The smart traveller’s guide to managing money on the go

Photo by Vlada Karpovich via Pexels

Whether you’re travelling for business or fun, it’s essential to have a good grip on your finances.  Here’s our simple guide to managing money on the go.

Let’s be real for a minute. Travel costs money. And when you’re out there chasing sunsets and street food, it’s frighteningly easy to torch your budget without even noticing. One kitschy fridge magnet too many and a mojito-fuelled night you only half remember (or is that just me?), and suddenly your savings are circling the drain.

Between the impulse buys, overpriced tourist traps, and that ever-persistent voice whispering, “Go on, you’re on holiday,” your wallet doesn’t stand a chance. Blink and you’re broke in paradise, surviving on cup noodles and those instant coffee sachets from your hotel room.

The good news? Keeping your finances in check on the road doesn’t mean missing out on the fun, jumping through financial hoops, or turning into a spreadsheet-wielding buzzkill. With a few smart, practical, and traveller-approved strategies and a little foresight, you can keep your wallet (and your wanderlust) intact.

So, how do you stay cashed-up and carefree while living your best jet-setting life? Let’s dive into some tried-and-tested ways to keep your travel funds in check without killing the holiday vibe.

1. Research your destination’s preferred payment methods

Before you jet off on your next adventure, do yourself a favour and familiarise yourself with how the locals pay for things like food and retail products in your target destination. While tap-and-go might be second nature back home, it’s not always the norm in every corner of the globe. In most countries, credit cards and cashless payments are accepted, but this won’t always be the case. Venture into the countryside or hit up a market in Japan, and you might find yourself in a cash-only situation faster than you can say arigatou.

So always have a couple hundred dollars’ worth of the local currency whenever you’re out and about in your target country. It’ll save you from that awkward “Do you take card?” shuffle while your stomach growls at a cash-only ramen joint.

especially in Scandinavia and parts of Asia, have practically ditched cash altogether in favour of cashless payment methods like Apple Pay. If that’s your jam, preload your digital wallet before you go. This way, you’ll quickly get access to cash and avoid having to fumble around with your SIM card to authenticate any transfers that need SMS two-factor authentication that you may not even be able to access.

2. Get a banking app for your savings account

If you have a bank account linked to your mobile number, keeping track of your transactions becomes a breeze, especially when using your debit card. You can check your balance, see your recent transactions, and stay updated in real time, even if you’re halfway across the world.

A banking app also lets you transfer money, pay your credit card bills, and take care of other tasks, all from the comfort of your phone. Whether you’re on holiday or just away from home, it’s a simple way to manage your finances without the usual hassle.

Better yet, if you have a travel bank account, for instance, you can track and manage it in real time by simply opening the app.

This all makes managing money on the go so much simpler, more efficient, and easier to stay on top of, wherever you may be. If you don’t have a bank account yet, this guide on opening a bank account online can help you get started.

3. Inform your bank before you travel

Many travellers forget to notify their bank or card issuer about their upcoming trip, but it’s a good idea to do so to avoid any hiccups with your card while you’re overseas. If you don’t give your bank a heads-up, there’s a chance they could flag your card as suspicious, which might lead to it being temporarily frozen and leave you without hope of withdrawing money or conducting transactions. This can be stressful, especially if you’re low on cash or don’t have access to foreign currency when you need it.

Some banking apps have a feature in their system that notifies them about a user’s upcoming travel dates. Using this feature ensures that your bank knows about your travel dates and won’t freeze your account or tag any transactions as suspicious when you’re overseas.

If your bank doesn’t offer that feature, a quick message to customer service or a visit to a branch before your trip can do the trick. Taking a moment to sort this out before you go can help keep your travel smooth and stress-free.

4. Use a dedicated travel card

Some credit cards come with fantastic perks when you’re travelling, like cashback or travel rewards, making every purchase feel a little more rewarding. Plus, some debit cards, like the Wise card, offer low foreign transaction fees and great exchange rates, helping you to stretch the value of your destination’s currency even further.

These travel-friendly cards are a smart way to save and awesome for managing money on the go while still allowing you to enjoy all the little luxuries of travel. Some come with built-in benefits like travel insurance and airport lounge access, so you can feel a bit more at ease knowing you’re covered in case of an emergency or enjoy a free bite to eat while waiting for your flight.

Of course, you have to pay off your credit card balance in full to avoid any interest charges or damage to your credit score. But by using a dedicated credit card, your trip can feel that much smoother and more enjoyable.

5. Refrain from exchanging money in airports

One of the classic mistakes new travellers often make is exchanging their cash at airport currency counters. Sure, it’s easy and convenient, but the exchange rates are awful and pretty much the worst you’ll find anywhere, so you’re essentially throwing away money before you even leave the terminal.

The smarter move? Hold on to your cash a little longer. Exchange just enough to get you into the city (preferably before you reach the airport), then find a better deal once you’re there. Alternatively, you can also withdraw funds from an ATM using a low-fee debit card. Just be sure to decline the ATM’s offer to convert the money for you because when an ATM offers to convert your money for you, it’s often referred to as Dynamic Currency Conversion (DCC). While it sounds convenient, it’s actually a sneaky way for the ATM provider or bank to make extra money. The exchange rate they offer is usually much worse than the rate you’d get from your bank or card provider, and on top of that, they often add hefty fees.

6. Set a daily and overall budget

Before you head off on your travels, it’s a good idea to set a daily and total budget. Think of it as a way to keep things in check so you don’t end up with a shock when you get home.

Break your budget down into categories like food, transport, shopping, and accommodation. This way, you’ll know exactly how much you can spend in each area, and it’ll help you keep your finances on track while you’re having fun.

If you’re travelling with family, set a family budget to ensure that everyone’s financial activities are accounted for.  You could use something simple like Google Sheets to track your spending or a budgeting app if you prefer something a bit more high-tech.

By having a clear daily and overall budget, you’ll be able to manage your activities more wisely without the risk of overspending. This helps ensure you’ll come back with memories, not a financial hangover.

7. Have an emergency stash ready

When you’re travelling in a foreign place, stuff’s bound to go wrong. It’s part of the deal. The key is not to lose your head when it happens. One of the best ways to avoid complete chaos is by setting up an emergency travel fund.

Keep a stash of local currency somewhere in a separate bag from your main one (or outside your wallet in a safe, hidden compartment). This money should be reserved only for true emergencies, like if you lose your wallet or if you’re stranded and need a taxi ride home.

Having that backup stash gives you peace of mind, knowing that if the worst happens, you’ve got something to fall back on. It’s all about being prepared for whatever comes your way while still enjoying the ride.

While it’s the messy moments that make the best stories, we hope these tips will help you travel smarter on your upcoming trip. Safe travels!

An award-winning travel writer and photographer, Aleney de Winter was fresh from school when she first set off to explore the far reaches of Australia with a two-man tent and a beaten-up Kingswood for company. Three decades, and two kids later, and she's still on the go, with her itchy-footed offspring in tow.