Travellers, it’s time to test your travel IQ.
Are you savvy when it comes to travelling overseas with money? Do you plan ahead or wing it on the fly? Are you flush with cash or all about credit?
Most travellers are keen as hounds when it comes to tracking down the cheapest airfare or the best hotel deal but when the topic turns to travel money, it’s another story. There is no single right way to access funds overseas that will work for all travellers in all places all the time. Whether it’s a short trip or a long one, where you’re heading, how much you’re taking and the level of security you need are all factors you need to consider.
Cash is not a smart form for the bulk of your holiday money to take. However, it’s not a bad idea to hit your destination with a small amount of local currency. A small supply of US dollars, still the world’s most accepted currency, will usually get you out of the airport and to your hotel.
Travellers’ cheques have lost their lustre now that ATMs are almost universal. On the upside, if you lose your TCs, you only have to contact the nearest office of the issuing authority with the numbers on your unredeemed cheques to get them replaced, usually within 24 hours. If you plan to travel in the Third World for an extended period, a small amount in TCs is a great backup.
ATMs are just about everywhere and they’re by far the most convenient way to access funds when you’re on the road. Provided you have an ATM card that is authorised for use overseas – your bank or financial institution can advise – you’re in the money. Do not rely on your ATM card as your sole source of funds. Plus, you’re better off with more than one card. A cash advance fee and a foreign currency conversion fee apply each time you withdraw.
Quiz designed by our friends at Travel Money Oz.