Planning a trip abroad is always exciting, whether it’s a weekend getaway or a long-haul adventure. But before you pack your bags, make sure your finances are in order. Managing money smartly while traveling can save you from headaches, unexpected fees, and overspending.

Here are five essential money tips to help you prepare financially for your next trip abroad.

1. Create a travel budget early

Start by setting a realistic budget that covers all major expenses—flights, accommodation, food, transportation, and activities. Don’t forget smaller costs like tips, souvenirs, and local taxes.

A good rule of thumb is to set aside 10%–15% extra for emergencies or unexpected price increases. Once you’ve decided on your total spending limit, calculate how much you’ll need to save each month leading up to your trip.

If you’re traveling from Spain, consider using budgeting apps such as Fintonic or Revolut to track your progress and convert costs into euros to get a better sense of your spending power abroad.

2. Decide how much cash to bring

While most destinations accept cards, it’s still wise to carry some local currency—especially for taxis, tips, or small vendors. Exchange a small amount before your trip or withdraw at your destination using ATMs that partner with your Spanish bank to reduce fees.

Avoid airport exchange counters and those that are in touristic areas when possible, as they usually charge higher rates. For most travelers, bringing 100€ to 300€ in cash is enough for the first few days, depending on the country and trip length.

3. Choose the right travel card

The right travel card can save you money on fees and currency conversions. Look for credit or debit cards with no foreign transaction fees and competitive exchange rates.

Also, watch out for Dynamic Currency Conversion (DCC) where foreign merchants or ATMs offer to charge your card in euros instead of the local currency. While it may seem convenient, it usually comes with worse exchange rates and higher fees. As a rule of thumb, choose to pay in the local currency as your bank almost always offer a better conversion rate.

If you already have a Spanish credit card, check whether your bank adds extra fees for overseas purchases or ATM withdrawals—and compare your options before the trip.

4. Check travel insurance coverage

Travel insurance is essential, covering everything from medical emergencies to lost luggage. Before buying a separate policy, review your credit card’s benefits as some premium cards in Spain, such as those from BBVA, Santander, or CaixaBank, already include travel insurance when you pay for your trip with the card.

Make sure you understand what’s covered, especially for medical care abroad, and consider adding extra protection if you plan on adventurous activities or travel to countries with high healthcare costs.

5. Notify your bank or credit card company

To prevent your card from being blocked for suspicious activity, inform your bank or card issuer of your travel dates and destinations. Many banks allow you to do this easily through their mobile apps or online banking.

This small step ensures your transactions go through smoothly and helps your bank detect real fraud faster if something unusual occurs while you’re abroad.

Enjoy your trip

A little financial planning before you travel can go a long way. By budgeting early, bringing the right amount of cash, choosing a good travel card, checking your insurance coverage, and notifying your bank, you’ll set yourself up for a stress-free trip.