Are you looking for recommendations in money to travel abroad? If you are going to travel abroad, it is advisable to inform yourself about the country you are going to visit and take some precautions. When traveling to other countries, one of the fundamental things you need to know is what is the most appropriate way to carry or access money at the destination? It is important to do a good planning of this topic to avoid running out of money or paying high commissions or unfavorable exchange rates.
Money to travel abroad – Accepted means of payment abroad
In general, there are three types of forms of accepted means of payment:
Cash payment abroad:
1. Cash. It is always advisable to carry at least a little cash for small transactions. To do this, you can exchange money before leaving or bring some internationally recognized currency (such as US dollars or euros) that can then be exchanged at exchange houses in the destination country.
- It is important to exchange cash at authorized exchange houses; doing it on the street or on the black market makes it likely that you will become a victim of fraud and end up with fake money. A good practice is to compare the exchange rates in several houses to find the best offer. It is also advisable to ask if there is a commission for the transaction – in some cases it is very high.
- The advantage of carrying cash is that once it is changed into the local currency it will be accepted everywhere.
- The disadvantage is that there is a possibility of losing the money or being robbed. For this reason, it is advisable to try to keep the money in the safes of the hotels. Also, a good practice is to divide the cash and keep it in different places of our luggage and belongings to avoid losing everything at once.
Bank cards abroad:
Bank cards (debit and credit). It is advisable to carry a debit or credit card when you travel, even if you do not plan to use it. Doing so serves as a kind of insurance. Bank cards with international stamps (such as Visa either MasterCard) are accepted almost everywhere in the world, in establishments and automated teller machines (ATM, for its acronym in English). It is important to keep in mind that the availability of ATMs and the degree of acceptance varies considerably between countries and between regions within countries (in general, urban areas are more prone to this type of banking).
- Bank cards are perhaps the safest way to carry money. In case of theft or loss, they can be canceled at the banks’ telephone or cyber service lines. In addition, credit cards often provide travel insurance to their holders.
- The weak point of using bank cards abroad is that banks generally charge high commissions.
- However, banking institutions usually have special products for travelers with better rates and insurance in case of loss. It is advisable to approach the bank to find out the options they handle.
- In any case, if you plan to use the bank cards abroad, you must notify the bank (either at the branch or by calling its customer service line) of the intention to use the bank cards. Otherwise, there is a risk that the bank will reject the payment or the withdrawal request due to its security policies.
Travel cards abroad:
Travel cards. Traveler’s checks are documents issued by banks or financial institutions that can be exchanged for cash in any country. These checks are issued for fixed amounts.
- They have the advantage that in case of theft or loss, a replacement can be requested. It is important to write down the serial numbers of the checks and keep them in a safe place (an email, for example) to make the claim in your case.
- As disadvantages is that commissions are charged for changing and cashing checks. In addition, sometimes its acceptance is limited.