With summer finally getting into full swing, most of us will be getting excited about 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?airline tickets
1) Local Currency
It’s advisable to take a tiny 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 best way to fund these initial expenses. The exchange rates charged at airports are notoriously expensive, so buy some currency before you leave and you’ll get a better deal.airline tickets
The drawback to carrying currency is that if it gets lost or stolen, it can’t be replaced. Because of this 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 is often in Sterling, Euros or US Dollars, you have to sign the stub of each cheque in the clear 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 could 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.airline tickets
3) Credit Cards
Credit cards are accepted virtually all over the world, and may seem an effective way of paying your way while abroad. In addition to using them for shopping, they can be utilized 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 likely be higher than the standard rate of your card, and you’ll probably have to pay exchange charges too.airline tickets
4) Cash Machines
Nowadays there are several international cash machine networks in operation, including the Cirrus network, and it’s likely that your cash card can be utilized internationally, especially in Europe and the USA. This is an excellent way of financing your holiday spending, as you can draw out the thing you need while keeping the rest of your money safe in your normal bank account. The downside is that you might have to pay a fee for each withdrawal, and the exchange rate you’re charged might not be the best available:airline tickets
5) Prepaid Cards
These are a relatively new kind of plastic card, which are used in quite similar way as credit or debit cards, with the big difference that you have to ‘load’the card with funds one which just spend with it. They are a secure way of carrying money, as the card is replaceable if lost, and as it can certainly only be used together with a PIN number then even if stolen it’s difficult for a thief to take advantage of it. There will, however, still be exchange commissions payable if you use the card, and also usually a flat fee for cash withdrawals.airline tickets
The most important thing to keep in mind with travel money is that while all the above options is useful, not all are suitable for use all around the world. The best advice is not to rely about the same kind of travel money, but to take a sensible mixture of cash, local currency, and plastic or cheques, to be sure you can always get local currency when you really need it. Enjoy your holiday!airline tickets