4 Essential Money Saving Tips for Travelers

Save Money While Traveling (photo via azatravelinc.com)

There’s a world of information out there about saving money while you travel, but I have found that if you follow just five simple tips of financial planning, you can save big bucks and stretch your money much further while on the road.

Here are the five simple tips that have helped me save money while traveling:

1. Be an Exchange Rate Speculator  – This is the most important money saving tip I can offer when it comes to traveling abroad because exchange rates vary greatly and you often won’t even realize when you’re losing money. I would suggest watching exchange rates fluctuate before you leave and then ask around to see who has the best rate once you arrive. In Latin America, going directly to banks versus alternative “casas de cambio” (exchange houses) are the best option. However, exchange rates with your credit or debit cardholder (even if it is a bank) are usually pretty bad if you take out money in another currency then your own.

2. Be an ATM Manipulator – Another tip that has saved me hundreds over the years has been finding an international debit/credit card that pays me back for all my international ATM fees. The best card I have found so far is by Charles Shwab.  Also, when taking money out at an ATM, try to find one that can give you your home/bank’s currency. From there, go to a local bank and change the money into local currency. It’s an extra step in the process of extracting money, but it can save you $5 to $20 dollars every time.

3. Be a Money Transfer Inspector – Money transfers can be utilized to leverage multiple accounts to receive the best interest rates, or simply a way to get money fast while traveling. The trick with money transfers is however, that you need to be aware of transaction fees, exchange rates and time restraints. I recommend checking out a site like HiFX to inspect your options and secure you don’t loose money while sending or receiving it.

 4. Be a Frequent Flier Specialist – Very often the most expensive aspect of an international trip is the flight to and from your destination. If you’re smart when booking your flight, you’ll have a lot more money to play with when you arrive. Frequent flier miles are a grand lure of airline companies, but you must analyze the benefits you receive from the rate you are offered. Sometimes people get tricked into buying a flight for more money because they receive extra “points” when they only travel once a year and will never earn enough “point” or “rewards” to actually mean anything. Take your time searching across multiple comparison sites like Kayak, Skyscanner and Orbitz, and jump on a good deal when you see it. Also, make sure you clear your Internet history and cookies so that the comparison sites can’t play pricing games with your information.

Save your money on these unnecessary expenses and you won’t have to sleep in the airport or eat bread and butter your entire trip!

My name is Gareth Leonard, a Marketing Director turned World Traveler with a passion for slow, meaningful travel. I have been traveling the world full-time for the past 9+ years and document it all on Instagram and YouTube. Come join me!

2 Comments

  1. Indeed the biggest problem with most of the traveler is over budgeted vacation, to avoid such problems you have to take control of your credit. Always make a list of you expenses while on a vacation apart from this try to take public transportation instead of hiring a private one. You can also save some money over you accommodation, rental apartments can save you a lot of money over costly hotel rooms.

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