Media Blog
Do You Really Need Cash When Traveling Abroad?
Traveling overseas takes planning. You plan what to pack, where to stay, what to see and do, but don’t forget money is what you’ll need for all of these things. Even though credit cards are widely accepted worldwide, it’s still a good idea to carry cash. With cash in hand you will have the means to immediately hop in a taxi to your hotel, have a meal at a restaurant, or get immersed in the local culture by grabbing a bite from a street vendor.
When you buy currency, it’s a good idea to have enough cash to at least get through the first day or two of your international travels. Cash is accepted everywhere and easy to use. There are no additional fees or expenses when you use cash and is as convenient, if not more convenient than debit or credit cards. However, if you do use a debit or credit card, it’s a good idea to call your bank, let them know where you’ll be and the dates so they don’t block your ATM withdrawal when you try to withdraw money overseas. Though credit cards, both magnetic stripe and chip are accepted at many places, not all places accept credit or debit cards. Additionally, when you use these kind of cards rather than cash, you may find purchases cost more when you get home after transaction fees and unforeseen expenses from both the foreign exchange rate and your U.S. bank.
Waiting to exchange currency until you arrive overseas can cost you in unforeseen fees at exchange services, foreign banks, and even ATMs. As with all travel, it’s best to plan ahead and have cash available for the first few days of your international travel.
How to Travel With Cash
To make sure you keep your hard earned cash, it’s a good idea when traveling to divide and conquer. Travel with limited cash in your wallet and one credit card or leave some money in the safety deposit box in your hotel room. If you have a passport holder that also has a place for cash, put some in there and leave some in your wallet.
If you must use a card for purchases, opt for a credit card, not a debit card because a credit card offers security protections that a debit card doesn’t.
But, its cash that is king when traveling abroad. If you need to withdraw more in a period than expected, it’s a good idea to call your bank and ask them to lift the withdrawal limit if you have one. At Xchange of America, we can help you decide the best time to buy currency and can help you save time and money by offering a convenient online service with a family-oriented approach to help you get the best rate for your dollar.
When you travel with cash, some important things to remember are to have enough for the first 24-48 hour of your trip, keep it safe by keeping it in different places, and plan ahead by buying currency before you leave.