It is time to plan for holidays for those living in Ireland or you could already be heading out on your holiday, but before you go there are some things you might want to think about before you go. Travelling abroad can be a great adventure, but it can also be an extreme cost that you are not prepared for.
Holiday’s take money and in the past many of you have used your credit cards abroad to purchase items, stay in hotels, and eat. There are other options besides just credit cards though and they might be a better way to fund your travels.
Cash, travellers’ cheques, and debit cards are often used while on holiday along with credit cards. Many of us think that the credit cards are going to be less expensive because of the exchange rate on cash, but nothing could be farther from the truth. Credit cards will have an exchange rate. When you make a purchase abroad the merchant will charge an exchange fee on the card; this fee is then translated to you by the credit card company along with the interest rate you have to make on the purchase. You could end up spending twice the amount using your credit card than using the local currency.
Travellers’ cheques are also a great idea next to local currency. Many of the places are still accepting travellers’ cheques and they are like cash. The exchange rate will be considered as you get the travellers’ cheques in the local currency of the place you are travelling to. This allows you to pay the amount ahead of time and travel worry free just like carrying cash.
Credit cards are used abroad because of the safety associated with them. However, there are pros and cons to this area as well. First of all a credit card that is stolen can be cancelled. There is also the travel protection insurance many Ireland cards are offering for free. You are usually not liable for fraudulent charges abroad if you have let the card company know you will be out of town and as soon as the card is lost. Fraudulent uses after you have left the country are a bit more difficult to hold the company liable for. In this case a card is usually cloned in a shop and used throughout your trip without your knowledge, making it hard to prove you didn’t buy the items. For these very reasons cash or travellers’ cheques can be more helpful.
If you lose travellers’ cheques they are insured which means you get the money back. With cash you can carry it in several places such as a money belt to avoid it being stolen from you. The fees for traveller’s cheques will vary and some banks are no longer offering them as they were not very popular in the last few years, but having several payment methods and the cheaper exchange option in your hands will make coming back from vacation a little better.
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