Tips on Carrying Money while Traveling

Tips on Carrying Money While Traveling

Cash or Credit Card

The best way to carry money while travelling is to opt for major credit cards like Master Card, Visa and American Express. However, it is important to make the credit card companies aware of your travelling plan. Otherwise, the new spending patterns can make them delay the approvals as they might consider that the card is being fraudulently used in other parts of the USA or world. While informing the credit card company before travelling, if going overseas, you can also ask them about any currency charges and exchange rate, so you can compare between credit cards; special PIN number; and helpline phone number to call from overseas.

ATM cards and Debit cards

ATM/Debit cards are very useful and can be carried as replacement of cash. With ATM/Debit cards you can have access to cash in foreign lands without much risk. The best thing is that the money will be issued in local currency so there is no hassle of exchanging money. Of course, you can also use your credit card at ATM machines for cash advance.

Most but not all restaurant, hotel and shopping outlets accept Debit cards. Gas stations and smaller shops would be the more likely establishments whose credit card facilities are not hooked-up to accept overseas debit or even credit cards. Local store credit cards are of no use in foreign lands, so leave them at home under lock and key.

Do as you would at home to cover the keypad when entering your PIN so no one can see it.

Foreign Currency Exchange Rates

Typically, the ATM cash machines for major international or local banks will offer you best exchange rate. Even with the ATM use charge, the exchange rates will be better than currency exchange vendors.

Other options and suggestions

Another viable option instead of cash is to opt for travellers’ cheques. While they may be more secure than cash, they are bulky, you have to go to a bank to change them to cash, not all shops accept them (or if yes, at a disadvantaged exchange rate). Before you buy them in your country ensure the traveller cheque company’s loss, replacement and refund policies and clarify how widely they are accepted within the countries you’ll be visiting. Note the serial numbers and issuing bank’s phone numbers to call to report if they go missing. It is better to make photocopies of all the traveller’s cheques you are carrying and keep them in a different part of your luggage.

Set up your credit/debit card account to send you an email notification when a charge is made. This way, you can catch problems or fraud when you check your email.

By TravelMole Staff Writer for Travel Secrets