Money, Money, Money:
A Guide to Banking whilst travelling
Money, Money, Money:
A Guide to Banking whilst travelling
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If you’re away for a long period of time and/or travelling on a budget, some nights will be quieter than others. Additionally, you may be travelling through the night or day for long periods of time (7 hours+).
If you’re a reader, we'd recommend taking a Kindle. If you're a gamer or travelling as a party, you might want to take a Nintendo Switch. We played hours of Overcooked2 on bus journeys.
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Plan Ahead
When traveling on a budget, it's best to use a bank card that offers low-cost cash withdrawals and doesn't charge currency conversion fees as cash may be a very frequent method of payment.
You may need to inform your bank about your travel plans to avoid your card being flagged for suspicious activity
Ideally take at least 2 physical cards, a VISA and a Mastercard, and make sure that they have long enough expiry dates.
Chip and PIN cards are more common, with contactless being accepted in more cities than rural areas.
Plan Ahead
When traveling on a budget, it's best to use a bank card that offers low-cost cash withdrawals and doesn't charge currency conversion fees as cash may be a very frequent method of payment.
You may need to inform your bank about your travel plans to avoid your card being flagged for suspicious activity
Ideally take at least 2 physical cards, a VISA and a Mastercard, and make sure that they have long enough expiry dates.
Chip and PIN cards are more common, with contactless being accepted in more cities than rural areas.
❄️ Protect your account
Choose a bank that allows you to easily freeze your card if it’s stolen or lost.
Ensure that you are able to access any facilities for one-time-passcodes from the bank, like your mobile number.
Be cautious of card skimming at ATMs. If you can, stick to ATMs located inside banks or reputable areas. Give the ATM card reader a gentle tug to see whether it is fixed for peace of mind.
❄️ Protect your account
Choose a bank that allows you to easily freeze your card if it’s stolen or lost.
Ensure that you are able to access any facilities for one-time-passcodes from the bank, like your mobile number.
Be cautious of card skimming at ATMs. If you can, stick to ATMs located inside banks or reputable areas. Give the ATM card reader a gentle tug to see whether it is fixed for peace of mind.
Choosing the Best Bank for You
🇬🇧
Starling Bank
Best U.K. Resident Option
0% international transaction fees
Unlimited ATM Withdrawals
Uses Mastercard's exchange rate
🇺🇸
Capital One 360
Best U.S. Resident Option
0% international transaction fees
Only fees are the ATM charges
Uses Mastercard's exchange rate
🌏
Revolut
Best Worldwide Option
1,000 USD/month no-fee, then 0.5%
Free ATM withdrawals up to £200, 2% after
Uses their own exchange rate
Other Great Options
Monzo
Wise
Chase
HSBC
CitiBank
Ensure your card is accepted in your destination countries. AMEX is often not widely accepted or incurs an extra fee. Many banks do not operate in Myanmar, so if you plan to visit there, be aware of this. If you have a credit card, this may be another good option for you.
Choosing the Best Bank for You
🇬🇧
Starling Bank
Best U.K. Resident Option
0% international transaction fees
Unlimited ATM Withdrawals
Uses Mastercard's exchange rate
🇺🇸
Capital One 360
Best U.S. Resident Option
0% international transaction fees
Only fees are the ATM charges
Uses Mastercard's exchange rate
🌏
Revolut
Best Worldwide Option
1,000 USD/month no-fee, then 0.5%
Free ATM withdrawals up to £200, 2% after
Uses their own exchange rate
Other Great Options
Monzo
Wise
Chase
HSBC
CitiBank
Ensure your card is accepted in your destination countries. AMEX is often not widely accepted or incurs an extra fee. Many banks do not operate in Myanmar, so if you plan to visit there, be aware of this. If you have a credit card, this may be another good option for you.
ATMs and Card Machine Rates
ATM withdrawal fees are usually $3 to $5 everywhere.
Be aware your bank may charge fees for international transactions as well.
ACCEPT CONVERSION
The ATM will convert the currency at their local rate.
DECLINE CONVERSION
Your bank will convert the currency at it's own rate.
Always select the option for ‘Decline Conversion’ otherwise you will get slightly worse rate.
Unless your bank has bad conversion rates - in which case you should probably get another bank account for travel anyway.
Don’t leave your bank card in an ATM - this is a common problem because the card often ejects after the cash.
ATMs and Card Machine Rates
ATM withdrawal fees are usually $3 to $5 everywhere.
Be aware your bank may charge fees for international transactions as well.
ACCEPT CONVERSION
The ATM will convert the currency at their local rate.
DECLINE CONVERSION
Your bank will convert the currency at it's own rate.
Always select the option for ‘Decline Conversion’ otherwise you will get slightly worse rate.
Unless your bank has bad conversion rates - in which case you should probably get another bank account for travel anyway.
Don’t leave your bank card in an ATM - this is a common problem because the card often ejects after the cash.
Cash Money
Try to carry local currency in smaller denominations, as larger bills may not be accepted in rural areas or smaller establishments.
Tipping is not mandatory in most Southeast Asian, but in Thailand, small tips are becoming more common.
Having USD in case of emergency may be useful, as it is widely accepted across Southeast Asia.
Cash Money
Try to carry local currency in smaller denominations, as larger bills may not be accepted in rural areas or smaller establishments.
Tipping is not mandatory in most Southeast Asian, but in Thailand, small tips are becoming more common.
Having USD in case of emergency may be useful, as it is widely accepted across Southeast Asia.
📱 Banking Apps
Having an app that instantly notifies you of transactions is great for monitoring your account usage and ideally something that shows conversion.
In some places, E-wallets like AliPay, are used for digital transactions. For these places it is just a lot easier to use cash.
📱 Banking Apps
Having an app that instantly notifies you of transactions is great for monitoring your account usage and ideally something that shows conversion.
In some places, E-wallets like AliPay, are used for digital transactions. For these places it is just a lot easier to use cash.
For the cheapest deals on physical SIMs, get one in the country when you arrive. But if you would prefer to have a SIM card before you leave for your travels, we would highly recommend SimCorner.
You can get 5% off at SimCorner with this code XXXX0000.
Money, Money, Money
Selecting a bank account and card can equal savings of up to a few dollars with every purchase.
Some options may not be available in your country
Plan Ahead
When traveling on a budget, it's best to use a bank card that offers low-cost cash withdrawals and doesn't charge currency conversion fees as cash may be a very frequent method of payment.
You may need to inform your bank about your travel plans to avoid your card being flagged for suspicious activity
Ideally take at least 2 physical cards, a VISA and a Mastercard, and make sure that they have long enough expiry dates.
Chip and PIN cards are more common, with contactless being accepted in more cities than rural areas.
📱 Banking Apps
Having an app that instantly notifies you of transactions is great for monitoring your account usage and ideally something that shows conversion.
In some places, E-wallets like AliPay, are used for digital transactions. For these places it is just a lot easier to use cash.
❄️ Protect your account
Choose a bank that allows you to easily freeze your card if it’s stolen or lost.
Ensure that you are able to access any facilities for one-time-passcodes from the bank, like your mobile number.
Be cautious of card skimming at ATMs. If you can, stick to ATMs located inside banks or reputable areas. Give the ATM card reader a gentle tug to see whether it is fixed for peace of mind.
Choosing the Best Bank for You
🇬🇧
Starling Bank
Best U.K. Resident Option
0% international transaction fees
Unlimited ATM Withdrawals
Uses Mastercard's exchange rate
🇺🇸
Capital One 360
Best U.S. Resident Option
0% international transaction fees
Only fees are the ATM charges
Uses Mastercard's exchange rate
🌏
Revolut
Best Worldwide Option
1,000 USD/month no-fee, then 0.5%
Free ATM withdrawals up to £200, 2% after
Uses their own exchange rate
Other Great Options
Monzo
Wise
Chase
HSBC
CitiBank
Ensure your card is accepted in your destination countries. AMEX is often not widely accepted or incurs an extra fee. Many banks do not operate in Myanmar, so if you plan to visit there, be aware of this. If you have a credit card, this may be another good option for you.
ATMs and Card Machine Rates
ATM withdrawal fees are usually $3 to $5 everywhere.
Be aware your bank may charge fees for international transactions as well.
ACCEPT CONVERSION
The ATM will convert the currency at their local rate.
DECLINE CONVERSION
Your bank will convert the currency at it's own rate.
Always select the option for ‘Decline Conversion’ otherwise you will get slightly worse rate.
Unless your bank has bad conversion rates - in which case you should probably get another bank account for travel anyway.
Don’t leave your bank card in an ATM - this is a common problem because the card often ejects after the cash.
Cash Money
Try to carry local currency in smaller denominations, as larger bills may not be accepted in rural areas or smaller establishments.
Tipping is not mandatory in most Southeast Asian, but in Thailand, small tips are becoming more common.
Having USD in case of emergency may be useful, as it is widely accepted across Southeast Asia.