Want to take some break from your busy life? Whether you jetting off for a vacation or business trip, you will have to know the best way to use your money over there. You have to know how you end up with your spending on bank fees for your money transfer and use of cards. Here are some tips for the best way to spend your travel money.
Take cash abroad
This is the easiest way to keep your expenses in control is by taking your travel money in the form of cash. If you carry substantial cash in your wallet will let you know how much you can spend. But keeping cash alone is not a safe idea you must carry your plastic card along with you too in cases of emergencies.
Many currency exchange services offer ‘zero fees’ with a little profit in the exchange of cash where the money on the exchange will less than the real mid-market. Always try to carry a small amount destination currency. It is good to search for the best deals to buy your foreign currency before you plan for a trip.
Use a credit card or debit card
It is not that tricky to find the card’s on the Visa or MasterCard in other countries where you can withdraw some cash. This is one of the cost-efficient ways to get at your money when you’re abroad. But it’s not free, Most of the banks In UAE will charge you up to 2 or 3 per cent of your expense as processing fees each time the card is used.
By using your plastic cards will secure your money and also will let you cut the cost of your spending abroad.
Pay in the Destination currency of that country only, pay in the local currency. If you don’t, you get charged a higher rate to convert to your home currency.
Use a prepaid card
Some banks will provide this type of prepaid cards like credit cards, but with some exception where you need to top up the account with funds before you can use them rather than spending money and paying it off later.
But there is some negative also that prepaid cards aren’t accepted as widely as credit or debit cards, so before getting one you should find out how much you’ll actually be able to use it once you’re there.
You can get travel money in the form of travel cheques also. The travel cheque works by converting your present money into foreign currency as a cheque, you’ll need to cash once you’re safely in your destination country.
This cheque can be easy to cancel in case of theft or get lost. What’s not so great is that you’ll need to work out how to cash them once you’ve arrived.