Nov 19, 2022
Who doesn’t like to go on an international trip? Of course, we all do. While travelling abroad comes with its own sets of excitement and thrill, we often forget to focus on some of the basic yet fundamental aspects of an international visit and end up spending extra. One such aspect is the type of travel currencies/payment methods we could carry/use on an international trip that can save us big bucks. We have listed a list of payment methods with their respective pros and cons for you to decide wisely.
FOREX CASH
Pros:
- Comes in handy and saves you from frequent ATM visits
- Accepted almost everywhere
Cons:
- Additional fees have to be incurred to exchange the currency
- Not always safe to carry
- A faulty ATM or no ATM can leave you with no money
FOREX CARD
Pros:
- Widely accepted
- Safe way to carry multiple currencies
- Exchange rates are frozen at the time of purchase, and it does not fluctuate with the market rate
Cons:
- Beware of hidden charges such as balance enquiry charge
CREDIT CARD
Pros:
- Easy to carry and might reward you for purchases
- You may get additional benefits such as free travel insurance
- Easy to block the card if it gets lost
Cons:
- Not widely accepted
- Might levy extra charges such as Dynamic currency conversion fee, merchant fee, withdrawal fee etc
- Can’t spend beyond your credit card limit
DEBIT CARD
Pros:
- Easy to carry
- No extra charge to procure the card
Cons:
- Not widely accepted
- Limited spending allowed according to account balance
DIGITAL WALLETS
Pros:
- It’s contactless and faster
- Highly secure because of the features like two-factor authentication or Face ID unlock
Cons:
- Most Indian digital wallets or accounts might not work abroad, so keep a backup if you’re counting on this
Good resource!