The 2 Best Ways to Access Your Money While You Are Traveling

There is nothing quite like traveling the world and seeing everything there is to see and learning about all there is to learn about. There’s also nothing like bank fees. Unfortunately, the two often go hand in hand. The reason is largely that most inexperienced travelers are unaware of other and better ways to access their money while abroad.

International Money Transfer and Collection

The business of international money transfer has come a long way since you used to have to wait days or even weeks to send and collect money while abroad. Sending money abroad is quite simple; visit the Groupon Coupons page for Western Union, choose how you will pay, choose what currency you need, and then complete the details of the recipient.

For example, if you are traveling in India, you can easily use the website to send yourself money from your bank account directly to a participating convenience store on the corner near your accommodation. In fact, there are many hotels and hostels who are registered as agents and can provide you with your funds.

The main benefits of this method are:

  • You can transfer as little or as much as you need to as you travel\
  • You receive a good exchange rate
  • The fees are low or even free during promotions
  • The process is easy
  • The transfers are immediate
  • No bank/ATM fees

If there was to be a negative, it would be the availability to collect your money as you need to locate a participating partner. However, it’s a safe bet that anywhere you can find an ATM, you can find a place to receive your money

Traveler Card

While it may look like a regular credit card, a traveler card works very differently. With a traveler card you, you can preload it with funds in a range of currencies at a locked exchange rate.

For example, if you have $1000 domestic currency to spend, you can choose to load your card with the equivalent of $500AUD and $500GBP. This transaction is done immediately and your funds are ready on your card already exchanged. Each time that you swipe your card in Australia, money is taken from your AUD. Similarly, when you then travel to the United Kingdom and swipe your card, GPB are used.

The main benefits of this method are:

  • You know just how much local currency you will have before you travel.
  • There are no exchange fees as the funds are converted when you load the card.

There are some negatives, however:

You will need to pay a percentage fee each time that you load new funds

The exchange rate is not always in line

When it comes to traveling internationally, you are always going to need to pay fees and receive exchange rates under the business standard. However, it’s important to remember that this is all part of traveling, and the businesses that you are paying for are actually providing you with a valuable service.

Post Author: Bill Richardson