Best Ways To Take Money Abroad

How much cash to take

The legal and operational constraints around carrying physical currency are concrete and enforceable. For travel within or to/from the European Union, the rule is explicit: “If you enter or leave the EU with EUR 10 000 or more in cash, you must declare it to Customs.” https://ec.europa.eu/taxation_customs/individuals/cash-declarations_en In the United States the reporting requirement is framed by banking regulations; FinCEN explains that a reporting form is required when transporting an amount that exceeds $10,000 in aggregate: “BSA regulations stipulate that a CMIR must be used to report the physical transportation of ‘currency or other monetary instruments’ in an aggregate amount exceeding $10,000 at one time …” https://www.fincen.gov

Those thresholds are disclosure triggers, not prohibitions. The practical rule of thumb for most travellers is to carry only a modest emergency float in local currency and to use secure non-cash rails for the bulk of travel spending. For short trips, keeping the cash amount below a day’s expected spend (measured conservatively) eliminates theft risk and regulatory paperwork. For longer stays or business trips, rely on a mix of cards and transfers; carry enough cash for situations where cards are impractical.

Where to exchange cash abroad

Exchange venues fall into three classes that trade convenience for price:

Airport and tourist exchange counters. High convenience, low exchange quality. Multiple consumer tests show airport kiosks commonly apply poor exchange rates and explicit commissions. Reviews and guides advise avoidance except for a minimal immediate float. https://www.which.co.uk
Local banks and ATMs. ATMs generally return a wholesale or interbank rate and are often the cheapest way to obtain cash on arrival, provided the cardholder minimises repeated per-withdrawal fees. Industry guidance notes that “the quickest and often cheapest way to get cash while traveling abroad is directly from an ATM.” https://www.forbes.com/advisor/
Specialist bureaus and online pre-orders. High-street bureaus and online pre-orders can be sensible for planned trips if the provider publishes transparent pricing; certain prepaid travel card providers allow pre-loading currencies online at a known rate that is lockable before travel.

If the objective is to get the best exchange rate abroad, prioritise bank ATMs (selecting bank-hosted terminals in daylight or inside banks) or pre-convert small amounts using a regulated online service that discloses the effective mid-market rate and fees. That approach reduces exposure to inflated kiosk rates and helps reduce travel money fees.

Carry cash safely abroad

Security and loss mitigation are operational necessities. Government travel guidance repeatedly warns against displaying large amounts of cash and recommends secure storage: “Keep valuables like passports, cash, and phones in a safe spot, not in outer pockets” (U.S. Department of State travel advice) and national advisories commonly advise hotel safes for overnight holdings. https://travel.state.gov

Operational measures that reduce loss exposure:

Split funds across multiple secure containers (hotel safe, concealed money belt, and a secondary day wallet).
Withdraw only single-trip or single-day cash amounts unless receipts and documentation justify larger withdrawals.
Use discreet, low-profile storage when transacting at ATMs; choose terminals inside banks or at supervised locations.
Register and photograph important documents and card numbers, and enable remote card freezing via issuer apps.

Those mitigations reduce the practical harm of theft or misplacement and assist in dispute resolution when cards are compromised.

Card options: which rails perform best

Cards reduce physical risk and typically offer superior rates if planned correctly. A small taxonomy:

Travel debit and credit cards. Credit cards designed for international use often waive foreign transaction fees; consumer guides recommend carrying at least one no-foreign-transaction-fee card for ordinary purchases and a backup card. https://www.forbes.com/advisor/
Prepaid travel card options (including multi-currency prepaid cards). These cards allow users to preload destination currencies or to hold multiple currency wallets in a single account. They are useful for budgeting, for locking an exchange rate at top-up and for travellers who reject credit exposure. Independent product reviews rate some prepaid instruments highly on fee transparency and ATM allowances. https://wise.com
Bank cards and international ATM networks. Some banks belong to global ATM alliances that permit fee-free withdrawals in partner countries; such relationships are cost-effective for ATM-heavy trips.

Selection criteria should weigh merchant acceptance (a credit card is often mandatory for hotel or car-rental holds), protection features (chargebacks and travel insurance on credit cards), and the effective exchange treatment applied by the issuer.

Prepaid cards and reloadable international prepaid card mechanics

The appeal of a reloadable international prepaid card lies in cost control: a traveller can preload euros, pounds or yen and spend directly from those wallets to avoid per-transaction FX spreads. Providers such as Wise advertise a transparency principle — “We only use the mid-market rate — the one you can check on Google.” — which, if applied, materially reduces hidden FX margin. https://wise.com

Operational realities to check before purchase:

Whether the rate is locked at top-up or applied at spend.
The presence of flat top-up fees or percentage processing charges on card-funded loads.
ATM allowances and the provider’s published prepaid card ATM fees for out-of-network or converted withdrawals.

A practical test before travel is to load a small amount, make a low-value purchase and withdraw a small cash amount so the traveller can reconcile in-app feeds and receipts against mid-market references.

Transfers, cash pickup services abroad, and international bank transfers for travel

For larger transfers, bank wires and online money transfer services offer different trade-offs:

International bank transfers for travel. SWIFT wires are broadly available but carry both fixed fees and variable correspondent-bank charges; SEPA transfers within the euro area are lower cost and faster. Major banks publish fee schedules that travellers should review before sending funds.
Online money transfer services. Services such as Wise provide pegged pricing, rapid settlement and transparent exchange rates that often beat retail banks on small-to-medium transfers. Wise and similar platforms publish conversion fees and pre-conversion quotes. https://wise.com
Cash pickup services abroad. Providers such as Western Union and MoneyGram offer near-instant cash pickup at agent locations worldwide; their value lies in convenience and reach, but exchange margins and fees can be higher than bank transfers. Western Union describes cash pickup as a service that “enables you to send money to a recipient who can then collect the cash from a designated physical location.” https://www.westernunion.com, https://www.moneygram.com

Choice should match use case: emergency support and unbanked recipients favour cash pickup; planned travel budgets favour preloaded cards or scheduled bank/online transfers.

Avoid foreign transaction fees and reduce travel money fees

Consumer analyses show that the typical foreign transaction fee charged by many issuers is about 3% per transaction; using a card that waives this fee is often a direct saving. “A card that doesn’t charge foreign transaction fees will save you money abroad,” notes a consumer-finance guide. https://www.forbes.com/advisor/

Additional steps that reduce fees:

Use no-foreign-transaction-fee credit cards for point-of-sale purchases. https://www.forbes.com/advisor/
Prefer ATMs tied to banks (minimise repeated per-withdrawal fees). https://www.which.co.uk
Avoid airport exchange kiosks unless necessary; published tests show airports often apply significant markups. https://www.which.co.uk
When using card terminals that offer dynamic currency conversion (DCC), decline the local-currency-to-home-currency conversion; letting the issuer perform conversion usually gives a better rate.

Practical checklist for travellers

Decide how much cash to take as an emergency float and confirm any declaration obligations for large sums. https://ec.europa.eu/taxation_customs/individuals/cash-declarations_en, https://www.fincen.gov
Pre-order a small amount of destination currency if arrival requires immediate cash for transport.
Carry at least one travel-friendly credit card with no foreign transaction fees and one debit card for ATM withdrawals. https://www.forbes.com/advisor/
If using prepaid travel debit cards, load and test small amounts before departure and confirm in-app rate transparency. https://wise.com
For cross-border family support or emergencies, set up a cash pickup option with a global provider and verify pickup locations in advance. https://www.westernunion.com, https://www.moneygram.com

Final Considerations

Choosing the best mix of cash, cards and transfers is an exercise in matching behaviour to fees and protections. Travellers who prioritise low landed cost should prefer bank/ATM withdrawals and transparent online converters; those who prioritise budgeting and limited credit exposure may prefer multi-currency prepaid travel card options that permit locking prepaid card exchange rates at top-up. Where merchant holds and dispute protection matter, travel credit cards that waive foreign transaction fees remain a pragmatic staple. The disciplined traveller reads issuer fee tables, runs small live tests and keeps documented recovery options for lost or stolen funds. The goal is not to eliminate cost entirely but to make cost predictable and to manage exposure to theft, error and regulatory surprise.