There are so many things to think about when you are planning a holiday to a foreign country. You have to check the weather to decide how to pack. You have to find out whether your electrical items such as blow dryers, laptops, and curling irons will work, or whether you need an adaptor. You have to make sure that you have all of the right travel documents. And of course, you need holiday money!
There are plenty of different ways to obtain currency, either before you go away or while you are on your trip. Deciding which option is the best can be daunting, but it is important to plan ahead. Here are some of the options, and their good and bad aspects.
Buying Foreign Currency From Your Bank
It might seem that having your money with you when you leave is a good option, but it is also risky, because you could lose it. In addition, you will have to wait in long lines at the bank, and you may have to go to a specific branch, and not all bank branches keep foreign currency on hand for exchange.
Buying Currency At Currency Exchange Booths
One pro of this option is that since currency exchange booths infest areas where people are looking to buy tourist currency, you shouldn’t have trouble finding one. However, the rates are very high, and you can easily lose track of how much you are exchanging and spending.
Using ATMs
At first, this may seem like a great idea- you are extracting money from your own account, and it comes out in the currency you need. However, when you add on the exchange rate, the fees that are charged by the bank whose ATM you are using, and the fees that are charged by your bank on top of that, you may be spending quite a bit more than you initially intended.
Travelers’ Checks
Although travelers’ checks are more secure than carrying cash, and you may get a better exchange rate, they can still be difficult to carry around and keep track of. Even though they can be insured, you wouldn’t want to go through the hassle of losing them and having to replace them.|Travelers’ checks can be insured, so in that way they are definitely more convenient than carrying cash with you. However, you may have trouble keeping track of them. And even though they can be replaced, that is a hassle that you do not want or need to go through.|Travelers’ checks do provide some security, since they can be insured. But you are still carrying around pieces of paper, losing them and having to replace them could be quite a big hassle.]
Using Pre-Paid Currency Cards
This is one of the newer options for carrying foreign currency, and in my opinion it is the best! It is compact, and you can use it just like you would a debit or credit card, but with fewer fees. The exchange rate is much better than for any of the other options of buying cash.
You should weigh all your options when deciding how to obtain and carry your holiday money, but I definitely recommend the pre-paid cards! Have a wonderful holiday!
