Regardless if it’s pleasure or business, it is important that you meticulously plan your trip overseas so you can make the most of it. Planning your trip accordingly can help warrant you will all have the important aspects covered. This is especially true when it comes to the financial aspect.

For instance, you need to determine where you will be spending your pesos, pounds, dollars, or euros. If anything you need to do some much needed research so you will be able to make the most out of the money you will take with you. The good news? You have a lot of great options when it comes to carrying money overseas nowadays!

Fortunately, you now have the option to forego conventional options like travel cheques and bring an international prepaid card instead. Apart from the peerless convenience and ease international prepaid cards can offer, they also give you access to better exchange rates and lower transaction fees.

Undeniably, those are exciting benefits you can’t afford to miss. If you are in the lookout for ways you can safely and conveniently bring money when you travel overseas, below are some of the best options available at your disposal:

International Prepaid Cards and Traveler’s Checks

Both options are ideal for emergency backup and if you would like to have a safe cash alternative. Both can also come in handy if you are unsure if you can easily find a functioning ATM where you would go.

Upsides

Traveler’s checks are deemed by many as one of the most secure ways to carry cash as they can be replaced within 24 hours from the time you report them stolen or lost. Some issuers provide prepaid travel cards that work just like traveler’s checks but function like credit cards when used for purchase transactions and ATM withdrawals.

Lastly, many people nowadays can attest that international prepaid cards can be great travel companions since they offer convenience and ease as well as security since you won’t need to carry physical cash with you.

Downsides

While hands down convenient, there are instances when exchange rate is not as favorable compared to interbank rates that use prepaid or credit cards. Additionally, not all merchants will honor checks for purchase transactions.

Also, when cashing out checks, you will be required to pay for the commissions and conversion fees—additional fees you can surely do without.

Debit Cards and ATMs

Both options are ideal if you want to get cash in the local currency.

Upsides

When doing cash withdrawals using debit cards or ATMs, cardholders will be able to enjoy a great interbank exchange rate. With several ATM machines easily accessible in major cities and airports the world over, an ATM or debit card can also be a good option. This is especially true if you want to get cash in the local currency.

Downsides

Withdrawals done using foreign ATMs are understandably (and oftentimes) subjected to fees, conversion rates, and charges by the local banks that are maintaining the ATM. In addition, while debit cards work almost identical to credit cards when it comes to purchasing power, you won’t be able to enjoy the same level of protection when it is lost or stolen.

When it comes to taking money overseas, there is no doubt you now have several options available at your disposal. What you need to do is look into the pros and cons of each of the options available at your disposal so you can easily decide which of them would be the best fit for you.