I’ll be going overseas for the first time next month. It will be several different countries for 6 months. I’ll be bringing some US dollars for exchange but… What’s the best way to get my money out while traveling abroad?-Joel G.
Irvington, United States
There are quite a few ways to access (your) money while overseas but I only utilize 2 methods; ATM withdrawals and currency exchanges from the leftover cash of the previous country. These are generally the most convenient and cost-effective ways.
ATM withdrawals should be your primary source of money. ATMs are available everywhere, even in the least developed of areas around the world.
As expected, you’ll be charged a fee for using the machine and most likely another fee by your bank. What you may not expect is a slight conversion fee from your home currency to theirs.
With these triple fees it’s ideal to pull out a fair amount of cash to minimize transactions. ATMs charge a flat fee, never a percentage.
Direct currency exchange is the least costly way to get money abroad but it won’t be a common occurrence. The cost consists of a transaction fee and a “conversion fee”. Unlike ATMs, these fees will vary greatly from shop to shop, so shop for the best rates. In most cases, the airport will offer the worst deals.
Traveler’s Checks are decent backpack up funds if you happen to have them but otherwise a hassle if it’s your primary source of money while abroad. They’re not widely accepted and completely unnecessary.
The Best Way to Get Money Abroad?