June 1, 2020
Due to travel restrictions, plans are only available with travel dates on or after
Due to travel restrictions, plans are only available with effective start dates on or after
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The first rule of managing your money when you’re overseas: Always carry more than one way to pay. Cash, credit cards, a debit card, mobile payment apps, even a pre-paid card—having multiple payment options means you’re always prepared.
Here are a few more quick tips on handling—and saving!—money when you’re traveling.
Probably not. Most major credit cards have advanced fraud detection that can tell if an overseas transaction is legitimate, so you don’t need to tell the company that you’re traveling.
However, some smaller banks and credit unions still want customers to tell them about upcoming travel. To be safe, contact your bank or use their site/app to communicate your travel plans.
That depends on where you’re going. Some countries still rely heavily on cash, while others are almost totally cashless. The top countries and regions for credit card usage:
Many countries that are less developed still rely almost entirely on cash. Some tourist destinations where cash is king include:
For most destinations, travelers should plan to use both cash and cards.
Your best option may be ordering foreign currency from your local bank before you go. In general, U.S. banks will charge fewer fees and give you a decent exchange rate.
If you’re already overseas, the cheapest way to withdraw money is to use a debit card at an in-network ATM. Go to a bank that’s an international partner of your bank. For example, Bank of America partners with Barclays in the UK and BNP Paribas in France.2
One last money tip: Always decline when the ATM offers to convert the currency for you. You’ll get a much worse exchange rate (and less money) if you choose this option.3
Your debit card should work for purchases and ATM withdrawals, but your bank may charge you foreign transaction fees. The typical fee is 3% of your purchase, which adds up over time.4
Certain debit cards don’t charge foreign transaction fees, such as Capital One 360 and Charles Schwab, which also reimburses you for overseas ATM fees.
Get a card that doesn’t charge foreign transaction fees, such as Chase Sapphire Preferred, Capital One Venture, or Wells Fargo Autograph (which also has no annual fee).5 Many of these travel credit cards offer perks like rewards points, airport lounge access, and credit to reimburse the cost of Global Entry or TSA PreCheck.
Prepaid international travel cards are an increasingly popular option. These cards, such as those from Wise and Revolut, have extra security features to keep your money safe while you’re traveling, like real-time transaction alerts in the app. They also don’t charge ATM withdrawal fees (within the plan limits).
Allianz Travel Insurance cannot reimburse you for money, currency or credit cards that are lost or stolen on your trip. However, we can help transfer funds from your family or friends in an emergency and advise you on what to do. Just contact 24-hour assistance via phone or the Allyz® travel companion app.
View all of our travel insurance products
Terms, conditions, and exclusions apply. Please see your plan for full details. Benefits/Coverage may vary by state, and sublimits may apply.
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