Best Way To Carry Money While Travelling Overseas

By | February 22, 2018

Instead of relying on one instrument to carry money in an overseas destination, you should prefer multiple instruments.

Best Way To Carry Money While Travelling Overseas

Travelling overseas, especially for a vacation requires lot of planning and preparations as it involves not only hotel and airline bookings, but also a sound strategy about carrying you money safely and hassle-free. While travelling abroad, you must carry the money in a format that invites less risk, gives you the flexibility to spend anywhere, has reasonable associated charges and has less impact of the currency rate fluctuation.

Credit Card For Foreign Travel

Credit Card is a versatile financial product that gives us the freedom to spend money anywhere anytime. It is a great tool while travelling abroad as it takes away the burden of carrying physical cash. Before you travel abroad, do check if your credit card is qualified to make a transaction in foreign currency. If not, then ask the card company to enable it. While using the credit card in a foreign country, you need to pay the currency conversion cost which may vary from 1.5% to 3.5%.

While using the credit card abroad, you must be careful about the place where you use the card to avoid fraudulent transactions. It would be wise to inform the card company immediately if you sense any wrong activity.

The advantage of using the credit card for foreign travels is that it is convenient to use and is handy for sudden plans. Some card companies give you extra points for spending money abroad. However, you should exercise caution while using a credit card as you may end up paying extra charges on your bill. Credit cards may not be accepted at all the places when you travel abroad.

Prepaid Travel Card Option

 You can get the prepaid card loaded with desired amount on your doorstep by booking it online. You can also get it from your nearest bank branch as well. You are charged with currency conversion fees each time you use the card abroad. If there is any unutilised amount left in the card after your return, then you can easily redeem it from the issuing bank.

Prepaid travel card can be used for multi-currency transaction, i.e. if you are travelling to more than one country.

Advantage of a prepaid card is its low forex charges and easy top up facility in case of shortage of funds.

Cash Currency

Cash is preferred by many people due to its quality of easy transaction, quick conversion and acceptance at all the places.

The most important benefit of carrying cash is that you don’t need to worry about money even if you are travelling to a distant location in the foreign country.

While carrying cash in a foreign currency, you always have the risk of robbery. For converting the local currency to a foreign currency, you may need to pay high conversion fee and commission. Also, if you are travelling to multiple countries, then you may need to carry different currency for different country causing unnecessary worry.

Debit Card To Carry Money

Like a credit card, you can carry money in Debit Card while travelling abroad. Ensure that your card is valid for international transactions. You can use the card till fund is available in your bank account. You can also set a restriction on the maximum transaction amount by requesting to the issuing bank.

Debit card is charged for conversion fee when you use it at foreign destination for withdrawing money or to pay at a merchandise.

What’s The Best Option For You?

Instead of relying on one instrument to carry money in an overseas destination, you should prefer multiple instruments. Do carry little amount in cash because you may need some money immediately after landing in the foreign country and you don’t know which mode of payment they accept. You can carry a credit card for emergency use. Consider carrying rest amount in prepaid travel card too as it is easy to use, can be used to carry multiple type of currency, it is safe to use, and it can be topped up anytime if you fall short of fund. Make your choice depending on the number of days you are planning to visit and according to the mode of payment accepted in any country. is a leading online marketplace in India that helps consumers compare and apply for Credit Card, Personal Loan, Home Loan, Car Loan, and insurance.

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About Adhil Shetty

Adhil Shetty is the Founder and serves as the Chief Executive Officer of Adhil has a Master’s degree in International Relations with a specialization in International Finance and Business from Columbia University in the City of New York, and a Bachelor’s degree in Engineering from the College of Engineering Guindy, Anna University. Adhil is an expert in Personal Finance (Car loan/Home loan and personal loan) and he majorly consults on investment and spends rationalization for the Indian loan borrowers. His guidance is number based with real time interest rate calculations and hence useful for consumer’s real time query.

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