4 ways to get the most out of your money when abroad

A tiny bit of homework will make the handling of money during your trip go much more smoothly. Here are four easy ways to get the most out of your money while travelling abroad.

If you have been faithfully ordering traveller's checks every time you hit the road, give up the habit. These days, ATMs are far easier to use. But having a bank card already in your wallet does not mean you are ready to fly overseas.

• The most economical way to manage money in a foreign country will probably be withdrawing currency from local ATMs as needed with a bank card. But be sure to ask your bank in advance what fees are charged for international transactions.
• There could be a flat fee, as much as a few dollars per transaction, and it may also charge a percentage point or two for converting the currency. To lower the impact of a significant flat fee, make larger, less frequent withdrawals during your trip.
• Ask your bank of it has a no-fee arrangement for ATM withdrawals from certain banks at your destination. If so, gravitate toward those automatic tellers during your travels.
• Keypads on North American ATMs have letters as well as numbers, which some people use to help them remember their PIN. The ATMs in many other countries have numbers only, so be sure you know your PIN in numeral form before leaving.
• Tell your bank roughly when and where you will be travelling. (Your credit card company, too, for that matter.) You don't want a security-conscious banker freezing your account because a computer tags some unusual transactions.
• Ask your bank if there's a limit on the number of ATM withdrawals you can make during any one day. You don't want to get stuck with an empty wallet because you have "been to the well" too many times.
• Take a backup bank card with you, and keep it in a separate place. You won't get stranded if your original card gets demagnetized. Of course, if you are a couple and each has a bank card, you have an automatic backup.

Some popular credit card companies tack on as much as three percent in foreign transaction fees.

• Before you depart on an overseas trip, shop around for a card that offers low fees or even no fees on purchases you make in foreign countries.
• Make sure it's a card that's commonly accepted in the country you intend to visit.

Oh, those friendly overseas merchants! Many stores in destinations that are popular with North Americans obligingly post two different prices on products — a price in the local currency and a price in US dollars. Here's the catch: the price posted in US dollars is typically a few percentage points more expensive for you than the going exchange rate.

• So decline to have your merchandise rung up in dollars. Either pay cash in the local currency or charge it on your credit card — which, if you followed our advice above, will automatically do the conversion at a much more friendly rate.

While travelling by train in North America is not the most popular choice, it's the way to go when travelling abroad, especially in Europe. If you really want to become an expert at this type of travel, look online. You can compare many different trains going to your destination.

• Don't board without first checking it out.

Whether you're going on a quick trip or an extended vacation, getting the most out of your money is essential. Keep these tips in mind and you can stretch your budget while travelling abroad.