When planning to travel internationally, one of the most important considerations is determining how you’ll pay for things once you get there. Unless you’re planning to stay the entire time at an all-inclusive resort, you’ll want to research the best payment options to utilize for financial transactions abroad. The various options may involve additional fees or security risks, so the best strategy is to know before you go.
Money Transfer Services
Some travelers choose to utilize a service such as Ria Money Transfer to send money from their home currency into the currency of their destination quickly and easily. You can pick up the funds at a designated location in the country, or you can simply have the funds transferred to a mobile wallet on your phone. Fees often apply for transfers and currency exchange, so do your research ahead of time so that you understand the total cost of the transaction.
Credit Cards
Credit cards can be as handy to use internationally as they are to use at home. Keep in mind, however, that some card companies may disallow international transactions. Be sure that your card doesn’t have any such stipulations before depending on it when you travel abroad.
Your card may also charge additional fees when utilizing it to make purchases in a foreign country. Consider these fees when deciding which payment option is best. It may not seem like a lot, but even a 1% fee on each transaction can really add up by the end of your trip.
Traveler’s Checks
With the growing popularity of credit cards and mobile payment options, many vacationers don’t rely as heavily on traveler’s checks as in years past. However, they are still a viable option for purchasing goods and services abroad, and can also be exchanged for local currency in the destination country.
If lost or stolen, traveler’s checks can be easily canceled and replaced by the issuing bank or credit union. They are not linked to your personal information or to any bank account or line of credit. If you’re especially worried about identity theft, traveler’s checks may be an appropriate option.
Prepaid Debit Cards
For travelers on a fixed budget, a prepaid debit card may be an appealing means of payment while on vacation. You can load the card ahead of time with the maximum amount of money that you’ll allow yourself to spend, and many of these cards allow you to track those expenditures online. Be sure to check that the debit card can be used internationally, and be mindful of monthly and transactional fees.
Whether you’re planning a quick cruise to a tropical island or a weeks-long tour around another continent, you’ll need to research the safest and most cost-effective way to pay for items abroad. While being mindful of transaction and currency conversion fees that card companies and money transfer services may charge, you’ll also want to value security and ease of use. Each method has its pros and cons, but with a little forethought, you can determine the best option for you.