4 Money Moves to Make Before You Travel Abroad

The following is the transcript from the video:

JUSTIN: Justin and Johnny here! And welcome to a brand new episode of the Dollar Bills. 

JOHNNY: Today the Dollar Bills are going international. Hopefully. 

JUSTIN: We're going to be talking about the four money moves you should make before traveling abroad. 

JUSTIN: Gotta say the suitcase code nice touch. 

JOHNNY: Uh yeah...touch. Thanks so move number one is...

JUSTIN: Whoa, hold on, we still have the intro stuff to do. 

JOHNNY: You know, I was thinking what if we change things up today. You know just get right into the good stuff. 

JUSTIN: But the intro—I practiced all night. 

JOHNNY: Just do it at the end. 

JUSTIN: What?! 

JOHNNY: You know, that way the people that are still watching are the ones that'll really appreciate it. 

JUSTIN: I guess. Are you feeling all right? 

JOHNNY: Feeling great! So, the first step you should take when planning to travel abroad is... 

JUSTIN: Uh-oh! C-c-create a travel budget. The goal here is to estimate how much money you'll need for your trip and create a plan to prevent getting caught off guard by any unexpected expenses. 

JOHNNY: The first step is to tackle any big ticket items such as hotel costs and airfare. Once you figure those things out, you can move down the list to smaller items like food shopping and transportation. 

JUSTIN: Once you get everything priced out add a 20% cash cushion if you can. Call it a peace of mind fund. Unplanned expenses are sure to come up and it's your job to be prepared when they do. 

JOHNNY: Next up is something that people often overlook but can really cause some frustration if not addressed.

JUSTIN: You're telling me! What we're talking about here is anticipating and dealing with conversion rates and fees ahead of time. 

JOHNNY: When you're traveling, you can't always count on your credit and debit card like you would at home. Because of this we always recommend arriving with a small stash of local currency on hand. This would be super useful for things like taxis and small expenses. When getting a hold of this currency try to avoid kiosks you see at airports and train stations and instead, make it a point to order before you leave. You can do this through your bank or by using an online service like AAA or Travelex. This will save you money on fees as well as give you confidence that the exchange rate you're getting is a good one. 

JUSTIN: Once you're settled in, you can find the nearest ATM to withdraw what you'll need for the rest of your trip. 

JOHNNY: Speaking of ATMs, that leads us perfectly into our next money move: contact your bank. 

JUSTIN: Contacting your bank is something that can be done in less than 15 minutes but can spare you days of frustration. 

JOHNNY: Take it from me, there's nothing worse than being in a different country and learning that your bank account has been frozen because of suspicious activity. It can mean awkward situations and days spent on the phone sorting things out. 

JUSTIN: ....so...take a few minutes before you leave and call your bank to let them know where you'll be. You can also use this opportunity to ask about their international fee structure. Some banks charge both ATM and international transaction fees, while others only charge one flat fee. 

Figuring this out early can save you time and energy. 

All right i guess i'll take this one—

JOHNNY: My bad, I got it. Our final money move is a topic all on its own: choose the right travel credit card. Now, we could really get into the weeds here, but for the purpose of time, we'll just touch on the basics. 

JUSTIN: We recommend using a credit card while traveling because of how easy it is to manage if the card becomes lost or stolen there's also some stellar perks. 

JOHNNY: There's three things to look for in a good travel card: cash back or bonus miles on travel-related purchases, no global transaction fees, and the ability to use it at a variety of retailers. If your card has these boxes checked, you're in good shape! Just make sure to notify them before you leave. 

JUSTIN: If you have a credit card, but it doesn't offer these things, then this could be a great opportunity to open a new one. Doing this right before a trip can allow you to take advantage of sign-up bonuses if the card has a big spend requirement. You simply use the card to pay for the trip get the bonus and BOOM! Two trips for the price of one. Uh, another option is to sign up for a card with a sign-on bonus several months ahead of time and then use the rewards to help pay for your trip some cards even offer extras like discounts on hotel stays free global entry or access to those swanky airport lounges. Free food here I come—what are you doing? 

JOHNNY: Uh well you see what had happened was, I thought we were supposed to be filming yesterday, so I actually have a flight at three. 

JUSTIN: A flight? Where?

JOHNNY: Bella Italia! 

JUSTIN: Johnny, it's two o'clock and the airport is 25 minutes away. 

JOHNNY: Yeah, I have a ride outside so I'll just let you finish out, okay? You can do the intro too. 

JUSTIN: Wait..but...Did he really just leave? 

CREW [OFF CAMERA]: Yep. 

JUSTIN: He's not going to make it in time, huh?

CREW: No chance. 

JUSTIN: Yeah, well I'm not doing the intro. There you have it: four money moves to make before you travel abroad. If you've got any tips, tricks or stories of your own, as well as any suggestions for things we can improve—like don't leave in the middle of an episode—don't hesitate to leave a comment. 

Also, if you got something out of the video we always appreciate if you consider giving us a like or subscribing to the channel until next time, I'm Justin and thanks for watching the Dollar Bills.