You may have noticed that are a number of different options in which to have money while you travel. Each choice has its own pros and cons. Here we will take a look at all of them and compare holiday money options available to travelers.
Cash is insecure, incovenient, and often poor value
The first choice is just straight up cash. The good things about using cash are it is quick, convenient and there will be less fees involved when exchanging for the local currency when traveling abroad. The one major downside is, however, if it gets stolen, you’re just out of luck, as it won’t be replaced.
Travellers Cheques; over the hill?
When you are going to compare holiday money options, your list has to include traveller’s cheques. They offer more security than cash in that, if your checks get stolen, you simply report it and they will be replaced. Also, if you run out of money, you can usually find a way to get more money converted to traveler’s checks, no matter where you are. On the other hand, though, this type of currency can be rather expensive, with service fees and shipping charges to have them sent to you. Not everyone accepts them either, and some even charge a fee if they do take them.
Credit cards are convenient, but tend to levy heavy fees
The next choice when you are looking to compare holiday money options is credit cards. They are both secure and easy to carry. If it is stolen, it can be easily replaced. If you have a Visa or MasterCard, it will likely be accepted almost anywhere you go. Even though you would know if your physical card has been stolen, it may take awhile to realize someone has merely stolen your credit card information and is using the card that way instead. For those few merchants, like some restaurants, that don’t accept credit cards, you will need to have some cash on hand for times when you run into someone who won’t accept your card. And most importantly, interest rates can add up fast if you don’t plan to pay the card off in full that month.
Prepaid travel money cards are the best solution for foreign travel
When you compare holiday money options, there is really only one choice if you want to avoid the higher credit card fees and don’t want to carry cash. That option is a prepaid card to be used for traveling purposes. They are as convenient as credit and debit cards, and actually offer greater security as they need a PIN number to be used. Some will have fees that are charged when activated and when you put money on them, however.
We offer prepaid currency cards with a great exchange rates and no hidden fees.
Thursday 25 February 2010, 09:51am
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