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Travel Money

[ 3 ] December 1, 2009 |

It’s important when you’re travelling to have as many options to access money as possible and to carry money in different forms.

Cash

Cash is great for daily expenses as it is the most widely accepted form of payment.

Foreign Exchange

Exchange your cash at foreign exchange bureau’s located at airports, selected hotels, some post offices and at major tourist areas. It’s always a good idea to exchange a small amount of cash before you go for expenses when you first arrive in a country such as taxi’s, drinks etc.

Be aware that not all areas will have foreign exchange and that opening hours are subject to weekends and public holidays. Always find out about the accessibility to foreign exchange at your destination.

Travelex Exchange

American Express Exchange

Travellers Cheques

Travellers Cheques like any other cheque has a value for money that can be exchanged for cash. Be aware that traveller’s cheques are not always easy to cash outside banks and foreign exchange especially in remote destinations. Always do research to find out where you will be able to cash them in at the destination you’re travelling to.

Prepaid Currency Cards/Debit Cards

Prepaid Currency Cards are a convenient and quick way to access money while overseas. They come in the form of a visa card that can be used to withdraw money at ATMs world wide. The great thing about these cards is that they allow you to upload the money in the currency you will be using with a locked in exchange rate that will not be affected by the ever changing rates.

Travellers debit cards work in the same way as a prepaid currency card but with the added benefits of a debit card which allows you to purchase good and services at visa merchants all over the world.

Not only are both styles of card convenient and easy to use but you also generally get the added security bonus of a second backup card if you card is misplaced or stolen.

For many cards, if you have money left at the end of your travels, the refund will be paid back at the same exchange rate.

Travelex Cash Passport

Travelex Cash Passports come in either ATM only prepaid travel cards or debit cards. The prepaid travel card is available in Australian, Euros, British Pounds, United States, New Zealand, Singapore or Hong Kong Dollars. Debit cards are available in all the above currencies except Singapore and Hong Kong Dollars.

If your destinations currency is not offered with the cash passport you can get a cash passport in AUS Dollars and it will convert any transactions at the visa exchange rate for that day. This is a great option especially for eftpos as there is no fee for eftpos transactions.

ANZ Travel Card

The ANZ Travel card is a prepaid travel debit card that comes in Euros, British Pounds, United States and New Zealand dollar. The great thing about this card is that there is no transaction fee when you use the card to make purchases.

Credit Card

It’s always good to carry a credit card for any unexpended large expenses.

Tip: To avoid the ATM transaction fees imposed on many cards, get your cash out at places like McDonalds or Supermarkets that offer the cash out option when you make a purchase.

Security Tips

  • Do not carry all forms of money in one place keep them separated. If you carry all your money in one place and it gets misplaced or stolen then you can be in quite a lot of trouble.
  • Always keep a bit of extra cash and a backup card in secret spot in another bag or in your luggage for any emergency.
  • Do not carry large sums of money around.
  • When carrying money use a money belt and only have small amounts of cash in your bag.
  • Always take note of the individual serial number on traveller’s cheques. This will speed up the process of getting them replaced if misplaced or stolen.
  • Keep a photocopy of all your cards along with the contact details of the bank/card company.
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Category: Travel Tips

About onurwaytravel: Colin has been travelling the world with his young family for the past 2 and half years. He runs a couple of websites all revolve around travel, family travel and digital nomadism. His websites include http://ourtravellifestyle.com, http://vagabondfamily.org, http://nunomad.com and now http://on-our-way-travel.com. View author profile.

Comments (3)

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  1. What a great way to introduce a subject. I’d love to find out more about this and to hear opinions from others.

  2. You should also look into the Wizard Clear Advantage Mastercard. From everybody I have spoken to they say it does not attract any foreign currency conversion fees or have an annual fee.

    Most travelers have been topping up the card with credit and using it to withdrawn money at ATM’s and the like escaping fees altogether. I’m yet to use mine but will report back later this year when I head to Europe to see if it is in fact true.

  3. Sasha says:

    Thanks!!! I’ll definately look into it, never heard of it though it does sound good!!! I need to get my act together I’m heading off on my trip end of Feb!!!

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