When traveling abroad, you need to find out which is the best option for your travel money. Are you going to pay in cash, cards or traveler’s cheques? Which one is the best and safest? Perhaps a little of each?
Today, there are several ways of paying things than in the past. However, when it comes to traveling with money, there are three essential things that you need to consider including convenience, safety, and charges. But sometimes it’s hard to accomplish these three things in one payment method.
Credit cards can secure your bank account, but you must be careful in using them so you will not end up paying too many charges. Paying with debit cards is very convenient, but risky if it gets stolen. Converting your cash into foreign currencies can be expensive. When it comes to traveler’s checks, most young people don’t even know what they are? Maybe the smartest method is a combination of different payment methods.
Credit and Debit Cards
Using a credit card is probably the best way to travel with money. Just make sure that you are using the right one. When you are using your credit card rather than your debit card, you are also protecting your bank balance. You can use your credit card on essential things while traveling, for instance, paying for your rental car.
The best credit cards to use for your travel are those that offer numerous benefits including rewards points, travel insurance, free charges for every foreign currency transaction, etc. The points from your travel rewards can help you in earning discounts from your flights, hotel rooms, and other travel essentials. Before using your credit or debit card abroad, you must call your bank and inquire about the fees. In this way, you will know how much you are going to pay for every foreign transaction.
Paying in Cash
There are different ways of paying for the things that you want while you are traveling. However, it is advisable that you should bring some travel money which is in the local currency with you. You can use this for paying your basic needs such as your foods, drinks, transportation, or tips. Nevertheless, you should not bring a large amount of cash with you. Hence, you should choose other ways of paying for the things that you want while you are abroad.
Keep in mind that every country has its own rules when it comes to the amount of money that you can bring in and out. Be sure to check this before you travel in order to know if you need to declare it at the customs. This can save you from paying any fines.
Where to buy travel money? Travel money can be bought at banks, post office, travel agents, brokers, shops, or supermarkets.
Tips When Buying Foreign Currency
Exchange your money before you travel. In this way, you can get a better deal than buying it at the airport. Compare and find the best exchange rate. Aside from comparing the exchange rate, you should also compare the charges. Some companies will let you pay some charges whether you have will pick it up or have it delivered. Others will waive the fee if you have reached a certain amount.
Once you have reached your destination, it will be very difficult for you to look for the best deal. Most especially if you need cash right away. You won’t have any choice but to accept the worst deals offered at the airport, hotel, or in stores near a tourist attraction.
The best option is to get your local currency from your bank’s ATM network. It would be great if your bank has international branches and ATMs so you can withdraw cash with low fees or no fees at all. Using your bank’s app, you can look for the nearest ATM so you can withdraw your money. You can withdraw a larger amount, so you don’t have to keep on going to the ATM. Also, you will have to pay lesser ATM fees, in case there is a bank charge for every withdrawal made.
Another option would be to choose out-of-network ATMs. However, aside from paying for the foreign transaction fee, you also need to pay some surcharges. Be sure to look for banks which have low or no foreign transaction fees at all.
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