While you can't put a price on making memories from a dream tip overseas, there's also no reason to spend money on fees you can easily avoid.

Here are six tips for keeping costs low and managing your money during your next trip abroad.

1. Try to minimize transaction costs
   
   Credit and debit card issuers may charge foreign-transaction fees, which can run from 1% and 3% of the purchase price,1 as well as ATM fees. That might seem like a minor expense on a per-transaction basis, but those extra charges can really add up if you're executing multiple transactions per day.
   
   Your overall fee could comprise two fees: one from the issuing bank and one from the card company. So, be sure you understand what fees your bank and credit card companies charge. And note that even if you have a fee-free card, ATMs or merchants may still charge a fee. Always check your card's terms and conditions to find out exactly what fees you're responsible for.


2. Find the best exchange rate
   
   Airport currency kiosks may be convenient, but can also levy a variety of fees or commissions. Even so-called no-fee exchanges could cost you extra by offering unfavorable exchange rates.
   
   Cash withdrawals from ATMs are generally the best choice for day-to-day funds—but, again, beware of transaction fees. Some banks impose a flat fee per withdrawal, while others don't and may even refund those levied by others.
   
   If you anticipate needing cash, exchanging currency at your local bank or credit union before you leave may provide a lower rate. It's best to check ahead, however, to confirm that they have the foreign currency in hand as well as to check on the conversion rate—banks typically don't exchange currencies for free. Once you arrive at your destination, you might be able to get a decent exchange rate at your hotel as well.
   
   
3. Watch out for "dynamic currency conversion"
   
   Many travelers are enticed by the convenience and familiarity of receiving bills—at restaurants, for instance—in U.S. dollars. But this new trend, called dynamic currency conversion, can come with an unfavorable exchange rate, transaction fees, or both. So, when asked if you want to pay a bill in the local currency or in U.S. dollars, go with the local option—unless you can verify that the cost of using U.S. currency is negligible or at least worth the convenience of not having to convert in your head.


4. Take advantage of built-in benefits
   
   Before you book your trip, see if your credit or debit cards offer travel-related perks that can save you money or ease your journey. For example, many offer hotel and restaurant reservation assistance, free Wi-Fi access on eligible flights, and even discounts on certain types of accommodation and transportation. Review your cards' benefit terms or call your providers for full details.


5. Consider travel insurance to cover risk
   
   Disruptions such as cancellations, delays, or missed flights or other scheduled activities can create extra expenses. So can lost baggage or theft, accidents, or illness requiring medical care.
   
   Your card could provide coverage for some of these risks, but you can also get additional protection. The price of travel insurance is typically about 5%–6% of your travel cost,2 and while this insurance may not feel like a money saver at the time of purchase, it can be a life saver when you need it the most. Contact your insurance provider for more information.


6. Secure your information
   
   Nothing ruins a trip like a lost or stolen wallet, so take a picture of the contents of your wallet, including the fronts and backs of credit, debit, and insurance cards so you can find all of those important phone numbers to call in case of emergency. Keep a copy on your phone—or better yet, in the cloud—along with pictures of your passport and any other important documentation.
   
   While you're at it, contact your cell phone provider regarding phone and data packages while overseas. Your plan may not work in your final destination, or you may find a cheaper, temporary option to use instead.
   
   Also, be sure to activate transaction or fraud alerts for all accounts that offer them so you're notified right away of suspicious activity. Sophisticated cybercriminals can capture your financial information even if your cards stay in your possession.
   
   You may be able to set up a travel notice to have your bank monitor your accounts for fraudulent activity when traveling. When travel monitoring is active, debit and credit cards are scrutinized for high-risk transactions.