How to Manage Your Money when Traveling the World
With so many exciting things to see and do when travelling the world, managing your money can be a huge challenge. Justin from On The Rocks Party Halls blogs about if you are not careful, you might even run out of money before you even get to the middle of the journey. And, that could be very humiliating. In the following chapters, we discuss some of the best ways on how to manage your money when travelling the world.
Sometimes, the reason many people spend so much when travelling is because of doing things in a hurry without checking the stakes. Even if you are just exchanging money for local currencies, take time to first find out what different outlets are offering. Buying items or exchanging money in a rush without shopping around could see you lose so much in a short period of time.
Thus, it is always advisable that you first shop around to determine the prevailing exchange rates.
Cash
Although most countries across the world today use electronic payment systems, there are many places whereby cash is usually more cost effective. You can still use US dollars to buy goods and services in most countries but, local currency is more convenient. However, just carry small amounts of cash that you will need for a limited period of time.
Travelers’ Cheque
Travelers’ cheques are safe and can also help you manage your money well when travelling overseas. The cheques can be cashed at banks and currency exchange establishments across the world. Another benefit of travelers’ cheques is that you can cancel them and order replacements in case they are lost or spoilt.
Prepaid Travel Debit Cards
These are considered the modern versions of travelers’ cheques. However, they are little costly than cheques. All you need to do is buy the card and load some money onto it then swipe it just like credit or debit cards when making payments. Travel debit cards are not linked to the user’s bank account, which makes them quite safe.
When travelling the world, it is usually advisable to have a multi-dimensional approach to money management. Debit cards are the best for withdrawing cash while credit cards are recommended for making payment for goods and services along the way. Travelers’ cheques and prepaid cards should mainly be reserved for backup.