Your most-asked travel money questions, answered
Maybe it’s the sun-drenched beaches of Bali, the bustling markets of Marrakech, or an epic Euro-rail adventure. Wherever you’re headed, there’s always the question of money. Will your debit card work abroad? Should you exchange cash? And what’s the deal with foreign transaction fees? We’ve answered the most-asked questions about travel money, so you can focus on the fun stuff.
Can I use my debit card abroad?
In most cases, yes! Just like at home, most banks allow you to use your card to pay in shops, restaurants and online while you’re abroad. You can also use it to take out cash from ATMs. And with Monzo, you can pay anywhere and in any currency on your debit or credit card – fee-free. Plus, you can see real-time exchange rates and track your spending in the app, so you know exactly where your money’s going.
Should I exchange cash before I travel?
It really depends on where you’re going and your personal preferences. Some people find it convenient to have local currency on arrival, while others are happy to do ATM withdrawals as and when they need to. It’s a good idea to look into the exchange rates offered at your destination, as airports and touristy areas can sometimes offer less favorable rates.
If you do choose to use an ATM abroad, it can be worth withdrawing money in the local currency to avoid additional conversion fees.
If Monzo’s your main bank account, you can make unlimited fee-free withdrawals in the European Economic Area (EEA), and up to £200 every 30 days anywhere else.
Should I pay in the local currency?
When you’re paying on card or withdrawing cash from an ATM, you’ll probably get asked if you want to choose the local currency, or your home currency. By choosing the local currency you’ll likely save on conversion fees. This is because retailers or ATMs that offer the option to pay in sterling use something called ‘dynamic currency conversion’ which comes with its own, often higher, conversion fee.
Do you need travel insurance, and when should you buy it?
You don’t have to get travel insurance when travelling to most countries, but it can give you peace of mind if something goes wrong, like if you lose your luggage or your flight’s cancelled.
The best time to buy travel insurance is as soon as you book your trip. This way, you’re covered for any cancellations or problems that happen before you even leave.
Get travel insurance with a Monzo Max account. Max starts from £17 a month 3 month minimum, 18-69 years only, UK residents only and Ts&Cs apply.
How do I avoid ATM scams abroad?
ATM scams are a concern for lots of travellers. To keep yourself and your money safe, use ATMs located in secure areas, like bank branches or well-lit public spaces, and be aware of your surroundings. Checking for signs of tampering, like loose card readers or unusual keypads, is also a good idea. Consider switching on spending notifications, too – that way, you’ll spot anything suspicious straight away.
If you think you’ve been scammed while travelling, you can report it straight away in the Monzo app.
What should I do if my card is stolen abroad?
If your card’s lost or stolen, or you spot a suspicious transaction, log into your Monzo app as soon as you can to freeze your card. This’ll stop anyone else from using it. You should also reach out to us via in-app chat so we can sort out getting you a new card and check for any suspicious transactions.
If your phone’s been lost or stolen, you can still freeze your Monzo card by logging into your account on another device, like a laptop or tablet.
It’s also a good idea to report any theft to the local police.
Monzo is the bank made for travel. Pay anywhere and in any currency fee-free on your debit or credit card. Split bills in just a few taps, and upgrade to Monzo Max for worldwide travel insurance. Plans start from £3 a month and are available for UK residents aged 18+.
Find out more about why Monzo should be your first choice for travel spending.