You’ve been planning your international trip for months—ready to explore new cultures, indulge in exotic cuisine, and create unforgettable memories—but before you get a new stamp on your passport, it’s important to ensure your finances are in order. The last thing you want is to be stuck in a foreign country with a frozen credit card or sky-high fees draining your travel budget! Our team at Legacy Bank is providing our best financial tips for enjoying a stress-free trip abroad, from enabling card controls to understanding currency exchange rates. Keep reading to get a head start on your travels!

Alert Your Credit Card Company

Before hopping on a plane, notify your credit card company of your plans to travel internationally. Many financial institutions monitor accounts for suspicious activity, and foreign transactions may trigger a security hold or even a freeze on your card. By contacting your bank or card issuer before traveling, you can help prevent disruptions and ensure your transactions go through smoothly. (Don’t forget to specify your travel dates and destinations!) While some banks offer an online option for setting up travel notices, you can also go the old-fashioned route and give your bank a quick phone call!

Set Up Card Controls

In today’s world, most banks and credit card issuers offer card control features through mobile apps or online banking platforms. These controls allow you to customize your spending limits, enable or disable international transactions, and set up real-time purchase alerts. Utilizing these tools can help you monitor your spending at home and abroad and detect any unauthorized transactions immediately after they occur. With Legacy Bank’s Card Control, you can lock and unlock your credit and debit cards at any time while enjoying 24/7 control of your money!

View our step-by-step tutorial for accessing Legacy Bank’s Card Control!

Understand Currency Exchange Rates

Do you know the current exchange rate for the country you’ll be traveling to? If not, it’s time to do some research! Knowing the value of your home currency compared to the local currency of where you’ll be traveling can help you budget more efficiently and know what to expect when you get there. It’s important to note that these exchange rates fluctuate daily. Our team at Legacy Bank suggests using a currency converter app like Currency Converter Plus to get real-time exchange rates and ensure you’re getting fair value for your money.

Expert Travel Tip: Be cautious when exchanging currency at airports or tourist areas, as they often charge higher rates and fees. Instead, opt for local banks or ATMs with more competitive rates.

Research Foreign Transaction Fees

Did you know that using your credit or debit card abroad can come with additional fees, including foreign transaction fees, ATM withdrawal fees, and dynamic currency conversion charges? Because many banks charge a percentage of each transaction (typically 1-3%) for purchases made in a foreign currency, it’s advised to check with your bank before racking up foreign transaction fees. Always ask about international fee policies and consider applying for a card that offers no foreign transaction fees if you anticipate doing a lot of travel!

Expert Travel Tip: If given the option to pay in your home currency, always choose the local currency to avoid extra conversion fees.

Store Your Money Safely

The last thing you want to worry about while trying to enjoy a relaxing vacation is the threat of theft or loss. To reduce your chances of being pickpocketed or targeted while traveling, avoid carrying large amounts of cash; instead, use a mix of payment methods, such as credit cards, debit cards, digital wallets, and small amounts of cash. Store your backup cards separately from your everyday card in case one gets lost or stolen, and invest in a money belt or an anti-theft travel wallet to safely store your money while exploring.