There are several ways to pay for things now, as opposed to how it was several years ago. However, when it comes to traveling, people are still skeptical.
You have to consider your convenience, fees, and even safety. If you are planning to travel and worried about how you will carry your money, it’s pretty hard to address all your concerns with one payment method.
Luckily, we have compiled a small list of some of the best ways you can carry your money when traveling abroad.
Whereas credit cards protect our bank accounts, if not used in the right way, you end up paying hefty fees. Talking of traveler's checks, not so many people know what they are. Let’s delve deeper and compare plastic and paper payment options and find out which one is best suitable for you to carry money on your next trip.
Using Credit Cards
For as long as you have the right one, credit cards are the best way to travel with money. For one thing, your bank balance will be protected, and also several things can only be paid for with credit cards, such as car rentals. Furthermore, with these credit cards, you also get benefits, such as rewards points, travel insurance, no foreign transaction fees, and so on.
As if that is not enough, you also get to earn free hotel rooms, flights, plus other travel necessities. However, to be on a safe side, always call your card issuer before you start using the card abroad. This is because there are specific fees that you might be charged, such as foreign transaction fees. As such, confirm, so you can be in the know.
Carrying Cash
If you have to use cash abroad, you might have to exchange for the local currency. There are several ways to do this, and carrying out research beforehand might save you from overpaying. Most financial advisers discourage using airport kiosks to exchange your money due to high exchange margins. Instead, exchange your money through the bank or online, as they have better rates.
You can also withdraw local currency from the country you are in. However, this comes at a fee. Confirm with your bank how much you will incur in foreign transaction fees before you can withdraw. Your bank might also charge you for using an outside ATM. To minimize these charges, withdraw in large sums.
Whereas it’s easy to get and use cash while you are traveling, there is also the possibility of theft. Thieves are unavoidable, more so in crowded places. As such, if you are moving with lots of cash, be sure to get a special pouch that cannot quickly be snatched.
You can get one that can be worn around your neck or waist. Alternatively, leave some behind in your hotel room if you think it’s not safe.
Though not so popular today, travel checks are also another option you can use. When used correctly, you can get better exchange rates in banks as opposed to paying with them. Getting travel checks today might be a bit tricky.
It's only American Express that issues them because the other brands have moved to travel cards. Visit their website and apply for one today, and also get to learn how to use them.
Conclusion
As you plan to travel, it's best to first look at the options available for you. It is also essential to keep in mind your destinations. For instance, some countries take traveler's checks, whereas others don’t. Do some shopping around, and ask friends and family who have traveled for advice to make an informed decision.
