3 International Travel Spending Options to Consider

Each year Americans make 93 million trips outside the country and spend an average of $3,580 per person.

In prior generations, a popular form of currency for international trips was traveler’s cheques. Those have, for the most part, gone the way of Blockbusters and Blackberries. The proliferation of ATM networks that work worldwide have made traveler’s cheques unnecessary and in many parts of the world they are no longer accepted.

Today, for the most part, you can rely on the benefits of traveling with a credit card or leaving your money in the bank and using your debit card when you travel to most popular travel destinations. Lourdes Vega, Foreign Currency Operations Manager at Zions Bank, recommends having local currency on hand for taking care of incidentals. Consider applying these three international travel spending options while you travel abroad.

International Travel Spending Option #1: Credit Card

First, check to see if your credit card provider charges a foreign exchange fee, so you don’t have any surprises when your bill arrives. One downside of relying too much on your credit card is that you may overspend, since the money is not coming directly from your checking account. For that reason, it is smart to also carry a debit card. Call the card issuer to add a travel notification to your credit card so they know exactly when and where you will be using your account.

International Travel Spending Option #2: Debit Card

This is a good choice for keeping spending within your budget since the funds are taken from your checking account. However, guarding against fraud or theft is a bigger concern with debit cards than credit cards. If your debit card is fraudulently used, you are out the money until it can be researched and restored.

You may not want to be short-handed if this happens and you are out of the country. Try to use your debit card at locations where you don’t think fraud or theft will be a concern. Contact your financial institution to add a travel notification to your account to help ensure your purchases will be posted seamlessly.

International Travel Spending Option #3: Foreign Currency

Some merchants won’t accept a credit card or a debit card, so you’ll want to have some local currency on hand.

While you can exchange U.S. banknotes for foreign currency using a credit or debit card at an airport, hotel or ATM, you will pay a premium for this convenience. There are several reasons you should consider purchasing your foreign currency before you leave on a trip:

Select inventory branches at Zions Bank offer the most popular foreign currencies (cash only, no coins)². You can also buy and sell more than 80 currencies at any Zions Bank branch location for receipt in two to four business days.³,⁴

Use the Zions Bank Foreign Currency Converter to calculate the conversion of foreign currency to U.S. dollars (and vice-versa) as well as the cost to buy a specific amount of foreign currency with U.S. dollars.

A word of caution: Tourists often stand out like a sore thumb, and thieves are on the lookout for an easy target. Keep your cards and cash in a safe place and keep a backup card in a separate location in the unlikely event your purse or wallet is stolen.

Using these three financial tools or a combination of them is a great way to plan your next international vacation or business trip.

1. We do not guaranty or promise to repurchase any foreign currency purchased through us.

2. Some services may not be available to non-clients.

3. Not all currencies are available immediately at every branch. Shipping fees may apply. Processing and delivery times may vary based on currency. Zions Bank recommends planning ahead to ensure delivery and availability.

4. Processing and delivery times may vary based on currency. Shipping fees may apply.