A&B Financial Planning Blog


Travel Money: What Are Your Options?

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Preparing for overseas travel can be daunting but figuring out how you will pay for things while you're on your trip is an essential step. That's why we've put together this short list of options, with some pros and cons of each.

Cash can be quick and convenient for when you first arrive at your destination, if you need to pay somewhere that does not accept cards as well as in emergencies. It's often cheaper to exchange it back home, before you leave but it does come with a risk if you're carrying too much at once.

Pre-paid travel money cards are safer than carrying cash, allow you to lock in an exchange rate that you can top up on the go and in multiple currencies. This could become a negative though, if the exchange rate improves and your rate was locked in. They may also come with many associated fees to top up and withdraw.

Debit cards don't require any application if you just take the one you already have, unlike a pre-paid travel money cards. Likewise, you don't need to worry about transferring currency, but the fees associated with each transaction can be higher. And unlike credit cards there are no repayments to worry about, but not all stores accept debit cards.

Credit cards are convenient and are often required for rental cars or hotel check-ins. Unauthorised payments are usually covered by the bank, making your money more secure. But cash withdrawals can be expensive, with conversion fees adding up quickly and there are the aforementioned credit card repayments to think about.

It may be necessary to use some combination of these options when you're travelling overseas and you should look into what are the best choices for you, but we hope this has given you a few things to think about for your next trip.

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Disclaimer - Information current at time of publishing - This information is of a general nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on the information contained in this publication. You should read the Product Disclosure Statement (PDS) before making a decision about a product. Copyright © 2016 Matrix Planning Solutions, AFSL & ACL No. 238256. All rights reserved.

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