Going global
tl;dr • Make fee-free purchases and withdrawals anywhere in the world • Don't overpay for international phone coverage • Consider a backup plan
The world has gotten quite "smaller" in the past couple of decades, international travel is much more accessible and convenient today than it once was. Long gone are the days when I had to pay high currency conversion rates at exchanges, or buy local pre-paid SIM cards to avoid roaming fees, "traps" – or inconveniences – some travelers still don't know can be avoided.
Avoiding fees when making purchases abroad
For being widely accepted, credit card is my go-to payment method for making purchases no matter where I am in the world. In many countries I don't even bother obtaining local currency anymore. The key with credit cards abroad is carrying only the ones that charge no foreign transaction fees.
A simple choice I usually recommend is the SoFi Credit Card, a card with no annual or foreign transaction fees, and that also gives 2% cash back on all purchases. A winner in its category that always has a spot in my wallet, ensuring that not only I am avoiding fees, but also getting a “2% discount” on every purchase.
A runner-up worth mentioning is the Capital One Quicksilver, also with no annual or foreign transaction fees, giving 1.5% cash back.
There are tons of other credit cards with no foreign transaction fees one can look into, make sure you do your research and choose wisely according to your profile.
Avoiding ATM fees and abusive currency conversion rates
Although credit card acceptance has grown a lot, it just so happens that in many countries cash is still very much needed. Brazil and Europe, for instance, are places where I like to carry local currency, so I had to find a smart, low cost way of having it. Pro tip: exchanging money at the airport is far from being an inexpensive solution, I learned my lesson the hard way a few years back before a trip to French Polynesia.
In my most recent research I was very pleased to discover the Charles Schwab's Investor Checking account, which provides a debit card with unlimited, fee-free ATM withdrawals all over the world. I tested the card in European ATMs and it worked great, I indeed did not incur any fees, and the currency conversion rate was just about right.
This account also charges no maintenance fee and is integrated with the Zelle network, making it also a great choice for a primary checking account. Highly recommended!
International roaming
Cell phone roaming charges used to be prohibitively expensive in the past. A few moments of distraction picking up your phone or making short calls abroad could cost you hundreds by the end of the month. Not anymore.
When Google Fi was first announced promising low fees on roaming services I got really excited about it. Moving from my old carrier turned out to be a great choice for me, both for the convenience of having service in most places I travel to, as well as for not having to worry about overpaying anymore.
Today multiple carriers offer similar plans, so it's important that you do your research and understand if what your carrier offers suits your needs. Always be open to changing plans on moving to a different carrier altogether to ensure you get what works best for you.
Have a backup plan
Collecting passports
Becoming a dual citizen – having multiple citizenships – is getting more and more popular among many people I know. There are several ways one can get a second (or third...) passport, the more popular being by ancestry, by living in another country, by marriage, and even by investment. Benefits include increased visa-free travel, as well as the opportunity to permanently move from you home country if desired. I highly encourage those who have the opportunity to obtain more passports to do so.
The Passport Index website is a very elegant resource to gain visibility of what adding more passports to a portfolio would mean in regards to countries one would be able to visit visa-free. If you want to go deeper in this subject, check out the Nomad Capitalist, this is their area of expertise.
Being your own bank
Bitcoin can be a great way to transport value through space and time and may be interesting for those intending to become more global.
Bottom line
As of today, it's fairly easy for people living in the U.S. to set themselves up for greater convenience and lower costs when traveling abroad.
Holding Bitcoin and having multiple passports can not only take your convenience to the next level, but also fuel a backup plan in case you decide to move to a different country in the future.
Disclaimer
I may receive compensation when you click on links that I share.
This is not financial advice. I am not a certified financial planner or advisor, just an ordinary guy trying to sort out his own finances, sharing his perspective with no guarantees. Use the information provided at your own discretion. You are highly encouraged to do your own research before making any personal finance decision.