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 with multi-currency accounts are make traveling a lot easier. They offer vital benefits such as competitive FX rates, immediate access to different currencies, and travel-friendly ATM use.
Top currency transfer guides for travelling abroad
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.
Top options 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.
You can open a Wise multi-currency account that lets you exchange over 40 different currencies and hold them in the same place, ready to spend. You’re charged the mid-market exchange rate with a fixed fee, and you can order the Wise payment card for a one-time fee of $9.
You can then use your Wise card to spend like a local while you’re abroad, with no fees or exchanges, provided you have enough of the correct currency in your account.
With the Revolut multi-currency account, you can store up to 28 different currencies at once, all in the same place. Exchange the amount of currency you’ll need for your holiday and it’ll be ready to spend when you arrive. Revolut offers a free card that lets you spend like a local in some countries. Just make sure you have enough money in your account.You can take out money from ATMs in the network with your Revolut card without fees. Just make sure you have enough of the currency you want. Out-of-network ATMs have a free withdrawal limit of $400 or currency equivalent, with a 2% fee being added if this limit is exceeded.
Banks vs. money transfer companies for travel money
You can also 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 3rd party ATMs.
Best money transfer companies for international transfers
Best banks for international transfers
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.