Brexit has been a shocking event for all of us. It had a huge impact on global economy and currencies. This has made Americans think about the value of the US dollar. If you are a traveler, you have got to consider all the options for currency conversion. Sadly, they don’t consider all the options as they tend to do things last minute. When it comes to spending money overseas, you definitely need to do your own research. You will also have to take a second look at the personal choices you make.
Not knowing enough about the currency exchange can lead to money loss while travelling abroad.
Foreign currencies never remain the same as their values keep changing all the time. So, you have to check the value every day to know where it stands. Exchange difference rates can be considerable if we are talking about a bigger amount. You also have to consider the applicable fees to get a bigger picture. Let’s take a look at a couple of common options when it comes to spending money abroad.
Cash vs. plastic
When it comes to overseas travel, many would advise you against using cash. They would ask you to opt for charge cards. But as a person who has travelled a lot in many countries, I can tell you one thing – don’t follow this advice. Cards can be a nightmare at times. In many countries, your international card might get rejected. So relying totally on the card is not an intelligent choice. You may also have to deal with technical glitches while you are abroad. So putting all your eggs in the card is not the smartest move. If you want to learn more about the Foreign Currency Trends, Click Here.
Yes, when it comes to using charge cards, there are several things one gets afraid of.
- You may have to deal with foreign transaction fees on your debit and credit cards.
- You will come to know of this only when you take a look at the monthly statements.
- You will be surprised to see 1%-3% surcharges on your monthly statements.
- Discover and Capital One, do not charge foreign transaction fees we hear.
- The same can be said about American Express Platinum Card as well.
- But you will have to deal with caveats.
International currency card
Yes, the international currency card might be really helpful. MasterCard and American Express issue international currency card and this card might be really useful while you are globe-trotting. These cards are pre-loaded with several currencies and this will go to make it easy for you to travel. But you are forewarned about the fees involved. You will have to check with the card issuer to learn more.
Yes, this is an old option which is still very popular. The good thing about them is that your money will be protected if they are stolen or lost. As far as the cons are concerned, it’s not recognized universally. You might have trouble at many outlets. Also, you will have to deal with additional fees. When you travel abroad, you have several options. Check all your options for your own good.