Smart money: currency and payment tips for travellers abroad

Travelling abroad is exhilarating, but managing money can be stressful if you're not prepared. Exchange rates, hidden fees, and theft can quickly drain your budget. With smart decisions, you can travel comfortably without constantly worrying about every rupee you spend.

Getting the best rates and avoiding fees

Before you travel, notify your bank that you'll be abroad—this prevents your card being blocked due to suspicious activity. Exchange money before you leave Sri Lanka or at the airport, but never at the airport's main counters (the rates are terrible). Look for bank branches or ATMs in the airport—the rates are better. Bring a mix of cash and cards. Credit cards are useful in hotels and restaurants, but you'll need cash for markets, street food, and small vendors. Many countries use ATMs efficiently; withdraw larger amounts less frequently to reduce transaction fees.

When exchanging money or paying with your card, avoid the 'dynamic currency conversion' option at point-of-sale terminals. Always choose to be charged in the local currency, not LKR—the conversion rates offered at terminals are poor. Keep receipts to track exchange rates and spot overcharges. Divide your cash into multiple locations—wallet, money belt, backpack—so if you're robbed, you don't lose everything. Inform your travel companion about your backup plan for money if something goes wrong. Travelling smart about currency means more money left for experiences.