If I knew then what I know now…
The words ring in my head. I was an incredibly irresponsible spender. My thirst for traveling consumed my bank accounts and overdrew my credit. It’s been one interesting journey, but financial recovery is not an easy endeavor to tackle.
I’ve likely spent thousands of dollars on ATM fees, foreign transaction fees, money exchanges, and international transfers. I’ve traveled through numerous countries, opened a multitude of banks accounts and dealt in a myriad of currencies.
If I averaged only ten dollars per week on any of the aforementioned, which is not unreasonable, I would be spending almost $520 each year.
This is not an insignificant number, nor is it a number that can’t be avoided. To clear up that string of negatives for you, this is money you do not have to spend. These fees are easily avoidable.
With a little bit of brain power and advance planning, you can travel much smarter than I ever did and save money while traveling.
This is such a great post. It’s so easy to overspend unnecessarily if you don’t know that there are better options. There are a lot of little things I wish I did differently. Live and learn.
Thanks, Bobbi. You just have to be smart and do your research ahead of time. I generally follow the motto “live and learn,” but this is one time I wish I hadn’t! If only I had everything sorted out from day one…I could have saved a huge amount of money.
Hey Dude, these are great solid tips. I always try not to think when I withdraw money at the atm, it helps ease the pain. But I end up losing more by not trying to avoid the bank fees.
I know what you mean. That’s how I always used to “deal” with the charges. But if you plan ahead, and do things just a little bit smarter, you can avoid a lot of fees and save a lot of cash!
This is a useful post because I’m met so many people from the States who are totally ripped of by their banks with charges and fees. Luckily, with my bank in the UK I don’t have anywhere near as many problems as you guys do!
you forgot to specify that, in order to be able to open the Charles Schwab high-yield investor account, you MUST have a brokerage account with them.
Great service though, I’ve had it for a year Now 🙂
-Maria Alexandra
Thanks for the tip, Maria! When you open the high-yield account, a brokerage account gets opened automatically. What you choose to do with it, though, is entirely up to you!
HI Jeremy,
Great article!
I agree with everything you’ve said here (as a nomadic traveler of 14 years)…
except one point:
Exchange Booths: In SE Asia, exchange booths give EXCELLENT rates! Close to the daily internet rate. I get the same great rates at these places as I do using my ATM. So in SE Asia, anyhow, you don’t have to be shy about changing your cash if you need/want to.
I have noticed that’s not the case in UK- WOW, those guys really rip people off exchanging money! I learned the hard way when I arriving in England with only cash to exchange and was stunned into silence.
But SE ASia is completely different. :))
cheers, Lash
Wow! I didn’t know that. Surely they must take a small commission, but because currency goes a lot farther in SE Asia, I can imagine they’re much smaller! I’ll be sure to look into this when I get there later this year! Thanks for the tip, Lash!
Well, aren’t you lucky! Yes, banking styles will differ, depending on where in the world you are from. But I think these tips hold water, no matter where you live!