Questions such as “How much cash do I carry?” on my vacation, “Do I exchange currencies at home or at my destination?“, or “Where do I put all my cash?” are very important. Before you go on your trip, you need to make sure that you always have some money on you and are able to get more in case of emergencies. Here follow a few tips on how you can make your money management safer and more effective.
How to carry your travel money:
My suggestion here is: diversify! Do not just take one credit card and be done with it. If you have more than one option to choose from, you’ll be ready for most emergencies. So take the following with you:
- One credit card
- One debit card
- Cash (not too much – you can always get more if you need it)
- Maybe a travel money card, if you are going on a longer trip
That way, if a card is being hacked or stolen, you will still have plenty of other options. Just make sure that you don’t have all your cards and cash in the same place. Here’s what I usually do: One card is in my wallet together with my cash. Another card is somewhere hidden in my carry-on backpack. And then I put the rest of my cash together with a third card into my check-in luggage. Which currency do I use? Usually I take only a little cash in my home currency with me (about 50 EUR). As soon as I arrive, I go withdraw more money in the country I’m visiting.
How to use ATMs and Credit Cards around the world:
Before you leave for the big trip, do some research on the ATMs at your destination. These should be linked to either of the following three networks:
- PLUS (Visa)
- Cirrus (MasterCard)
- Maestro (MasterCard)
These networks allow you to access money anywhere in the world. So make sure that the Cirrus, Maestro or PLUS networks are available in the country you are going to visit. If you can, take both a Visa and a MasterCard. Even if Visa usually works everywhere, if you carry both you are on the safe side.
Where to use which form of payment:
Should you pay cash, with a debit card or a credit card? This really depends on the circumstances. Let me give you a few tips on where to use which form of payment.
- You should pay tickets and online reservations with your credit card.
- When buying something on a market, use cash or your debit card.
- Do not use your credit cards for purchases. Why? If somebody can see your debit card, they can obtain the information, get access to your account and use it for any kind of online purchase.
- Use your debit card to withdraw cash – but make sure there is a security camera at the ATM.
And one last advice concerning your accounts: Before you go, inform your bank that you will be abroad. This reduces the likelihood of them freezing your account due to unusual transactions.
