Travel Money Management

💵💶💷 How we manage money whilst travelling 💷💶💵⁣

Exchange rates, hidden charges, cash point fees Etc. can all add up when you’re using cards abroad so I wanted to share how we get around most of them and how we manage our budgets. It’s the holy trinity...⁣

1. @monzo - we bank with Monzo and love it. It’s a modern way to manage your money and makes tasks like transferring money so easy! You get full visibility, coin jar rounds up transactions and puts them in a separate pot for you, you can freeze your card Etc. plus it takes a few minutes to set up an account. We keep our pennies in a Monzo savings account which we do not carry cards for. We have pots set up for the year and a pot for current month - Budapest as an example. As and when I need I transfer money on the app from that account (without charge) to...⁣

2. @revolutapp - This online banking app allows us to set up pots in multiple currencies so that there are no fees when we use it abroad. I set up one in € for Lisbon and now HUF in Budapest. I am able to withdraw up to £800 cash per month without fees (I have a metal card which is £120 per year) and use my card however many times we wish. They also set up an instant virtual card for online transactions to help prevent card fraud. I only transfer say £250 at a time which means that if my card gets stolen or cloned they only have access to however much is on that card. I then track spending with...⁣

3. Trail Wallet - Full app was £4.99 and it’s been AMAZING!! Basically for each trip you set a budget E.G. Budapest - we are here for 28 days and can either set up an overall budget or daily budget. It then also converts to local currency and you enter manually as you go everything you spend daily. You can set up multiple categories - accommodation, booze in bars, snacks, dinner Etc. This then helps keep you within budget, shows you how much you have spent in a currency you are familiar with, amends your daily budget on the fly if you under or over spend and also produces a pie chart for the trip so far. It’s meant I haven’t had to manage any spreadsheets, check what cash I’ve spent daily or card transactions Etc.⁣

Hope you find that useful? Any questions please shout 😊

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