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Best Money Instruments To Carry While Travelling Abroad

As senior citizens plan to travel abroad, they must consider carrying suitable money instruments that offer convenience, safety, and cost-effectiveness

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Amit Sethi
June 3, 2023
Best Money Instruments To Carry While Travelling Abroad

Travelling is a great way to enjoy retirement life, experience amazing things and create beautiful memories, but it can be challenging for senior citizens if not planned properly. Individuals, especially senior citizens, may face trouble regarding payments, managing finances, etc., in a foreign land. Thus, it becomes vital for senior citizens to carry money instruments that cater to their specific needs. Let’s go through some of the best money instruments senior citizens should carry while travelling abroad.

Credit Card

Credit cards are widely recognised throughout the world, so they are one of the popular choices while travelling. They provide advantages like protection from fraud, cashback rewards, and travel insurance. However, before using a credit card, it’s crucial to review the overseas transaction fees and currency conversion rates. Additionally, you must inform your bank of your foreign travel plans to prevent your card from being suspended in the confusion of unauthorised use.

Debit Card

Debit Cards are another extensively used form of payment that enables you to withdraw cash from ATMs while travelling overseas. To prevent your debit card from being blocked, it’s essential to ensure it can be used at overseas ATMs and to let your bank know about your trip plans. Before using your debit card abroad, it’s crucial to check with your bank to see various international charges levied on transactions like cash withdrawals and merchant payments.

Prepaid Travel Card

A sensible option to take numerous currencies at once is using a multi-currency forex card. Additionally, prepaid travel cards protect travellers from foreign exchange fees, currency volatility, and minimum transaction fees while using pre-paid forex cards at ATMs abroad. Even free travel insurance is offered by several banks when purchasing travel cards. Additionally, you can lock in the currency exchange rate before departure, minimising the possibility of dealing with unforeseen circumstances.

Traveller’s Cheque

A traveller’s cheque can be utilised to make transactions or cash out while travelling overseas. They can be easily replaced if lost or stolen, and some even carry perks like travel insurance. However, traveller’s cheques have become less in use and may not be accepted everywhere.

Cash

When visiting a foreign nation, you should have a limited amount of foreign cash. Local currency can be a good choice to pay for necessities like meals, beverages, short travel, etc. Cash is useful when cards and cheques are not accepted. In general, a 75:25 should be the card-to-cash split.

Carrying a combination of cards, cash, etc., while travelling abroad can ensure senior citizens greater flexibility and access to money in emergencies and for daily expenses. It’s important to be aware of the fees and benefits of each option and choose the ones that best suit your needs.

 

The author is an Independent Financial Journalist.

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