With years of experience as a traveller myself, I’ve picked up some handy tips along the way to make traveling even easier.
Here at Mosaic Travel, as well as planning your trip, we can help to make it as smooth as possible with solutions to some frequently asked questions.
Over a series of blogs, I’ll discuss the top travel planning questions we hear at Mosaic:
1. What is the best way to access my money while overseas?
Travellers cheques are almost useless these days but never fear – there are 3 great alternatives!
Credit Card
You can use these in ATMs to withdraw the local currency and to pay for things in shops and restaurants.
Look for a credit card that offers no ATM withdrawal fees – most are pretty good these days.
I like Citibank Visa card – no I’m not being paid! I’ve been using this card for years. Not only do they have no fees, but their currency conversion rates are seriously good.
Pros: Quick and convenient
Cons: Not all shops and restaurants accept credit cards
– Withdrawal fees can add up, so be sure to choose the card that’s right for you.
Travel Money Card
Most major banks (and even the post office) offer these travel money cards. You load up the card in advance with your selected currency, and use it like a debit card while overseas.
Pros: You can lock in a good exchange rate when the time is right.
– It’s easy to keep track of how much you’ve spent.
– You’re issued with 2 cards, so if you lose one, you can log in to your banking app, cancel it and use the other.
Cons: Although they advertise zero fees, some ATMS still charge a fee, and the currency conversion rates aren’t great – you will generally lose some $$ in transactions.
-There is a big fee to withdraw any remaining cash when you return home.
Cash
In some countries, cash can be the only option – particularly in Africa and South East Asia. In other countries, paying in cash can see a good discount!
It’s a good idea to get at least some local currency in advance, to ensure you can hit the ground running.
Obviously, it’s not a good idea to carry big amounts of cash around!
Pros: Everywhere accepts cash!
– No extra conversion fees when paying via eftpos
– You can choose the time to withdraw/exchange cash at a good exchange rate
Cons: Carrying a lot of cash can be worrisome
– Most travel insurance companies don’t cover lost or stolen cash.
Your bank is likely to have a security feature which scans your account for any suspicious activity. For example, if your recent transactions have been $50 of petrol, $30 at the local cafe and $70 of groceries, the 100Euro dinner in Spain the next day will look very out of place!
It’s best to notify your bank of any overseas travel before you depart to prevent a “fraud lock” being placed on your account.
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