Money Exchange Tips For Round The World Or Long Term Travel

Money Exchange For Round The World Travel

Today I have a question from a reader about money exchange!

Nicole sent me over this question:

“Hi, Arnette!! My boyfriend and I are fellow Canadian nomads. We are planning a round the world trip in June 2014. One of the concerns we have is about money exchange and how we can do it in a cost-effective way. I am concerned most of our savings will be going to foreign currency exchange. I am struggling to find a blog that even talks about money exchange? What have you found is the cheapest way to exchange funds?? Thanks so much! – Nicole”

Money exchange when traveling |

My response:

Hello, Nicole!

Thank you for your email. I am not a money exchange expert but I’ll share my experience from my travels.

Money exchange when travelling especially on a round the world trip is a tough one. I always find that no matter what happens you’ll always lose out on the exchange because someone has to make money in the end and it’s definitely not the traveller!

What I did/do:

I’m a resident of the USA so I have a Charles Schwab bank account. Because I was travelling on a round the world trip, I specifically opened this account before I left. There are no fees for ATM withdrawals anywhere in the world including the United States. I do get charged initially but at the end of the month, my account is credited back for any ATM fees. Since I no longer live in Canda, I am not sure which Canadian banks have little to no fees for international withdrawals. Perhaps try a bank that has a lot of branches worldwide like HSBC, etc.

**If you’d like to open a Schwab account, click this link and use this code: REFERNPAVB**

Money Exchange For Round The World Travel

Taking out cash in Tokyo

Financial tips:

  • I put my savings in a high-interest savings account which earned me more interest than a typical savings account. I would then transfer money in between the high -interest savings account to my Charles Schwab account when I was ready to take some money. We might as well make some interest while we’re travelling since money is just sitting there!
  • When arrived at a new airport/country, I would find a bank affiliated ATM machine to take out money (be careful of foreign money exchange bank machines). Because I have a Schwab account, I was not worried about taking out smaller sums because I wasn’t charged service fees. You might want to take out more money to incur fewer fees. I also didn’t take out large amounts because I was concerned about carrying a lot of cash because I am a solo female traveller.
  • I carried US cash in different denominations for anĀ emergency situation and necessity. As an example, when entering Vietnam and Cambodia, they want US cash for your visa at the airport/border. Make sure the US cash that you carry always stays crisp. If bills are overly wrinkled, they do not accept it.


Yen yen bills y’all

Trip money tips:

  • I socked away $100 US in a weird random hidden spot. In the case of an emergency, I could get myself out of a sticky situation with the money. When I was in Cambodia, I had my bank card stolen so it was handy to have cash on hand. I also carried another backup ATM card for this purpose (helpful when on a long-term trip). It will be handy for you and your boyfriend/friend/husband to carry separate cards for this reason.
  • Sometimes you may have excess money left over because you took out too much. If I was leaving via an airport and had leftover funds I would just go to the money exchange and change it for the next destination’s currency. Try not to exchange at the airport, it’s the worst rate. But at that point, what are you going to do with the money? I still have money from Indonesia, Singapore, Hong Kong, Europe (Euros), the Czech Republic, and the Philippines. I am hoping that I can use them for future trips! Some airlines like Qantas collect any coins on the flight and give them to charity. I hate the extra weight on me, so I donate it.
  • My best recommendation would be to get a travel-friendly bank account, bank card, and credit card. Give yourself time to open up a new account and apply for a credit card.

Trip tips:

  • Make sure that you let your bank and credit card companies know you are travelling around the world. Nothing is worse than being in a foreign country and not having access to your funds. It happened to me once so now I always call in to let them know.

Do you have money exchange tips to share? Leave comments below!


Money Exchange For Round The World Travel




  • Flights: Find a cheap flight using Skyscanner or Momondo. I like these two booking sites because they both search all websites and airlines around the globe including budget airlines.
  • Accommodations: I use or Tripadvisor to find the best rates on hotels. offers a free night after booking 10 nights.
  • Get up to $40 off your first Air Bnb stay by using this code!
  • Travel Insurance: Having gotten sick on my travels in the past, I never travel without being insured. You never know when something may happen. For my round the world trip and extended long-term travel, I use World Nomads. For other trips, I have used Roam Right and they cover activities like extreme sports.

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