Travel Money

On this hub page, you will learn about the considerations needed when organizing travel money before a trip. We will compare banks and specialist money transfer companies for travel. Finally, we provide three money transfer services that you can use on your next trip.

Updated: 28/09/2022

Read time: 7 minutes

At a Glance

Introduction to travel money

Having access to money when traveling is vital for a stress-free trip. Ideally, you should have more money than initially predicted to have a cushion for unforeseen circumstances. You will learn on this hub page that there are multiple considerations to make when traveling. This includes FX rates, transfer speed, and how much money to take.

You will also learn that money transfer companies make traveling a lot easier. They offer vital benefits such as competitive FX rates, fast transfer speeds, and travel-friendly credit cards. We will share a few companies that you can use today for traveling to save time researching the options out there.

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Travel money top considerations

We understand that figuring out the top considerations can be confusing when organizing travel money. Therefore, this section provides an overview of what you should think about before leaving home.

FX rates: without choosing the best currency conversion methods, you can lose a lot of money. You need to think about whether it is best to convert currency back home or destination. Consider using money transfer services like Wise and Xe, which match the mid-market rate.
How much money to take: there are laws regarding how much money you can legally take with you when traveling. You need to learn the limits so that the cash is not confiscated when traveling. Also, make sure that you have some money in the local currencies to have backup options if you lose access to cards and the internet.
Fees: consider the fees associated with your bank or money transfer company when traveling. Find out if your bank has ATMs in other countries that provide fee-free withdrawals. Minimizing expenses during your travels can save you a lot of money.
Transfer speed: It is essential to get money quickly if you need extra funds when traveling. Specialist transfer providers like WorldRemit, Wise, XE, Currencyfair, Currencies Direct, Key Currency, Instarem and TorFX provide instant transfers that enable you to get money right away.
Plan your travel: good planning of your travels allows you to determine how much money is needed. Therefore, you can avoid desperately looking for extra cash that comes with higher fees.

Banks vs. money transfer companies for travel money

You can rely on banks or money transfer companies when traveling. The advantages of using money transfer companies are numerous. They include worldwide coverage of fast transfers. Also, you can get good FX rates for acquiring local cash. You may also have access to credit cards that come with the perks for traveling.

Banks are a good choice if the country you travel to has local bank branches. Customers that prefer to handle transactions with the help of a branch have the option. Banks may also provide ATMs with fee-free transfers of large amounts. In contrast, money transfer companies have a fee when withdrawing money using 3^rd party ATMs.

How to choose a credit card for travel

It is important to have access to a travel-friendly credit card. This allows you to pay for products, book hotels rooms, and withdraw cash in various currencies. When choosing a credit card, consider the extra perks for travel. For example, some might come with a cashback system when using companies like Airbnb or Booking.com. Cashback can be as big as 10%, which adds up for those who travel frequently. Also, note that cashback and loyalty programs typically provide rewards that can be spent at a later date.

Credit cards can provide low fees when withdrawing cash from ATMs. Learn the daily withdrawal limits to learn more about your access to physical cash. Furthermore, you should consider the interest rate and charges with a credit card. Finally, plan to make the monthly repayments on time to avoid huge fees.

How to choose a money transfer company for travel

Choosing an industry-leading money transfer company can distinguish between money problems and a stress-free trip. The best travel-friendly companies provide access to money in various ways. This could be in the form of physical cash, credit cards, and money transfers.

Additionally, look for extra features that may come in handy when traveling. This might be travel insurance that can help cover medical costs. Note the extent of the medical insurance to understand what problems can be covered. Credit cards with low fees abroad are also great for traveling. These enable you to get cash without incurring high fees.

Do not forget to read about the reputation of a money transfer service. Visit websites like Trustpilot and social media portals. Read the customer reviews to find out what experiences you can expect. You may learn about the pros and cons that highlight what features match your expectations.

Top 3 money transfer companies for travel money

We understand that it can be tricky to find money transfer companies that match your needs. Therefore, we present three top-tier options that travelers worldwide use for various reasons. Choosing any one of these specialist transfer providers is a smart decision.

1. Xe

To enjoy competitive FX rates worldwide, choose Xe. They are an excellent service if you want to access currency conversions without huge losses. Look at the conversion rates for the currency pairs that are relevant to your travels.

Multilingual support is provided, which means that you can get help if English is not your native language. Furthermore, help is 24/7, and they are fast to respond. This is important when traveling because you may need assistance quickly in an emergency.

2. Wise

Choosing this industry-leading company enables you to enjoy low and transparent transfer fees. Wise does a great job of providing transparency at every step of the money transfer process. In addition, it means that you can compare costs when deciding between money transfer companies.

Also, there are multiple payout options, so you can get cash if required. Wise offers fee-free transfers worldwide for specific currencies. However, there is a limit to how much money can be withdrawn without fees. Wise also matches the mid-market rate for many transfer pairs, ensuring that you can get the best deal.

3. WorldRemit

You can use WorldRemit when traveling because it has many payout options. This allows you to get cash or transfer money to a local bank. Flexibility when traveling is vital to have options. Also, the fees are low, which makes transferring money a good deal compared to banks.

The extensive global network of 150 countries means that travelers can use WorldRemit in many places worldwide. They are also a good choice if you want a high-quality mobile with full functionality.

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Written by
April Summers

April is a trained journalist and the Content Editor for MoneyTransfers.com. She has 10 years experience writing about a diverse range of subjects, from financial services to arts and entertainment. When she’s not writing about global remittances she can be found daydreaming about her next holiday abroad.