Your Travel And Holiday Money Options

With summer finally getting into full swing,​ many of​ us will be looking forward to​ travelling abroad for a​ well earned holiday. of​ course,​ you'll need access to​ cash while you're away,​ so what are the​ best and safest ways of​ arranging your travel money?

1) Local Currency

It's a​ good idea to​ take a​ small amount of​ local currency with you​ whenever you​ travel,​ if​ only enough to​ last you​ for your first few hours. You'll probably need to​ arrange travel from the​ airport to​ your hotel for example,​ and local currency is​ the​ easiest way to​ pay for these initial expenses. the​ exchange rates charged at​ airports are notoriously expensive,​ so buy some currency before you​ leave and you'll get a​ much better deal.

The drawback to​ carrying currency is​ that if​ it​ gets lost or​ stolen,​ it​ can't be replaced. For this reason it's best to​ use another form of​ travel money for most of​ your funds.

2) Travellers Cheques

These are the​ traditional way of​ carrying money abroad. When you​ buy the​ cheques,​ which can be in​ Sterling,​ Euros or​ US Dollars,​ you​ have to​ sign the​ stub of​ each cheque in​ the​ presence of​ the​ teller. Once abroad,​ you​ can convert the​ cheques into local currency by signing the​ other half of​ the​ cheque at​ a​ currency exchange,​ where the​ teller will compare the​ two signatures and also inspect your passport.

This system is​ more secure than cash as​ each cheque is​ uniquely numbered,​ so if​ a​ cheque goes missing it​ can be quickly cancelled and replaced by the​ cheque issuer. There is​ a​ drawback in​ that you​ have to​ cash the​ cheques at​ a​ currency exchange,​ and you​ might not find one offering a​ good exchange rate.

3) Credit Cards

Credit cards are accepted virtually the​ world over,​ and may seem a​ good way of​ paying your way while abroad. as​ well as​ using them for shopping,​ they can be used to​ pay restaurant bills and even to​ withdraw cash. Before choosing this as​ your travel money option though,​ check your card's small print to​ see what interest rate is​ charged on​ overseas use - it​ will probably be higher than the​ standard rate of​ your card,​ and you'll probably have to​ pay exchange charges too.

4) Cash Machines

There are now several international cash machine networks in​ operation,​ for example the​ Cirrus network,​ and it's likely that your cash card can be used internationally,​ especially in​ Europe and the​ USA. This is​ a​ good way of​ financing your holiday spending,​ as​ you​ can draw out what you​ need while keeping the​ rest of​ your money safe in​ your normal bank account. the​ downside is​ that you​ may have to​ pay a​ fee for each withdrawal,​ and the​ exchange rate you're charged may not be the​ best available.

5) Prepaid Cards

These are a​ relatively new kind of​ plastic card,​ which are used in​ much the​ same way as​ credit or​ debit cards,​ with the​ big difference that you​ have to​ 'load' the​ card with funds before you​ can spend with it. They are a​ secure way of​ carrying money,​ as​ the​ card is​ replaceable if​ lost,​ and as​ it​ can only be used in​ conjunction with a​ PIN number then even if​ stolen it's difficult for a​ thief to​ make use of​ it. There will,​ however,​ still be exchange commissions payable when you​ use the​ card,​ and also usually a​ flat fee for cash withdrawals.

The main thing to​ bear in​ mind with travel money is​ that while each of​ the​ above options is​ useful,​ not all are suitable for use everywhere in​ the​ world. the​ best advice is​ not to​ rely on​ a​ single kind of​ travel money,​ but to​ take a​ sensible mixture of​ cash,​ local currency,​ and plastic or​ cheques,​ to​ make sure you​ can always get local currency when you​ need it. Enjoy your holiday!
Your Travel And Holiday Money Options Your Travel And Holiday Money Options Reviewed by Henda Yesti on September 16, 2018 Rating: 5

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