Finding the right foreign exchange provider can be tricky, so we’ve simplified things with our comparisons. Whether you’d like cash, a debit card, prepaid travel card, credit card, cheques or an app, we’ve got it all covered.
While the traditional way of getting travel money is all well and good, there’s a range of digital banking apps that can make the process even simpler. These include Starling & Revolut. If these new-age solutions float your boat, you can read our guide to learn more about them.
Prepaid travel cards are widely available. They allow you to load your money onto a card and spend it when you’re abroad. As you’re only spending the money you load, they can be good for budgeting.
Every card is different in terms of fees and which currencies it lets you load, so you need to run the numbers to see if this works for you.
Some credit cards have no fees for overseas spending, which makes them attractive for travel. A downside is cash advance fees, which are charged if you withdraw cash with a credit card. Even if your card waives this fee, you will still be charged interest from the moment you withdraw your cash (even if you repay your balance in full that month), so you’ll still need a way to access cash from another option in this guide. It can be a good idea to have multiple travel money options anyway, so a credit card could work for you, especially if it earns you rewards for spending.
Some high street banks also offer debit cards that won’t charge you for spending or withdrawing cash on your card overseas. And, unlike credit cards, you won’t be charged interest either.
Travellers cheques were once a widely used form of travel money, but they’re declining in popularity. While they still exist, they might not be the best option.
They’re an extremely secure method to spend money overseas as they can be easily replaced if lost or stolen, as long as you have a record of the serial number. But you might be charged a purchase fee when you first pick up your travellers cheque, and they’re not accepted in as many places as Visa or Mastercard.
Do your research to figure out which option will offer you the best bang for your buck.
Some credit cards and debit cards already offer decent fee-free exchange rates for spending overseas, so check with your card provider to see what terms it offers when you use your card abroad. Depending on where you’re going, travellers cheques may be a better option. This could be especially true if you’re going somewhere more isolated, with less recourse for using credit and debit cards.
Wherever you’re going, there’ll be a travel money option that meets your needs.
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