Fortune June 13, 2025
Lifestyle
Whether you’re preparing for your latest solo adventure abroad, planning a getaway with that special someone, or looking to splurge on an international vacation for the entire family this summer, it’s important to carefully consider your travel plans (and budget) ahead of time.
James Wolanski, managing director of Global Foreign Exchange at TD Bank, is an avid world traveler and proponent of making the most of time spent abroad. He is also an advocate for understanding the financial landscape of both the destination and your personal budget. Having recently returned from traveling abroad himself, Wolanski shares a few essential tips to keep in mind before traveling internationally this summer.
Travel budgets are uniquely personal to each financial situation and what you’re looking to accomplish on your vacation. Prioritize spending based on what you want to accomplish on your trip.
When traveling abroad, it’s important to give yourself options. Balancing a mix of cash and card will help you keep track of how much you’re spending each day. Ultimately, how much cash you should bring will depend on a number of factors including the types of activities you’re planning on doing, as well as the destination itself, so do research ahead of time.
A general rule of thumb is to bring the equivalent of $50 to $100 per day in cash to cover daily essentials and spending money. However, if you’re planning to shop locally and outside a central destination, accommodating with more cash is a good idea. It’s important to be prepared for either situation as cash or card needs can always change, depending on planned activities. Build in an additional cash buffer for last-minute purchases or emergencies that could arise while traveling in a foreign country.
Before you begin packing your bag, check on your cards’ foreign transaction fees, especially those applicable to credit and debit card purchases. This will also give you an idea of how much cash to carry and which payment methods may be the best option throughout your trip. It’s also a good idea to bring a backup credit card to cover unexpected costs; keep it somewhere safe with a photocopy of your passport.
And for those looking to exchange money, TD Bank offers travelers more than 55 currencies at competitive exchange rates. Several TD Bank stores carry common currencies on-site; if travelers need a currency that’s not available in-store, they can order it online and pick it up within two to three business days for most common currencies.
While conversion rates fluctuate often, there are many tools to help keep track of them, such as TD’s Foreign Exchange Calculator, and those who are traveling this summer can take advantage of destinations where the U.S. dollar remains strong.
When deciding on a destination, remember to factor in your budget. Keep in mind that rates for some currencies currently have stronger conversions. For example, the Canadian dollar and the Mexican peso are proving strong for a USD conversion, so a vacation closer to home could not only save on airfare but also allow you to do more or even upgrade accommodations with the money you may save on conversion. Consider booking (and paying, if possible) in advance while conversion rates favor the U.S. dollar for many destinations.
Each destination is unique when it comes to money habits. Some vendors, including taxi services, may only take cash. While many international vendors may accept U.S. dollars, without local currency, it’s easy to miss out on certain items and experiences on that to-do list or receive an unfavorable exchange rate.
Before heading to your destination, remember to check for specific foreign transaction fees and account terms applicable to credit and debit card purchases. And if you need to access cash at your destination, remember to take it slow at the ATM. Many ATMs, especially those in tourist-saturated destinations, could have surge pricing or include dynamic currency conversion (DCC). DCC could lead to more service charges depending on the ATM network, so read the fine print before pulling cash to get back to your vacation. Remember that conversions are often cheaper when billed in the destination’s local currency.
Setting a budget and learning about local money habits are key to a seamless trip abroad. Understanding how to pay for trip priorities—from snorkeling to nights out on the town to local shopping excursions—can make for a less stressful experience when going abroad.
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