How to Manage Your Money While Travelling Europe

Exploring Europe doesn’t have to drain your bank account—if you manage your money wisely.

Our team found that travellers who plan ahead and adopt smart financial habits on the road enjoy richer experiences and avoid the stress of overspending. From fluctuating currencies to ATM fees, budgeting surprises, and tempting splurges, travel in Europe can be full of financial pitfalls. But with a little preparation and the right tools, managing your money abroad becomes simple, secure, and empowering.

Whether you’re backpacking on €50 a day or treating yourself to a mid-range holiday, these money tips will help you stay on track, keep your funds safe, and make the most of every euro.

Pro Tip: Set a daily spending limit before you leave—your future self will thank you.

Quick Guide: Money Tips for Budget Travel in Europe

1. Use travel-friendly bank cards to avoid foreign transaction fees.
2. Withdraw cash strategically—avoid airport exchanges.
3. Track your daily spending to stay on budget.
4. Carry a mix of cards and some local cash.
5. Stay vigilant against scams and ATM fraud.

Important: Money stress ruins great trips. Stay organised, be realistic with your budget, and build in a bit of flexibility for spontaneous fun.

Why Travel Money Management Matters

While Europe offers something for every budget, costs can add up quickly if you’re not paying attention. Common budget busters include:

• Unexpected ATM or currency exchange fees
• Overpriced tourist traps
• Poor exchange rates at airports or hotels
• Forgotten subscriptions or charges from home
• Emergency expenses (missed trains, minor injuries)

Learning how to manage your travel money before you go means fewer surprises and more freedom to enjoy your adventure.

Step 1: Set Your Travel Budget

Start with a realistic total budget based on:

• Trip duration
• Number of destinations
• Accommodation style
• Daily meals
• Activities and attractions
• Emergency buffer (10–15% of your total)

Break this into a daily spending limit. For example:

• Budget: €60/day (hostels + groceries + free attractions)
• Mid-range: €100/day (hotels + restaurants + entry tickets)
• Higher-end: €150+/day (private stays + guided tours)

Use tools like Trail Wallet, TravelSpend, or Google Sheets to track spending on the go.

Step 2: Choose the Right Cards and Banks

Avoiding unnecessary fees is one of the easiest ways to save money abroad. Look for:

• Travel debit cards with zero foreign transaction or ATM fees
• Credit cards with travel rewards and no international surcharges
• Multi-currency cards that let you preload euros, pounds, or francs

Top Travel-Friendly Card Options:

• Wise (formerly TransferWise): Low conversion fees + multi-currency wallet
• Revolut: Great exchange rates and budgeting features
• N26: A Europe-based online bank with free ATM withdrawals
• Monzo: Popular UK travel card with real-time notifications
• Chase Sapphire Preferred (USA): Great rewards for international travellers

Always notify your bank before departure to avoid account freezes.

Step 3: Know When (and Where) to Use Cash

While cards are widely accepted, cash is still important in many parts of Europe, especially for:

• Local markets
• Small cafés or bars
• Public toilets (yes, really)
• Public transport in some cities
• Tipping (where applicable)

Plan to carry around €50–€100 in local cash at any given time. Use ATMs at banks, not tourist kiosks or airports, for better exchange rates and fewer fees.

Avoid currency exchange offices unless absolutely necessary—they often charge hidden commissions.

Step 4: Withdraw Cash Strategically

When using ATMs abroad:

• Choose machines attached to real banks, not Euronet or standalone kiosks
• Decline the ATM’s currency conversion (“Do you want to be charged in your home currency?”)—always choose the local currency to get your bank’s better rate
• Avoid frequent small withdrawals (fees can stack up)
• Check your daily ATM limit in advance

Use apps like ATM Fee Saver to locate the best machines in each city.

Step 5: Track and Manage Your Spending Daily

Keeping tabs on your spending helps you stay within budget—and spot issues early. Tools to try:

• Trail Wallet (iOS): Track daily expenses by category
• TravelSpend (iOS/Android): Multi-currency support + cloud sync
• Spendee: User-friendly design with budgeting goals
• Revolut/N26: Many mobile banks include built-in analytics and alerts

Check your totals each night—it only takes five minutes and helps you stay accountable.

Step 6: Handle Currency Exchanges the Right Way

Avoid these common currency exchange mistakes:

• Exchanging at airports or hotels (worst rates)
• Accepting conversions from dynamic currency exchange machines
• Not checking real-time exchange rates before changing money

If you must exchange cash, compare rates at multiple bureaux and ask for the full amount received after commission. Better yet, stick to cards and bank ATMs when possible.

Step 7: Protect Your Money on the Road

Tourist hotspots are often hotspots for scams and petty theft. Keep your finances safe by:

• Using a money belt or neck pouch in crowded areas
• Splitting cash and cards between bags
• Carrying a backup card in a separate location
• Setting low withdrawal limits for added security
• Enabling notifications for every transaction via your banking app

Avoid displaying large amounts of cash, and beware of common scams (e.g., fake petitions, “found” gold rings, or pickpockets on public transport).

Best Practices for Staying Financially Flexible

• Build a buffer: Set aside €200–€300 for emergencies
• Use local SIM cards or eSIMs to access mobile banking apps
• Pre-book big expenses: Lock in cheaper prices on flights, trains, and attractions
• Travel insurance: Choose a plan that covers theft, cancellations, and medical care
• Avoid roaming charges: Disable international data if not using a travel SIM

Planning for surprises means they’re less likely to ruin your trip.

Tools and Apps to Help with Travel Money

Stay on top of your finances with these handy tools:

• XE Currency: Real-time exchange rates
• Splitwise: Manage shared expenses when travelling with others
• Google Pay / Apple Wallet: For contactless payments
• Plum or YNAB: For trip budgeting and savings pre-travel
• Bunq or Curve: Alternative cards with excellent traveller perks

Also consider saving PDF copies of your bank cards, ID, and insurance documents to a secure cloud drive.

Warning: Never rely on just one payment method. Cards can be lost or blocked, and ATMs may be out of service. Always have a plan B—whether that’s emergency cash, a backup card, or access to a trusted contact at home.

Frequently Asked Questions About Money and Budgeting in Europe

1. How much money should I budget per day?

It depends on your style and region. Budget travellers can get by on €50–€70/day in Eastern Europe, or €80–€120/day in Western Europe. Add more for luxury, shopping, or high season.

2. Is it better to use card or cash in Europe?

Cards are widely accepted in most urban areas, but cash is still needed in rural spots, markets, and for tips or transport. Use both wisely.

3. Can I use contactless payment everywhere?

Nearly all major cities support contactless payments. However, always carry a backup payment method in case of technical issues.

4. How can I save money on currency exchange?

Use ATM withdrawals at reputable banks, and avoid airport exchange desks. Choose to be charged in the local currency, not your home currency.

5. What’s the best way to split travel costs with friends?

Apps like Splitwise or Tricount let you log and balance shared expenses over the course of your trip.

Plan Smart, Spend Confidently, Travel Freely

Managing your money while travelling Europe doesn’t have to be stressful. With a clear budget, the right cards, and a few smart tools, you can spend less time worrying about money—and more time soaking up the sights, sounds, and experiences of your journey.

Be proactive, stay flexible, and treat your budget like a travel companion: helpful, trustworthy, and always worth listening to.