If you’re jetting off somewhere with a different currency, you’ll need some money to pay your way. Finding the right foreign exchange provider can be tricky, so we’ve simplified things with our comparisons. Whether you’d like cash, a debit card, prepaid travel card, credit card, cheques or an app, we’ve got it all covered.
While the traditional way of getting travel money is all well and good, there’s a range of digital banks that can make the process even simpler. These include Starling, Revolut and N26. If these new-age solutions float your boat, you can read our guide to learn more about them.
Prepaid travel cards
Prepaid travel cards are widely available. They allow you to load your money to a card and spend it when you’re abroad. As you’re only spending the money you load, they can be good for budgeting.
Every card is different in terms of fees and which currencies it lets you load, so you need to run the numbers to see if this works for you.
Travel credit cards
Some credit cards have no fees for overseas spending, which make them attractive for travel. A downside is cash advance fees, which are charged if you withdraw cash with a credit card, so you’ll still need a way to access cash from another options in this guide. It can be a good idea to have multiple travel money options anyway, so a credit card could work for you, especially if it earns you rewards for spending.
Travellers cheques
Travellers cheques were once a widely used form of travel money, but they’re declining in popularity. While they still exist, they might not be the best option.
They’re an extremely secure method to spend money overseas as they can be easily replaced if lost or stolen, as long as you have a record of the serial number. But you might be charged a purchase fee when you first pick up your travellers cheque, and they’re not accepted in as many places as Visa or Mastercard.
Bottom line: Consider which travel money option is best for you
Do your research to figure out which option will offer you the best bang for your buck.
Some credit cards already offer decent fee-free exchange rates for spending overseas, so check with your credit card provider to see what terms it offers when you use your card abroad. Depending on where you’re going, travellers cheques may be a better option. This could be especially true if you’re going somewhere more isolated, with less recourse for using credit and debit cards.
Wherever you’re going, there’ll be a travel money option that meets your needs.
Frequently asked questions
The exchange rates between different currencies fluctuate constantly and vary between providers. Generally, prepaid cards have cheaper exchange rates than those offered by banks.
Banks with international ATM alliances will allow you to withdraw cash for free. Global lenders like Citi and HSBC have a number of ATMs worldwide, and Citi doesn’t charge for international ATM withdrawals. So, if you’re a Citi customer looking to use your card overseas, head to a Citi ATM. All you’ll pay for the withdrawal is the currency conversion fee.
If you have a travel card with an inactivity fee (a fee charged every month when your account is inactive for a period), you will lose any remaining funds on the card, but your account won’t go into a negative balance. Once the card has no funds left on it, this fee will not be charged.
Usually, the most practical solutions aren’t the most appealing to the eye. Travel money belts keep your money and important valuables and documents safely tucked in a compartment under your shirt to minimise the risk of theft and loss. If security and peace of mind are your first priority when travelling and you don’t mind a piece of fabric strapped around your waist, then investing in a travel money belt will protect your travel money cards and important valuables.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
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Equals Go is a travel card that allows you to exchange currencies when the rate is favourable, allowing you to plan ahead and save money on your travels.
Understand the basics when it comes to travel money and everything you might need to consider before you purchase it with the help of this handy guide.
From contactless payments using a smartwatch or fitness tracker to getting creative with what you use for your “wallet,” we rounded up six ways to carry your currency when traveling to avoid having your money stolen.
Taking a travel card is less stressful than taking a regular bank card and there’s also savings to be had. Find out if a prepaid travel card is right for you before booking your trip abroad.
26 Responses
JaneJune 22, 2017
Do ATM’s in Sri Lanka accept Mastercard affiliated cards?
Thanks
Finder
AnndyJuly 21, 2017Finder
Hi Jane,
Thanks for your question.
MasterCard is widely accepted in Sri Lanka. You should have no problem using Mastercard cards in the country.
Cheers,
Anndy
StuartJune 14, 2017
I’m going to Lagos, Portugal in July… I have an RBS Visa debit card. What should I look out for when using ATMs?
Thanks
Stuart
Finder
AnndyJuly 23, 2017Finder
Hi Stuart,
Thanks for your question.
Visa cards are widely accepted in Portugal. You can look for ATMs with Visa logo to use it.
Cheers,
Anndy
JaneSMay 3, 2017
What’s the best way to take money to Rhodes, Greece? I am thinking of taking half my money in cash, and half on a prepaid card: Do restaurants and bars readily accept cards?
Finder
AnndyAugust 1, 2017Finder
Hi Jane,
Thanks for your question.
If you are looking to travel to Greece, you may compare your travel money options here.
Visa and MasterCard cards are widely accepted in Greece.
Cheers,
Anndy
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Do ATM’s in Sri Lanka accept Mastercard affiliated cards?
Thanks
Hi Jane,
Thanks for your question.
MasterCard is widely accepted in Sri Lanka. You should have no problem using Mastercard cards in the country.
Cheers,
Anndy
I’m going to Lagos, Portugal in July… I have an RBS Visa debit card. What should I look out for when using ATMs?
Thanks
Stuart
Hi Stuart,
Thanks for your question.
Visa cards are widely accepted in Portugal. You can look for ATMs with Visa logo to use it.
Cheers,
Anndy
What’s the best way to take money to Rhodes, Greece? I am thinking of taking half my money in cash, and half on a prepaid card: Do restaurants and bars readily accept cards?
Hi Jane,
Thanks for your question.
If you are looking to travel to Greece, you may compare your travel money options here.
Visa and MasterCard cards are widely accepted in Greece.
Cheers,
Anndy