Travel Money Options: Which Is Best For You?

If you are planning an exciting adventure overseas or a relaxing trip to a beach to do nothing at all, you will need money of some kind. Even all-inclusive resorts require you to pay for additional extras like spa treatments and excursions so you will need some cash. Don’t forget about a little holiday shopping so that you can bring back some local handicrafts or even treat yourself to a designer outfit.
So, what are your options for taking money on holiday with you and which would work best for you?

Some cash is essential

At some point, you will need a small amount of cash for buying small items and tipping in airports and restaurants. However, carrying large amounts of cash is definitely not advisable and in some locations, could put you in danger. There are also laws and regulations in most countries that control how much money you can take in and out of the country so you need to look that up.
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On the plus side, it is usually quite easy to get hold of most currencies in foreign exchange brokers and on-line providers as well as in some of the larger shopping malls. It makes sense to shop around and compare exchange rates and fees so that you can be sure that you are getting a good deal.
On the whole, you will get a better a deal if you exchange money before you go rather than waiting to do it at the airport or when you arrive at your destination. Double check your travel insurance. It may only cover you for a small amount of cash. Therefore, if you were to have a lot of cash stolen from your hotel room safe, you may not be covered and you would have to bear the loss.

Using cards overseas

The most convenient way to buy things when you are away would be with your regular debit or credit card but this may not make financial sense. The first thing you need to do is check that your card is authorized for use in other countries as this will prevent any embarrassing situations if it gets declined.
Have a search to find out which credit card would give you the best deal for the country where you are traveling. The free and unbiased advice will save you a lot of time and money. Cards are usually the cheapest way to pay for things while you’re away and you can use some of them in ATMs if you need some cash.
You do need to protect your card whilst you are away because it is vulnerable to fraud and cloning. For this reason, you should never let it out of your sight. If you are paying with your card in a shop or in a restaurant, insist that the transaction is carried out in front of you.

Credit cards are accepted very widely in many countries but may charge you up to 3% for each transaction so read the small print before you go.

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