How much did you pay in ATM and foreign transactions fees during your last vacation? If the answer is none, then you’re doing it right! I have not paid any since changing my banking over six months ago. Each time I would travel and go to the ATM I would make the best guess as to how much money I needed for the entire trip and cringe about the ATM fee I was going to be paying. I know for some those fees may be minimal, but if you’re traveling in a country where you get more bang for your buck then it could mean an extra margarita yourself. And who wouldn’t want that! I finally started researching how I can save more when I travel and now have a Charles Schwab checking account that I love. Here are a 5 ways you can save money traveling:
- Use a Debit Card that Charges NO ATM fees – Charles Schwab has been my favorite and you can get a free checking when you open a free brokerage account.
- Quick Tip – Instead of transferring from your other checking or savings before your trip, write a check to yourself from that account and mobile deposit it into your travel checking account. And if you have a Charles Schwab account like me, the funds will be available much faster because usually they require you to transfer into the brokerage account before moving it into the actual checking account – meaning the funds are on hold longer.
- Auto-Save! The best way to put money aside for a trip is to do an auto transfer each time you get paid. If it’s out of sight and not easily accessible then you will be less likely to spend it.
- Know Your Budget – Only withdrawal within your budget and know the conversion before arriving at the airport. On my last trip I accidentally withdrew the wrong amount because I didn’t do my research. When I left I could not go back inside the airport to take out more, but luckily it was just enough for my transportation.
- Stay Beyond the Main Areas – Prices will be lower if you’re not around the main center where tourists are staying. Be smart! Research the area and be sure there is transportation nearby. Find out if a taxi or transportation would come out to around the same price if you had stayed in the main area, then it’s worth considering staying closer.
- Travel Like a Local – Take the bus, rent a bike, or a moped. It’s a great way to familiarize yourself with the area and save money. On my most recent trip if I had taken taxi cabs each time I went out, I would have spent $9 each way. If I had done that twice a day for a one week trip that would be $126 just for transportation. That’s insane! Instead, I took the bus and it only cost $0.73 each way.
What are ways you have been able to save money while traveling? Leave a comment below!