Calling all wanderlusters. Now that spring has arrived, it's the perfect time to strategize for (and actually book) your next IG-worthy trip abroad. So to wish you a bon voyage, we’ve gathered some tips to help you save time, energy, and money every step of the way. Now boarding…
Potential Pitfall: Taking a break that ends up breaking the bank
How to avoid: Two words: Budget, baby. When you're in a new place, it's easy to get overwhelmed deciding where to eat or what to do throughout each day — and that can lead to overspending. Consider creating a personalized plan before you jet set instead. Pick out which nights you'll dine out versus stay in and what activities are a "must" for your visit. That way, you'll be able to budget accordingly and still check off your wishlist. Win meet win.
Potential Pitfall: Sleeping on the strength of the dollar
How to avoid: A lot of hotels, apartment hosts, and tour groups give you the option to pay ahead or on arrival. But since the value of the USD is strong relative to several other countries right now (like Mexico, South Africa, and Peru), you could end up paying a different amount by the time you get there — even though the sticker price won’t change. If you can swing it, consider paying for everything in full ASAP. Oh, and if you need help figuring out how the USD compares to other currencies, TD Bank has a foreign exchange calculator you can use.
Potential Pitfall: Falling behind on travel planning
How to avoid: You know what they say, if you’re going to be sad, you might as well be sad in *insert popular tourist spot here*. And this year is no different. Maybe you’re planning on witnessing history at the 2024 Olympics in Paris, marveling at cherry blossoms in Japan, or living out your “White Lotus” fantasies in Thailand (IYKYK). But lots of other travelers can = inflated prices. So make sure you’re planning far enough in advance to snag the best deal on flights and accommodations before the crowd beats you to it.
Potential Pitfall: Overpaying for foreign-currency exchange
How to avoid: Local operator ATMs (read: the kind not managed by reputable banks) and airport exchange centers tend to have high transaction and commission fees. But with TD Bank, you can order over 55 different currencies online or in-store ahead of time and then pick up your cash IRL at one of their foreign exchange centers. If you can, visit one of their locations in Boston, New York, or Philadelphia — where they also have up to 15 foreign currencies available for immediate exchange. This way, you’ll have cash for all those fresh-off-the-plane expenses, like public transport fees, cab fare, bellhop tips, etc.
Potential Pitfall: Struggling to find a ride to the airport at 5 am
How to avoid: Reserve your rideshare ahead of time. Some apps let you request up to 30 days in advance. Not only will this help you budget accordingly and save some $$$, but you’ll be able to spend less time searching for a ride day-of. And more time triple-checking you’ve packed everything (psst…don’t forget that phone charger).
Potential Pitfall: Running out of cash while out and about
How to avoid: Some countries are more cash-based than others. And you might not realize it until you climb into an airport taxi that only takes cash. Luckily, a few banks (including, yes, TD Bank) offer same-day exchanges with common currencies. Just be sure to call ahead and confirm before you go.
PS: If you’re nervous about carrying that much cash with ya, try leaving some in a safe back at your hotel or rental, and carry a liiittle more than what you think you’ll need each day in a slim wallet or coin purse. The more discrete, the better.
Potential Pitfall: Spending more with every swipe
How to avoid: No, not your dating app. We’re talking about your credit and debit card(s). Be sure to check what fees they charge on foreign transactions so that you can account for any additional $$$ as part of your budget planning. Our advice? Always have a good mix of cash and cards handy.
Potential Pitfall: Losing track of conversion rates
How to avoid: Math? On vacation? Couldn’t be us. But knowing these rates ahead of time can help you stay on budget — even if you’ve built in some splurges. Go ahead and keep that foreign exchange calculator handy so you can make sure you know exactly how much money you’re spending.
Potential Pitfall: Getting home with lots of leftover foreign $$$
How to avoid: Unless you’re into collecting different currencies, you’ll probably want to revert that cash back to US dollars. TD Bank can help with that. And at a good rate, too. BRB, jumping for joy.
Psst…This article is for general informational purposes only. It is not intended to provide specific financial, investment, tax, legal, accounting, or other advice and should not be acted or relied upon without the advice of a professional advisor. A professional advisor will recommend action based on your personal circumstances and the most recent information available. For more in-depth information, visit https://www.tdbank.com/fx.
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