Travelling abroad? Here are the different ways to manage your money

The departure date for your summer vacation is inching closer every day. After spending months on research and bookings, you cannot wait to pack your bags and set off. But there’s one issue you haven’t resolved yet – how to take money abroad. You know that you need to exchange cash for currency of your destination, but how do you do that? Should you carry only cash or take a card as well? 

Well, there are many ways to travel abroad with money, but not all of them includes cash; although it is essential to carry some with you. There are four basic options you can choose from when making an international trip.

1). Pre-paid Forex Cards – Having a certain amount of foreign currency provides you with convenience and payment flexibility. You might come across some cash-only places, and taking the local money on you can make life easier. Of course, you will need to check which is the best base currency to carry, (usually the US Dollar), but knowing exchange rate trends might make for a different choice. In such cases, having a Forex Card, such as HDFC Bank ForexPlus Card can make international travel easy; it can be loaded with 23 globally accepted currencies, has temporary blocking facility, is exceptionally secure and even offers insurance cover and provides emergency cash delivery in case of card loss.

Similarly, HDFC Bank Multicurrency ForexPlus Card has significant benefits associated with it. For starters, it can be pre-loaded with several different currencies, so you do not have to worry about carrying multiple cards and memorising numerous PIN numbers.

Other benefits include:

• Unlike credit or debit cards, it has the lowest cross-currency charges while shopping abroad
• The ability to shift balances between currencies on your card
• Single PIN
• Emergency cash assistance
• Complimentary insurance cover
• Exclusive offers on travel and accommodation

Of these benefits, emergency cash delivery is probably the one that brings peace of mind, if you accidently lose or misplace your card. With this, you don’t spend a large part of your valuable holiday time dealing with bureaucracy. So, while not having money readily available, you are rest assured that money will be delivered to your doorstep within 48 working hours of you placing a request with HDFC Bank. 

It also often happens that you find yourself running short of funds. It is easy to get carried away with shopping. No sweat! You can quite literally re-load the multi-currency card online. 

2). Travellers Cheques (TCs) – These were once widely used but are now going the way of the dinosaur. TCs are safe, secure and can be replaced relatively easily if lost or stolen. However, they usually come with a processing fee attached when buying and selling, are less acceptable in many places when compared to Credit Cards or Forex Cards, and you have to go through the trouble of exchanging them for cash.

3). International Credit Cards – You may feel your regular Credit Card will suffice for your travels. But beware! The shock of various transaction fees may leave you rueing your decision when you receive your next statement.

There are many cards available explicitly designed for overseas use. These don’t charge currency conversion, foreign transactions or overseas ATM withdrawal fees, making it more economical to have one of these. As an added benefit, many come with offers, travel insurance, rewards programmes, payment protection and concierge services. For instance, HDFC Bank Regalia First Credit Card lets you collect and redeem Reward Points for free air tickets, provides complimentary airport lounge access and a lot more.

4). Debit Cards – Many banks also have international alliances for ATM withdrawals with no fees of any kind. You are also likely to receive protection against fraudulent transactions, provided you follow the protocols to report unusual activity on your account.

A hassle-free holiday 
So, with the knowledge that your money is safe, secure and insured against misuse, you can enjoy your holiday and come back with memories of time well spent. So, next time you plan an international trip, don’t wait until the end to sort your money out. And ensure you put a checklist in place before heading out.

Looking to apply for an HDFC Bank ForexPlus Card? Click here to get started!

*Terms & conditions apply. Forex Card approvals are at sole discretion of HDFC Bank Ltd. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.