Managing money abroad doesn’t have to be intimidating. And it is an important skill to have to avoid being hit with outrageous currency exchange and transaction fees, or without your money when you need it. It’s also essential to know how to access your funds quickly and efficiently. Luckily, we have the answers to all your questions about spending, exchanging and accessing your money abroad.

Do I really need to tell my bank I’m traveling?

It is imperative that you inform your bank when you are traveling internationally. If you don’t take this precaution, your card may be blocked or declined due to suspected fraud. You want to be sure you will be able to access your accounts and use your credit and debit cards. Provide the bank with the name of your travel destination and the dates you will be there. 

When should I use cash and when should I use a card abroad?

You should plan to have both. Cash is good for incidentals and tipping, and to have on hand for emergencies. You can use your U.S. debit card to withdraw cash from ATMs for fees that are generally less than fees at money exchange kiosks in airports and other city centers.

However, exchanging money at an airport or currency exchange kiosk instead of an ATM may be more ideal in less safe locations, despite the hefty fees. Airports are more secure by nature and currency exchange kiosks tend to be in city centers in well-lit areas.

Do your research before withdrawing from an ATM. “You can avoid or limit fees by sticking to ATMs within your bank’s Global ATM Alliance,” writes USA Today.

However, you should avoid using your debit card for purchases because of high foreign transaction fees.

You could also exchange your cash at a U.S. bank before traveling. If the U.S. dollar is stronger than the currency of your destination at the time of your trip, exchanging cash at a U.S. bank before you travel could save you money. However, local banks at your destination often provide more competitive exchange rates than U.S. banks, so be sure to do your research.

Pro tip: If you’re left with extra foreign currency at the end of your trip, put it toward your room bill or another large purchase to avoid being hit with more exchange fees. If you think you will return to your destination, you can also save it for another trip. 

What is the best way to access my money abroad?

First, consider whether you want to use cash or card. If you prefer to use a card, consider signing up for a credit card with no foreign transaction fees and a 0% APR intro offer. You may already have a card with no foreign transaction fees — ask your creditor.

Credit cards without foreign transaction fees can help you avoid being hit with costly fees for every purchase during your international travels. Here is a list by top-rated cards with no foreign transaction fees for 2025.  

What should I know about tipping while abroad?

To avoid offending your hosts, always research whether tipping is customary for your destination. You should also know the appropriate amount to tip and which services require a tip.

Here are some overall rules to keep in mind. In the Americas, the Middle East and Africa, tipping is expected because it makes up a substantial portion of a server’s income. Expect to tip anywhere from 15 to 20 percent, depending on the nation.

In Europe, larger tips of 15 to 20 percent are unnecessary, but smaller tips of 5 to 10 percent for good service are often appreciated. And in East Asia and the South Pacific, tipping isn’t customary outside of tourist areas, and my even be turned down. Here is an international tipping guide by Western Union.

Will purchasing travel insurance save me money?

You should know that your domestic health insurance may not fully protect you during a medical emergency abroad. And many medical facilities abroad expect upfront payment for services. Travel insurance with emergency medical benefits can help you avoid costly medical expenses during your trip.

An Allianz Travel Insurance plan with Emergency Medical benefits can reimburse you for non-refundable expenses if you experience a covered medical emergency. Certain plans also offer Trip Cancellation benefits that can reimburse non-refundable expenses if your trip is cancelled or interrupted due to a reason included in your policy. Let’s say you are diagnosed with the flu the day before you are scheduled to fly and your doctor advises you not to travel. In this instance, travel insurance with trip cancellation benefits could reimburse you for non-refundable trip costs such as your lodging and airfare.

Wherever you roam, don’t forget to protect yourself with travel insurance. Get a quote and find the right plan for your trip.

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