This is one of the major things most travelers wonder about before any trip abroad. It is absolutely essential to weigh your financial options carefully and check which, for you, the best way to take money overseas is. Gone are the days when people depended solely on traveler’s cheques. Most travelers these days prefer to withdrawing cash abroad.
Which is the best way to carry cash when traveling?
Many people already know how to find cheap flights but struggle with money issues. With so much change in the travel industry, options when it comes to the best way to travel with money have increased. If you’re confused about which is the best way to take money overseas, read on and find out a few options you can choose from. These tips will come in handy whether you’re on a planned vacation or heading out on a last minute work-related trip.
Plenty of travelers like the old-fashioned approach of carrying cash and there are several advantages of this method as well. You won’t be subject to exchange rate ups and downs, you can budget your spending easily, and there are no potential complications that come with carrying plastic money. Be sure to check carrying cash overseas limit and other details with your bank before you leave to avoid unnecessary hassles. However, it isn’t advisable to carry large amounts of cash in an unknown place as tourists can sometimes be potential targets for theft. So if you happen to be carrying a substantial amount, make sure to invest in a slash-proof money belt.
Carrying Credit Cards
Credit cards are a handy option for travelers who don’t want to deal with the responsibility of carrying cash. Many consider this the best way to take spending money to USA and other countries. Travelers prefer to vacation using their credit cards and pay off the entire amount at once by the end of the holiday. Many credit card companies impose rules on an international scale on merchants and banks. Most cards also have a built-in insurance intended for safety reasons and to protect the interests of travelers. You can even book economy or business class flights using these. However, while this may be the best way to take money overseas, it is essentially still borrowing. So unless you’re sure you can pay off the money before interest on it escalates, caution is advised while spending.
Carrying Debit Cards
Although not as popular as credit cards, a debit card is still one of the best ways to carry money overseas. The restrictions imposed by credit card companies won’t come in handy when shopping with a debit card. You never know what kind of charges and tariffs you’ll encounter when using a debit card abroad. Still, this is one of the most convenient ways to carry money overseas. If you aren’t eligible for a credit card or don’t wish to get one, a debit card is the best way to take money overseas. You’ll be able to keep track of what you spend and how you spend it. This is the best fall-back for those who wish to avoid credit card debt.
Carrying Prepaid Charge Cards
Most credit card companies provide these prepaid charge cards which are quickly becoming one of the preferable ways to carry money overseas. Travelers using these can expect services such as emergency assistance, pin/chip protection, and benefits of unpredictable exchange rates. TraveleX and FairFX are two of the most popular prepaid charge cards in use these days. You can top up your card in case you run out of funds. One of the potential risks of carrying a prepaid charge card is that sometimes, cash is the only option. There are places that will accept only cash deeming your charge card useless. Therefore, it is advised to carry some amount of cash along as well.
Carrying Traveler’s Cheques
While these may not be as popular as they once were, many still consider traveler’s cheques as the best way to take money overseas. Easy to use, these are far more convenient to carry around when compared to cash. All you really need to do is sign them before paying someone. There are scores of places that accept these as payment. You can also exchange them for local currency. Traveler’s cheques by American Express are among the most popular ones as they can be replaced practically anywhere. The flip side is that exchange rates aren’t kind to traveler’s cheques and you will be charged a fee when converting them to your local currency.
Which is the best way to take money overseas for you?
While it ultimately comes down to personal choice, it is advisable to carry along a combination of cash-and-card. Use a prepaid card and bring along some cash as well. That way, you’re covered in all scenarios. You can use cash in places that don’t accept cards, pay by card whenever needed, and withdraw cash if needed. So the next time you book cheap flights at for a trip, keep these in mind and choose whichever is the best way to take money overseas for you.