The cheapest way to manage money overseas
With travel cards and ATMs aplenty the world over, when it comes to managing money while travelling today we have more options at our disposal than ever before. But some options work out to be much cheaper than others.
But which option gives travellers most bang for their buck?
We’re going to look at the different ways travellers can manage money overseas so you can figure out which option works best for your next holiday.
1. Prepaid travel cards
Increasingly popular with overseas travellers, prepaid travel cards like the Over60 Cash Passport™ give you the opportunity to manage multiple currencies on one card, with the option to top up at anytime. Furthermore, with the Over60 Cash Passport you can load up to 10 currencies at once. These cards have the advantage of locking in an exchange rate* before you go.
For a limited time, for new customers who buy an Over60 Cash Passport you’ll receive a bonus $25 to spend on whatever you want. The offer is valid between 26th May to September 30th 2016* and all you have to do is load a minimum of $1,500 AUD in foreign currency. To sign up for an Over60 Cash Passport and redeem your $25 bonus click here.
2. Credit cards
Another popular option with today’s travellers, credit cards are useful for larger holiday purchases with the added advantage of accumulating reward points. The problem with using credit cards is you’re at the whim of fluctuating exchange rates. A combination of withdrawal and transaction fees can also see you spending more when all is said and done.
3. Traveller’s cheques
Once all the rage for people headed abroad, traveller’s cheques are fast going the way of the dodo, mostly due to the widespread proliferation of ATMs. That being said, traveller’s cheques do have some advantages. For example, if you lose one of your cheques and can get into contact with the issuing authority it can generally be replaced within 24 hours.
4. Cash
Probably not the smartest money-management option when it comes to the lion’s share of purchases you will make overseas, cash is especially vulnerable to theft and damage. By the same token, it’s generally not the worst idea in the world to have a small portion of local currency on hand, particularly if you find yourself in a tricky bind. You never know when you’re going to find yourself in a situation where you can’t find an ATM.
How do you like to manage your money when you’re headed overseas? Are there any methods that you find especially effective (or you wouldn’t use again)? Please share your story in the comments below.
No matter where you’re travelling to, making sure you know how to access your cash while away – and in the most affordable way – is very important. Easy to use and with countless benefits, the Over60 Cash Passport allows you to securely access your cash in the same way you use an ATM or credit card. To apply for an Over60 Cash Passport, click here.
*The prevailing exchange rate is locked in for the initial load value only. Subsequent card reloads will be processed at the then prevailing exchange rate on the day of the reload transaction.
**For new customers only. For more information and full Terms and Conditions, click here.
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