Ever want to travel the country, the world? Traveling is a fun and exciting thing for everyone but one thing that cannot be gotten away from is that it is expensive. While you can try and find ways to cut costs here and there you will still probably be facing a pretty steep budget no matter what. One of the best things you can do though is to decide which type of currency to bring with you.

The three main types of currencies that are frequented the most are traveler’s checks, credit cards and debit cards. But before you go out applying for credit cards or making a rash decision you should look for the best option. You should be looking for the best exchange rates, the most money saving and the most convenience way possible of traveling and purchasing.

Credit cards

Just look around. You will see hundreds of credit card offers stuffed in your mailbox and hundreds of advertisements screaming for you to fill out an online credit card application for instant approval. Since credit cards are the ‘new thing’ it seems as if they would be the perfect travel companion. And guess what — they are! The reason is that they are incredibly convenient and can be used nearly everywhere. VISA credit card or MasterCard it doesn’t matter it is accepted millions of places worldwide.

Another great feature of the best credit cards is that they give you the best exchange rates. If you are in a different country and need to access some foreign currency then using your credit card will give you the best rates. When you fill out your bank credit card application you are being promised these great rates and you will get them. Along the same page you can use your credit card for purchases and for getting cash quickly. If you don’t have an ATM card on you it is possible to use your card for cash advances. You’ll have to pay extra to use this feature but if there is an emergency you can always do it.

When people travel they often put all of their purchases on their credit card because it serves as a great budgeter. You can have a complete record of all your purchases, sorted by date, without ever having to save a receipt! As long as you can keep yourself away from impulse shopping you will be able to budget efficiently.

Now finally, credit cards are great because you are not liable for more then $50 if your card is lost or stolen. With debit cards you can be totally wiped out; with cash you can lose it all; but with credit cards no matter how much is purchased without your knowledge you will only be liable for up to $50! If you currently don’t have a credit card then look online for credit card applications or look for VISA credit card applications in the mail.

Reasons against using credit cards

While they are often billed this way, credit cards really aren’t accepted everywhere! While sure, you’ll probably be able to use your card at nearly all retailers worldwide there are still many rural areas that don’t accept credit cards. Even in the United States there are many small stores that don’t take credit cards!

A second disadvantage would be that by using a credit card often, you will have a much better chance to overspend or live beyond your means. Unless you’re a much disciplined person you will have a hard time controlling your spending. While there are a lot of excellent credit cards out there you can still easily get in trouble financially. Don’t be one of those people who come home to a huge credit card bill! It would have been better for you not to have even filled out a credit card application in the first place!

Another disadvantage to using the plastic is that your credit card company may charge you extra fees for using it out of the country. While not every company does this there are many that do. Often it will depend on your credit score and your particular plan. If your credit card company is going to charge you extra fees you may want to look for a replacement card soon! Make sure you check before you go!

Bank cards as a travel companion

Bank cards, otherwise known as ATM cards, are a great companion to travel with as well. Credit cards aren’t the only plastic tool out there! Banks cards give travelers a chance to get foreign currency out of any ATM. It may take a minute to figure out how to read the foreign ATM but once you do you can have foreign currency at wholesale rates! Plus, you can use your bank card to purchase nearly any item. These cards are accepted almost everywhere that credit cards are and it is a very convenient piece of plastic!

There are a few risks involved with using bank cards though that aren’t really advertised. While ATM cards are safer then cash they still aren’t as safe as credit cards. No matter if you get a VISA credit card, Discover credit card or American Express credit card you will be a safer using it than cash. Debit cards on the other hand can be easily wiped out without you ever being liable for anything. Plus, even though they are pretty cheap, it still costs money to take your money out of an ATM. The best idea is to take out as few transactions as possible.

The old fashioned way…

Traveler’s checks have long been considered the best way to pay when in a foreign country. Traveler’s checks are one of the safest forms of payment because you are having the guarantee that they will be replaced if lost. Usually you can have traveler’s checks returned in a foreign country within 24 hours!

Always go with a name brand when choosing checks, such as American Express. American Express credit cards are not the only thing the credit card company is known for - travelers have often found these checks convenient. You can purchase traveler’s checks at nearly any bank for a small charge (anywhere from 1% to 7%) and they are usually free if you get them from you normal bank.

It is advised to take out traveler’s checks in smaller amounts. Take out money in 20’s and 40’s because they will be easier to handle and retailers will be able to cash them better.

Since traveler’s checks have the same portability as cash and they are a good choice. The only thing to look for is who can and can’t accept them. Traveler’s checks may not be accepted everywhere so be careful if you are going to a rural area.

Where are you going?!

When you are trying to decide which form of currency you should take with you, you should decide where you are going. Filling out an application for a credit card may be your best bet but traveler’s checks may bet the right choice too. Think about what country you are going to and what area you are heading into. If you are in an urbanized area you have a much better chance using any type of currency. If you are going to a rural area then you will want the foreign currency with you at all times, as well as other forms of payments.

Another piece of advice- if you want to pay your credit card bill abroad you can! Either look on the internet or talk to your credit card company ahead of time and work something out. Knowing how you can pay your card from a different country can save you from getting a surprise bill and can give you a better peace of mind.

Remember, when you travel to a different country you will want to know that you have the right forms of payments available. A good idea is to always have at least two different types of currency - or maybe all three above!

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