Best Ways To Carry Your Money Abroad-A Comparison

Posted by buyforexonline on November 18th, 2014

Travelling abroad is always a fun experience but it comes with its own share of risks. Even in popular countries that are generally considered to be safe destinations, travelers can fall prey to thieves and scam artists. That’s why it is always crucial that you plan wisely and always remember to take plenty of precautions. After all, nothing can ruin your trip faster than losing your money or valuables. Here are some smart ways to carry your money on a trip abroad; brought to you by BuyForexOnline.com, India’s leading website for currency exchange online.

Cash

Advantages: Cash is great for incidentals when you arrive. Pre-buying foreign cash helps you budget because you’ll know exactly how much money you have left as you spend it. And it’s great when you arrive in a new country and can get a coffee or pay the taxi without having to visit a bank or travel bureau first.

Disadvantages: Travelling with a large amount of cash isn’t particularly safe, so you might want to consider some other options as well.

If you need to rely on cash, never carry all of it in your wallet. Instead, break it up and hide various amounts of it in different spots to reduce the impact of theft, suggests Buy Forex Online India Pvt Limited, a trusted company in India for Forex services.

Travelers Cheques

Advantages: Travelers’ cheques have the added security of needing ID to be cashed. Plus, if they get lost or stolen, they can be replaced in a few days.

Disadvantages:With travelers’ cheques you are not sure what currency exchange rate you’re going to get, which can impact your budget. And there’s usually a fee for purchasing and cashing travelers cheques, so check these out too.

Credit Cards

Advantages:The biggest advantage of using credit cards while traveling overseas is that credit card purchases are exchanged at the interbank exchange rate, usually the best rate you can get for currency exchange. 

Disadvantages:But the biggest disadvantage is that there are plenty of hidden transaction and service fees which can go as high up as 11.50%! So be prepared to shell out that extra bit of money on every transaction you make.

ATM Cards

Advantages: You'll get the same great interbank exchange rate when you make cash withdrawals with your debit or ATM card as you do when you make a credit card purchase. 

Disadvantages:Each cash withdrawal you make will usually be subject a withdrawal fee of upto 1.5 USD or its equivalent

Prepaid Travel Cards

Advantages: Prepaid travel Cards have the advantage of locking in the exchange rate for the funds that you load on to the card before you go, so there’ll be no unexpected currency variations for each transaction as long as you have the currency you are using loaded on the card.

Disadvantages:Prepaid Forex cards usually come with an expiration date, of usually 5 years. So you need to either redeem the balance on returning from your trip or make sure you utilize or encash it before its expiry dates.

It is quite tricky to find out how one is going to carry cash abroad, as all the methods listed above have their own advantages and disadvantages. Hopefully, by using the information above you can easily make a sound decision and if you are still unable to decide which method is the best for you; you can contact the experts at BuyForexOnline.com to get the best advice on all Forex services.

For more information, visit-https://www.buyforexonline.com/