind you to this money-saving move.

Pay in USD On Card Machines: Say No to the Sneaky Surcharge

Dining abroad? When the waiter hands you that card machine with the option to pay in local currency or USD, here's the golden rule: ALWAYS pay in the local currency. Opting for USD might seem convenient, but it opens the door for a poor exchange rate and an unnecessary profit for the establishment. Keep control of your currency, and your wallet will thank you.