Travel Money Guide
From dollars to euros to yen to baht, it pays to know your currencies when travelling. Whether you’re carrying cash, credit cards, a cash passport or a combination of all three, here’s all you need to know about how to spend your money overseas.
Travel Money Abroad & Currency Options
In the lead up to your trip, you should decide how much currency you plan on taking with you and keep an eye on exchange rates in order to get the best rate available. While you can usually exchange money when you reach your destination, it's generally advisable to have some local currency with you prior to arrival, particularly if you arrive late at night to pay for any incidentals you may require.
Foreign currency can be exchanged at most banks, hotels and selected outlets at your destination. It is less advisable to exchange your money at an airport or at street kiosks once you’ve arrived, as both are likely to charge a hefty commission. Should you need to change your money once you’ve landed, banks and licensed currency exchange outlets are likely to offer the best rates available on the day.
Types of Foreign Currency
Fluctuating exchange rates can impact on holiday spending habits, so understanding the value of the pound is helpful when it comes to managing your travel budget. One of the easiest ways to pay for goods and services overseas is to carry a sensible amount of local currency.
Major currency exchange specialists carry stocks of all major currencies, while a wide range of other currencies are readily available to order in advance of your departure. Paying in cash helps avoid additional surcharges and ensures your travel funds are easily manageable.
Don't keep all of your cash on you when you're out and about. Take what you need and leave the rest securely at your accommodation.
Credit and Debit Cards
Where once travellers’ cheques were the preferred form of payment for holidaymakers, today, credit cards have largely replaced them for making transactions overseas. The benefits of using either your credit or debit card overseas include not having to carry large amounts of cash and taking advantage of wholesale bank exchange rates.
Credit and debit cards can nevertheless incur additional surcharges, including fees of around 3-3.5% on all international purchases, as well as withdrawal fees for every cash machine transaction. Your credit or debit card may also not be accepted in certain stores and cash machine network coverage is not always extensive, so carrying a combination of cash and card is advised.
Make sure to tell your bank when you are travelling overseas. If they see different activity on your account they may freeze it, which can be quite a hassle when you're in another country!
Cash Passport / Pre-loaded Travel Card
Multi-currency cash passports are useful for travellers visiting more than one international destination. They allow you to pre-load a travel card with multiple currencies at a fixed exchange rate, as well as top up the balance of your account on your travels. You can manage your funds online at your convenience and avoid currency fluctuations by locking in a fixed rate prior to your departure.
Even if you’re only travelling to one international destination, cash passports are a useful alternative to carrying cash, which is less secure and cannot be replaced if stolen or lost. You can top up your account on your travels and use your travel money card to withdraw cash at participating cash machine outlets. Pre-loaded cash passports are fast becoming the preferred way for most travellers to take money overseas.
Getting Your Foreign Currency
Buying major foreign currencies can be as simple as visiting your local bank, Post Office or currency exchange outlet and purchasing your foreign currency on the spot. More exotic currencies can be pre-ordered in advance in person or online and collected prior to your trip.
Multi-currency cash passports can be purchased in person from banks, Post Offices and currency exchange outlets.
Though less prevalent than they once were, travellers’ cheques are still accepted in some international outlets, including stores and restaurants, and can be ordered from participating post office outlets and selected banks.
Travellers’ cheques have been largely superseded by alternative methods of payment and as such cannot easily be cashed, making them a largely redundant form of payment.
Multi-currency cash passports or pre-loaded cards can be ordered online and posted to your preferred address.
Airport departure and arrival taxes are a common feature of international travel, however most taxes are included in the cost of your airline ticket. As a precaution against situations where departure and arrival taxes are not included in the cost of your flight, it can be helpful to carry a small amount of local currency with you to help pay for such costs.
|Type of Currency||Abbreviation||Country of Use|
AUD - $
CAD - $
|Euro||EUR - €||Most European countries|
Hong Kong Dollar
|HKD - $||Hong Kong|
|Indonesian Rupiah||IDR - Rp||Indonesia|
|Japanese Yen||JPY - ¥>||Japan|
New Zealand Dollar
NZD - $
|Singapore Dollar||SGD - $||Singapore|
|South African Rand||ZAR- R||South Africa|
|Sri Lankan Rupee||LKR - Rs||Sri Lanka|
|Thai Baht||THB - ฿||Thailand|
|United Arab Emirates Dirham||AED - د.إ||United Arab Emirates|
United States Dollar
|USD - $||United States|
|Vietnamese Dong||VND - ₫||Vietnam|