Tips on Taking Money Abroad
Tips on Taking Money Abroad
Tips on Taking Money Abroad
As time goes by, and more and more of us have credit and debit cards, cash is fast becoming a thing of the past. However, when we are travelling overseas the debate about taking cash, cheques or cards still rages on with great uncertainty.
If you are a little confused about what's best in terms of taking money abroad then hopefully this piece will help shed some light on what's best for you, because; don't forget. Everyone is different!
Taking Cash Abroad traditionally, it wasn't uncommon to work out how much money we think we'd spend and take it all in the foreign currency with us, having been to a bureau de change and changed it over. However, this is quite risky what if you lose your purse, what if your room is broken into? You'd be stuck in a foreign country with no money!
What is a far better idea is to travel with a small amount of local currency that will see you through for a couple of days. This way you have money for refreshments, a meal even, when you arrive, also some cash to pay your hotel for a safety deposit box as soon as you arrive to keep your cash, cards and passports safe. Then, for the additional money you'll need during your trip it's probably better, and it's certainly safer, to use one of the following suggestions in order to access money whilst you're away.
If however you do prefer to take the entire amount of cash for your trip with you, and we really don't advise this, then at the very least try and split up all the cash. If you're travelling with a partner, share out the money; put some in your purse, some in another purse basically so that if you do end up leaving a purse on a restaurant table, for example, you have some cash elsewhere.
Using Debit Cards and ATM Machines Abroad if you have a debit card, then these are perfect for using when you are abroad. Not only can you withdraw cash out of a local ATM machine as and when you need it but you can also pay for restaurant bills, excursions etc. with your card too.
One piece of advice though, it's always best to let your bank know you are travelling overseas and that you intend to use your card. This is purely for security so that the card isn't seen as being used fraudulently overseas and blocked.
Also, do check with your bank to see if they apply any charges for overseas use of your card. If so, for example they might charge each and every time you use your card, be smart about the number of times you use your card to withdraw cash instead of withdrawing an amount of cash to see you through the day think about withdrawing enough to last a few days (locking the remaining cash in your safety deposit box).
Using Credit Cards Overseas as well as paying for purchases with your credit card you can also use your card to withdraw cash. However, with a credit card do be aware that you will be charged interest for withdrawing the cash the moment you take it out, and sometimes an overseas fee too. The charge is normally about 2 3%. Again, if this is the method of taking money abroad that you prefer think about withdrawing an amount of cash that will last you a few days, and thus safe you on interest.
And again, just like you would advise your bank, do tell your credit card provider you intend to use your card overseas to avoid any blocks put on your card when it's used overseas.
Pre-Paid Cash Cards pre-paid cash cards are still relatively new to the market place, having been around for just a few years. These are actually a really good idea and very safe and secure. Basically, they work on a debit card idea, so you use the card as you would your debit or credit card to pay for things. However, what you do is load, pre-paid, your money on to the card. So you put on the card the amount of money you want to take with you for your trip. The card, just like a credit/debit card, is then in your purse or wallet. You can also withdraw cash from an ATM.
Taking Traveller's Cheques Abroad to many the idea of taking traveller's cheques on holiday now is a thing of the past, however these trusty cheques are still a very good idea as nearly all hotel receptions will change them over so it negates the need for finding a local bank or ATM. The only down fall to a traveller's cheque is that a deduction is made each time you change one over, so you are effectively charged each time you use one. However, you can get them in nearly all denominations so you can change up as little or as much as you'd like. And of course they are very safe to use.
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