You have to spend a bit of time thinking about how you will handle expenses while you’re abroad, and whether or not to use cash or cards while traveling.
Traveling to a new location can be exhilarating but also a bit intimidating. You have probably already spent a good time preparing for your trip, from booking transportation, to accommodation and activities. After that, you will also have to spend a bit of time thinking about how you will handle expenses while you’re abroad, and whether or not to use cash or cards while traveling. The best time to start thinking about money is before spending it. Read on to learn more!
What’s Better for Travel, Cash or Card?
Is it better to travel with a credit/debit card or local cash in the country you’re going to? Many people think it is better to take cash out of local ATMs when you show up at your destination to save on exchange fees and other credit card fees. On the flip side, others prefer using a credit card while traveling since it can be a lot more reliable and earn you points on your account. There are pros and cons of using both.
Pros and cons of using your debit or credit card abroad:
- Pros: it might offer a better exchange rate than while using cash, if lost or stolen, a card is easier to replace, they’re more secure than carrying cash, plus you get points on your card that can be used for future expenses
- Cons: If you forget to alert the bank, your charges can be flagged as fraudulent, and your card could get shut off, you could also be charged international transaction fees
Pros and cons of using cash abroad:
- Pros: avoiding international transaction fees, you will always have money for tips and cash-only stores, supports the local economy better, can order local currency in advance from your bank too.
- Cons: less secure than carrying cards, ATM fees and account fees for cash withdrawals abroad might end up being huge, and it is hard to know how much you will need, potentially leaving you stranded if ATMs are scarce.
How Much Cash Should You Carry?
If you’re going all cash or even part cash then making a budget is essential. As a rough estimation, bringing about 50 to 100 dollars per person for every day that you’ll be on the road is a good idea. This should cover your basic accommodation, drink, food, and transportation costs. Of course, this amount can vary depending on the destination and your travel style. Consider calculating the maximum amount you have to spend for the trip and then divide it by the duration to get your own daily budget!
Explore the World with AESU!
Are you ready to plan the adventure of a lifetime? AESU offers unique, thrilling travel programs for college students and young professionals at affordable rates. Each trip is action-packed and informal—designed just for people your own age. We are also able to design custom tours just for your group.
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