Money Essentials When Travelling Abroad Essay

Money essentials when travelling abroad

Deciding how to take your money when travelling overseas is not as easy as packing your luggage. You can get stung by hefty transaction fees when making purchases in a foreign land. You can be subject to theft and other problems too.

You can avoid this and make the most of your money, provided you do a little bit of homework at your end. Gather some insights about the place of visit - the people, the culture, mode of payment generally accepted, safety, facilities for tourists and crime rate. It is important to know your options. For e.g. in days of yore, traveller’s cheques were the most preferred mode of carrying money when travelling abroad. But with the advent of technology, you and I are more likely

They are easy to carry, secure and accepted almost everywhere. If your card is lost or stolen a call to your bank is enough to have it blocked. You can get emergency access to cash through a cash advance facility on your credit card. Another major advantage with credit cards is that they are usually exchanged at the interbank exchange rate, which is usually the best rate you can get for currency exchange.

Plastic money comes with some cons also. No all places would accept cards. Even if they do they might not accept all cards. Check for cards that are accepted worldwide. Inform your bank about your travel plans in advance. Call your issuer and find out which fees will apply to your purchases. You don’t want to return home only to find yourself littered with extra fees and charges for using your cards overseas. Check your card limit and expiry date. Always be prepared for worst case scenarios. Carry two cards, in case one stops working.

Debit cards

With the widespread availability of ATMs worldwide, debit cards are the cheapest and most convenient way to obtain cash in the local currency. Similar to credit cards, you are likely to avail the same great interbank exchange rate when you make cash withdrawals with your debit or ATM