11 of the best money tricks I learned traveling through 16 countries

I’ve been fortunate enough to have lived and traveled all across Europe for the past three years. I’ve visited 16 countries, walked the hallowed grounds of history’s battlefields, and reveled in the beauty of some of the greatest cities in the world.

These new adventures sometimes came with never-before-made mistakes. I’ve made my fair share when it comes to figuring out the best ways to save and spend money in a foreign land. There are things you will never think about until it’s too late—whether it’s on the flight over or a few weeks into your journey. Hopefully, these helpful money saving tricks will mean you don’t make the same mistakes I did.

My experience and this article focus primarily on Europe, but the principles remain the same no matter where you travel or live. Here’s some of the money-saving tips I’ve learned that can be applied all over the world:

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1. Cash is king

Many who live in the United States are used to this common principle: credit cards are accepted wherever you go. If you’re not used to carrying paper currency every day, be prepared for the reality that cash is still king in a large part of the world.

For example, the majority of local stores and restaurants in Germany accept only Euros. Your credit and debit cards are not welcome in some places, and it’s always a good idea to have some local currency on hand.

2. Save money in exchange fees

The best way to save on exchange fees is to wait until you arrive at your destination airport before obtaining the local currency through an ATM. If you exchange money beforehand, your home bank will charge a service fee, and you’ll have to keep track of a large amount of cash during the movement phase of your trip.

You will almost always get a better exchange rate on ATM withdrawals versus what you would pay to an exchange service in the airport or a touristy location. Notify your bank that you’ll be traveling at least one week prior to departure to ensure your ATM card will work without interruption.

3. Save money at the ATM

Always choose the “charge in local currency” option when withdrawing cash. When you travel to or live in a foreign land, you can always withdraw the local currency at any ATM. When I use my ATM card in Europe, I’m presented with two options: withdraw in local currency or withdraw with conversion to my home currency. Either option will put Euros in my hand, but the conversion to home currency option will always cost more. 

The ATM’s offered rate will always be less than the real rate and represents a commission much like what you will pay at the airport kiosk or the exchange booth. The bank that runs the ATM service is looking to make a profit off of you, so choosing the local currency option allows you to avoid high exchange fees and commissions. In some cases, I’ve seen savings of $10 on a single ATM withdrawal.

(Hint: Another way to save on cash is to ask your bank if they will redeem all international ATM service fees.)