With new technologies and inter-bank competition, accessing your funds while travelling has never been simpler – ATMs can be found at almost every corner of the street and many establishments accept credit and debit cards as a mode of payment.
However, if you’re not careful you may fall victim to some pretty hefty international transaction or withdrawal chargers. That’s why it is crucial to know what options you have when it comes to spending overseas as well as the advantages and disadvantages of each.
Independent Traveller has published a pros and cons guide for each available money transaction method. To summarise:
For those big-figured purchases and payments such as hotel bills, airline tickets and car rentals.
For getting cash in the local currency quick and (most likely) at the best rate available. Remember to check if your bank is connected to worldwide Cirrus and PLUS networks too.
For the first 24 hours of your travel. Use it for the that taxi ride from the airport to your hotel or to buy your first meal after arrival. Cash is also a good back-up option to have as there are still a number of shops, restaurants and hotels that do not accept cards.
For in the instance of an emergency where you need money to be sent to you in a jiffy.
Source: Independent Traveller
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