Best Ways to Carry Foreign Currency on an international trip
Even though Covid-19 is still a threat, Monkeypox is a new global threat, and the Indian rupee is falling against the dollar, many Indians are still going abroad. No matter what, you need to figure out how much money to bring before you travel. And, what's more important, how you should carry that money.
Before You Go, Get Cash
You can withdraw money before you go. The problem is that you carry much money you need to keep safe. Some companies will also give you better deals than others. Online companies like Travelex and ICE will provide great rates, but if you have little money, they will charge you a lot for shipping. Airports have the highest prices. Most of the best deals you can find offline are at the Post Office, which charges no fees and has reasonable rates.
A forex card works the same way as a debit card. It comes with your choice of foreign currency already inside. When you buy something abroad, all you have to do is swipe your card at the register. The money will be taken out of your account, and the forex balance on your card will go down.
Most banks offer forex cards, such as Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, RBL Bank, etc. Travel companies and places that trade money, like Thomas Cook and BookMyForex, also sell forex cards.
Before, most forex cards were just for one currency. You could just put one foreign currency on your card. But now things are different. Multi-currency cards are made by most banks these days. For example, one can load HDFC Bank's forex card with up to 22 currencies. A forex card from Axis Bank can hold up to 16 foreign currencies, while a forex card from BookMyForex can hold 14 of the most important ones.
Checks for travelers
A traveler's check is another pre-paid cash that can be used as a backup plan if an ATM doesn't work on a trip. These are much safer because they are easy to replace if someone steals them. A traveler's check is one of the best things to have in an emergency. One can turn money into traveler's checks, which can be canceled immediately if lost or stolen, which is a big plus. The biggest problem is that you have to pay a commission when you buy them and a higher rate when you turn them into foreign currency.
Pre-paid cards are simple. Multi-currency pre-paid travel cards are popular with people who travel abroad because they let you carry more than one currency at once. Also, travelers who use travel cards don't have to worry about currency changes. You can put any currency on them and use them at ATMs and stores while traveling. You can also add money to your card online or over the phone. On the other hand, most of these cards have high fees for any use, so make sure to read the fine print before you swipe them.
You can always swipe your regular credit card like you usually would. Just make sure to use one made to be used in other countries. If you lift the wrong kind of card in a foreign country, you could get colossal interest, hefty loading fees, and crazy rates, plus a $4 fee every time you swipe the card.
Debit cards are a great way to exchange foreign currency for local currency. Most of the time, they are also the easiest and cheapest way to get cash overseas. So, even in a city you have never been to, you can easily use your debit card at any ATM to get some money when needed.
Transfers to a Third Party
Third-party transfers are done through companies like Remit Compare, where you send money to an account in the country you're going to before you leave. It is easy to do, takes a few hours to a day to process, and costs less than transferring money through a bank or credit union.
As the world moves toward digital solutions, apps that send and receive money are becoming more popular. One can do this with Google Wallet, Apple Pay, or other similar online wallet services. When you want to pay for small things like restaurant bills or taxi fares, these e-wallets can help.
When you travel, you can carry cash in several different ways. Money is the easiest, but it is clear that it is also the worst. Traveler's checks, pre-paid cards, and forex cards are easy to use and cost money, so many people don't bother with them. Credit cards might work if you know how to use them right, and third-party transfer companies might also work if you pick the right one and compare rates.