One of the main headaches when you’re travelling is storing and accessing your money. Dealing with exchange rates, multiple currencies, different banks and other issues can cause some real problems for those who go unprepared. Thankfully, the digital age is making things easier. Here are our tips for keeping track of your funds when you’re jetting around the world.
Sending currency abroad
If you’re crossing borders on a trip, you’ll most likely need to switch currency. This can be a headache. It becomes even more of a problem when you’re thinking about purchasing a property abroad or anything involving large scale currency transfer.
Thankfully, the digital-era has witnessed a handy invention to combat the problem with bank fees on large scale currency transfers. CurrencyFair is a peer to peer transfer service, so you just enter the amount you’re wanting to send abroad and you’re matched with someone who can accept or decline the transfer. It cuts out bank fees and saves money. As of the 27th of August 2015, users have transferred €2,337,284,380 so far saving a total of € 134,669,970
Cash is an essential part of travelling but one that leaves you open to disaster. A robbery or even just losing your money can spell the end of a trip, so ensure you never place your cash in multiple places and hide your back-up supply.
When it comes to currency to carry, Euros, Dollars and Pound Sterling are the strongest currency – so ensure you have some. When looking to exchange, use a currency comparison tool such as moneysavingexpert.com.
If you’re heading to a country with ATM’s (some parts of Africa and Asia still lack ATM’s) then it’s worth carrying a debit card. Not only are they the easiest method of carrying funds, you can withdraw your money from your actual bank in the currency of the country you’re using it in.
With most banks in the UK, you’ll need to tell them you’re going travelling. Then you can just pop in your card, select how much you want and either accept or reject the fee. Mastercard and Visa Debit cards are the best for this as they’re properly connected to worldwide banking networks.
If you run out of cash abroad you can always get a relative to wire you money through Western Union. This can be an invaluable service if you’ve been the victim of robbery and you’ve lost your cards and money, since you don’t need anything to access money sent to you by WU other than ID. An old service that is still relevant in the digital age, it’s definitely something travellers should be aware of. Unfortunately, wiring cash usually incurs a heavy fee.