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How to Avoid Fees on Foreign Currencies

How to Avoid Fees on Foreign Currencies

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Advance Personal Finance

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One of the things that make backpacking fun is spending money on things you enjoy. However, you may find it difficult to deal with many currencies when traveling across multiple countries. To minimize this hassle and eliminate the associated fees, stick to the following guidelines.

Use the ATM

Most people prefer exchanging dollars for foreign currency before backpacking. Though the strategy works, it can get exponentially more difficult depending on your destination. Heading to the ATM as soon as you land in your travel destination can be a better option for you.

Use the Leftover Money

You’ll have leftover money after leaving your country regardless of how you budget. Changing the money at a bus station or an airport won’t get you fair exchange rates. Instead of doing this, consider asking at the hotel for someone going the direction you just came. After finding the person, give him/her the cash in exchange for the local currency.

Use Bank Transfers

Making an international bank transfer can help you pay for non-commercial trips and festivals in different countries. However, most banks in the US have high charges for international bank transfers. Consider transacting with a bank with low/no fees and a straightforward interface when making the cash transfers.

Cautiously Use a Credit Card

A credit card should always be your primary form of payment since you’ll earn reward points from using it. Note that most industrialized countries accept cards just like the US. Furthermore, some jurisdictions have a surcharge for using the cards. Be sure to research such regulations before using your credit card to pay for goods and services in a foreign country.


With these tips, you’ll discover that handling a foreign currency isn’t as complicated or intimidating as most people think. Regardless of how effective they are, you need to take certain precautions. As you’re traveling abroad, always remember that you’re likely to go further when you spend less money.



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