Travel money – cash or card When it comes to transporting money on a trip, travellers have a variety of options. While some people prefer to use traveler’s cheques, cash passports, reloadable prepaid cards, and other cards, the majority prefer use cash which is very easy but somehow risky.
Depending on your sort of travel, one of the two possibilities is an excellent choice. When travelling for work, I believe I will prefer to use a Visa card, and when backpacking through Bali I will want to use cash.
Mrpocu.com will narrow them down to cash and card in this article. Visa and MasterCard are the most commonly used cards. These cards are linked to the cardholders’ bank accounts, allowing them to make purchases straight from their bank accounts. When deciding how to take money on a trip, several issues come into play. The remainder of this essay will assist you in making your decision.
Better Exchange Rate
Carrying cash or a visa card can help you get a better exchange rate, but it all depends on when you’re travelling. Travelers can compare the market exchange rate to the fees charged by banks for foreign currency transfers. If carrying cash becomes more cost effective, then do so.
The rate you’ll earn for Visa card transactions can be seen on Visa’s official website.
If I were to fly from Ghana to the United States today, the cost of exchanging Ghana Cedis for a US Dollar at the market would be GHS 7.51per $1. The visa website also informs me that transactions made with my card would be at a GHS 7.86 per $1 exchange rate. As a result, the best option is to travel with cash.
Security and Safety When carrying Visa Or Cash
Travelers are typically cautioned not to carry too much money on them for security and safety reasons. Travelers who are concerned about their safety and security should only bring a small amount of cash and a few credit cards. If you are obliged to take too much cash for some reason, only take what you intend to use that day. People carrying too much money in some nations, such as South Africa, are subjected to interrogation and their assets may be seized.
You are at risk if you overexpose your bank cards, although it is not as dangerous as carrying too much cash. After each journey, travellers are urged to cancel their cards and replace them with new ones. When a card is taken, it is simple to notify your bank and have it blocked, but when cash is stolen, it is gone forever.
Traveling With Card – Pros And Cons
Most online transactions only require the card number, expiration dates, and CVV code to authorise payments, so card theft cases are on the rise. The more you use your card for offline purchases, the more likely it is that someone will steal your information.
Because credit cards are tied to your bank accounts, sticking to a vacation budget becomes tough. You’re compelled to go shopping and spend money on things you didn’t plan for.
The benefits of bank cards come into play when you find yourself in a scenario where you are required to pay for mandatory fees that you were unaware of. In the event of unanticipated circumstances that require you to spend more than you planned, a bank card can be a lifesaver.
The traveller does not appear suspicious to security agents when using a bank card. The traveller’s security is maximised because a stolen card can be instantly banned by calling the bank. Most banks, like as Ecobank, have 24-hour customer support, and cards can be blocked at any time of day or night.
When you have to pay for part of your trip online, credit cards become more convenient. When you pay for your hotel and excess luggage online, you always get a better deal.
Some ATMs have additional fees that aren’t displayed on the Visa website while you’re looking for an exchange rate. The issue here is that some charges are not immediately visible. You only return from a trip to discover multiple bank account deductions.
Travel Card – Pros And Cons
Carrying money to a country that doesn’t accept the currencies you have can be quite costly. If you are travelling to the United States, the United Kingdom, or another European country, you may easily acquire Dollars, Pounds Sterling, and Euros, and you will not have to convert currencies once you there. If a Ghanaian wants to travel to Kenya with cash, he or she must first convert Ghana Cedis to US Dollars, then back to Kenyan Shillings once they arrive in Kenya. The various adjustments are accompanied by losses, as forex bureaus earn from each transaction.
As the world becomes more cashless, being seen with more cash makes you suspicious. Travellers with more money are more likely to be probed by security authorities and are also more likely to be targeted by criminals.
What You Should Know
Everyone travel definitely and using any can help you. As I said earlier, if I’m traveling for business I will love to travel with my card and if I’m backpacking through Bali I will use some cash. But in all if you plan to travel by card, bring some cash with you because some services, such as taxi trips in particular countries, cannot be paid for with a card.
Using bank cards abroad has never been cheaper after September 2014. Since 2014, exchange rates on card transactions have been higher than those offered by forex bureaus. Until this changes, travelling with cash will continue to be less expensive than travelling with a credit card. Card can be a letdown and cause you to be unable to work in another country. So, if you plan on using your card during your vacation, bring two or three cards from various banks; if one fails, the others may be able to help.
So go with cash and cards to back it up. Carry only a small amount of cash at a time.