Manage money on long trips: fees, exchange, ATM safety

TL;DR:

Carry two no-FX-fee cards and one debit card tied to a low-fee ATM network.
Always pay in the local currency to avoid DCC markups.
Use card-network rate tools to sanity-check exchange rates.
Keep most funds in a main account, small floats on travel cards.
If opening foreign accounts, know reporting rules that may apply to you.

You want simple money systems for a months-long trip across one continent. This guide focuses on reducing fees, getting fair exchange rates, moving cash safely, and avoiding paperwork shocks. Facts are current to 23 September 2025.

Pick the right payment mix

Use cards for most spend. Carry some cash for small merchants and tips. Aim for:

Two travel-friendly credit cards with zero foreign transaction fees and network acceptance across your route. Many regulators and consumer guides advise choosing cards with no FX fees if you travel often.
One debit card from a bank that refunds or minimizes foreign ATM fees.
A backup card stored separately in case of loss.

Why cards beat cash exchanges

Card networks set transparent daily rates. You can check the indicative rate with Visa and Mastercard calculators. This is useful when comparing a merchant’s offered rate or a money-changer’s quote.

Always choose the local currency

At many shops and ATMs you will see an offer to be charged in your home currency. This dynamic currency conversion (DCC) adds a markup on top of the network rate. Visa and Mastercard explain DCC and note that conversion happens at the point of sale or ATM with an extra fee embedded in the rate. Say no, and pick the local currency instead.

In the EU, disclosure rules help you spot bad rates

EU law requires providers who offer currency conversion at checkout or ATMs to show the full markup as a percentage over the European Central Bank reference rate before you pay. If you see a high percentage, cancel and pay in the local currency.

Getting cash without big fees

Prefer bank ATMs inside branches or supermarkets. They are safer and less likely to add hidden fees than freestanding machines. Public guidance on travel scams and ATM tampering backs this caution.
Watch for on-screen currency conversion. Decline it and continue with local currency to avoid DCC on cash withdrawals.
Plan larger, less frequent withdrawals. This reduces fixed per-withdrawal fees.
Know your network. Some banks have partner networks that waive surcharges. Check your bank’s site before you go.

Move money smartly between accounts

For long trips you may juggle several banks or a multi-currency account.

Keep most money in a primary bank. Transfer only what you need to your travel debit card to limit exposure.
Use multi-currency accounts for local spending only. Compare their quoted exchange rate to Visa or Mastercard’s indicative rate before you convert. If the spread looks large, use your card directly instead.
Avoid kiosk exchange counters in tourist zones. Their rates often include wide spreads. Confirm with a network calculator if you are unsure.

Budgeting and controls that actually work

Turn on instant spend alerts on your cards.
Use weekly envelopes by category in your notes app.
Set ATM and contactless limits in your banking app.
Store card numbers and support phones offline in a secure note.

Europe vs. South America: what changes

Card acceptance. Most of Europe is tap-friendly, even in small towns. In parts of South America, cash still matters for markets and rural transport.
DCC prompts. Common in touristy parts of Europe. EU rules help you spot them. Always pick local currency.
Inter-city payments. In Europe, many trains and hotels take cards online. In South America, buses and guesthouses may prefer cash outside big cities, so plan extra ATM stops.

Simple risk management for months on the road

Separate storage. Keep a backup card and some cash in a hotel safe or money belt.
Use branch ATMs by day. Avoid isolated machines. Anti-fraud tips from official sites stress caution with public ATMs.
Lock your phone. Your banking lives there.
Have a freeze plan. Know how to freeze cards in one tap if your wallet vanishes.

If you will open a foreign bank account

Many long-term travelers skip this. If you do open an account, know your home-country reporting duties.

United States. U.S. persons must file an FBAR if the combined value of foreign accounts exceeds $10,000 at any time in the year. FATCA Form 8938 may also apply at higher thresholds.
Other countries. Tax residency rules vary, often using a 183-day presence test among other factors. Check your jurisdiction’s rules or the OECD residency guidance hub.

This is guidance, not tax advice. If in doubt, speak with a qualified professional in your country of tax residence.

A practical money setup for a continent-long trip

Two zero-FX-fee credit cards from different networks. One stays in your wallet, one stays hidden.
One debit card with low or refunded ATM fees.
Bank ATM map pinned in Google Maps for each city.
Network rate calculators saved to your phone for quick checks at counters.
Local-currency rule for every card or ATM screen. Decline DCC.
Spare cash and card in a separate place.
Spending alerts and per-transaction limits enabled.

Quick reference table

Task	Best move	Backup
Paying in shops	Tap with no-FX-fee card, choose local currency	Use second card, still local currency
Getting cash	Branch ATM, decline conversion	Supermarket ATM in daylight
Checking rates	Visa or Mastercard calculators	Compare to your bank’s quote
Moving money	Transfer small amounts to travel debit	Use multi-currency wallet sparingly
Fraud response	Freeze card in app, contact issuer	Use backup card and account

Common mistakes to avoid

Accepting a home-currency charge at checkout or an ATM. That is DCC and usually costs more.
Relying on one card. Issuers can block a card after a single fraud flag.
Carrying large cash after airport exchanges. Spreads can be steep.
Ignoring potential foreign account reporting when you open local bank accounts.

Why it matters

On a six-week rail loop or a six-month overland journey, small fees add up fast. Using the local-currency rule, network rate checks, and low-fee cards can save several percent of each purchase. Safer ATM habits and a clear backup plan keep your trip moving if something goes wrong.