Hello everyoneBe it a lovely holiday break or a business trip overseas, your finances are important so here is a guide to making the right choices. As you will see, you have plenty of options available to you
But It's always nice to get real people's views, so what advice would you give to our members ?
Let us know what you do when you travel; how you get the best out of your hard earned money ?
Where do you get your travel money ?
Bank account credit cards
Taking your bank credit card on your holiday or on overseas trips saves you carrying around large amounts of cash.
But you will need to be careful as many cards will charge you for using them abroad.
Foreign exchange fee /loading charge
Cash withdrawal fees – If you use your credit card to withdraw cash, you may also have to pay a fee percentage of the amount you withdraw.
Interest charges – If you don't pay off your credit card balance in full, unless it offers a 0% window
Its not all bad news because some credit cards are designed specifically for overseas use ( see link below
This is a secure way to use your money whilst overseas
It offers you peace of mind and if lost you will not lose your money as a replacement can be ordered
The problems with travellers cheques is the charges making them are not always the cheapest way of taking your money overseas.
Commission charges are frequent with travellers cheques and are often as high as 2-3%. Handling fees are also regularly charged and you could even face another charge when you cash your cheque in.
Also not everywhere in the world will accept Travellers cheques or you my find it difficult to cash them in.
Using cash is good if you want to take advantage of favourable interest rates
Or if you want to keep to a budget also cash will be accepted in most outlets in the world , the downfalls of cash is you need a secure place to keep it and if you lose your funds unless you have insurance you have no protection.
Also i found in some places they would not accept cash ie restaurants and i had to my use credit card.
Pre paid Currency cards
A pre-paid card can be a much cheaper option than using your bank debit or credit card . You simply load the card before you go and then use it as you would an ordinary uk bank debit or credit card spending until the balance on the card reaches zero and you can top it up again using cash, a bank transfer or a credit card.
Some cards don’t impose currency charges when you spend, or make cash withdrawal making them a much more cost-effective option.
Also safer than debit and credit cards as if you lose the card the maximum loss can only be whats on your card
Like everything check the small print carefully before you apply, some pre-paid cards charge you to make top-ups,charge for replacement cards and application fees.
You can get Euro Cards. US Dollar Cards and Multi-currency Cards
Also bear in mind not everywhere may accept travel cards so you may still need Foreign Currency / Sterling or a credit account .
You can compare your options online but here is great place start
credit cards abroad compare
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