The best way to carry money overseas
To carry and make the most of your money overseas, it is best to sit down and do some research beforehand. Firstly, you should assess your options and understand what is the best choice for you. Here are some safe ways to carry your money overseas.
Credit Cards – This option is best for large purchases such as airline tickets, hotel bills, car rentals and restaurant meals. The advantage of using a credit card is that the exchange rate used is at the interbank exchange rate. This is often the best rate you can get for your Currency fees are also low on credit cards compared to currency at a change bureau. However, some establishments don’t accept credit cards and therefore you will have to have cash on hand.
Debit and ATM Cards – This is best to receive cash in a local currency. The advantage of this method is that you will receive a good interbank exchange rate for your money. However, for each withdrawal, you will have to pay currency conversion fees, ATM fees and other bank charges, which can add up to a large sum. Debit cards, on the other hand, work the same way as a credit card, but without the same protection.
Cash – Cash is best for your first day of travel since you will take some time to find an ATM. Cash is great for immediate expenses like for example buying food or paying for a cab ride. However, bringing in local currency means that you will receive a not so good conversion rate from your home bank.