The Best Travel Money & Budgeting Apps
Bank fees and poor exchange rates can quietly add several percent to every purchase abroad. Multi-currency cards and accounts give you close to the real exchange rate, and expense apps keep a group's spending fair. Cost-of-living sites show how far your money will go before you choose a destination.
What is the best way to pay when travelling abroad?
A card with no foreign transaction fees is the cheapest way to pay in most countries. Multi-currency accounts like Wise and Revolut convert money at or close to the real exchange rate, let you hold dozens of currencies, and give you a debit card that works almost everywhere. Traditional banks often add 3 percent to every purchase plus ATM fees. Carry a small amount of local cash for markets, tips and places that don't take cards.
How can I avoid ATM fees abroad?
Use a debit card that refunds or waives foreign ATM fees: Charles Schwab's checking account in the US famously refunds ATM fees worldwide, and Wise, Revolut and N26 include some free withdrawals each month. Withdraw larger amounts less often, avoid standalone ATMs in tourist areas, and use bank ATMs inside branches where possible.
Should I pay in local currency or my home currency?
Always choose local currency. When a card machine or ATM offers to charge you in your home currency, it uses a poor exchange rate under a system called dynamic currency conversion, which can cost 5 to 10 percent more. Check live rates with XE to know what a fair rate looks like.
How much money do I need for my trip?
Numbeo compares the cost of living between cities, from a meal out to a taxi ride and a month's rent, so you can estimate a daily budget before you choose a destination. Once you travel, TravelSpend tracks spending in multiple currencies against your budget, and Splitwise and Tricount split shared costs fairly with friends.
Travel money tips
- Tell your bank you're travelling if it requires it.
- Carry two cards from different networks, kept separately.
- Avoid airport currency exchange counters, which have the worst rates.
- Keep an emergency stash of US dollars or euros.