Here are a few tips if you are thinking about traveling and not sure what kind of credit to bring with you into the UK, Canada or other countries that have foreign currency for residents of the US. One be sure you bring a few different types of money: some cash (not too much), credit cards including Visa/MC/American Express, a stored value card, and traveler’s checks. Keep in mind its better to keep different forms of payment because different shops in foreign countries may not take the payment
method you intended on using. The stored value card or prepaid card is used to help protect against identity theft and someone running off with your regular credit cards – these stored cards have a set value and can help you keep track of how much you spent. Thieves will be less likely to take credit cards or stored visa cards compared to cash.
- Credit Cards have exchange fees of 2% to 5%, sometimes more depending on what brand you use. Banks like Citibank tack on 2% of their own but MBNA doesnt have an extra charge.
- Do not exchange money in your hotel lobby. Since hotels and other touristy businesses charge high exchange rates you want to wait until you get into a bank or exchange bureau.
- Remember Credit Cards are safe and sometimes worth the exchange rate they also give you free reantal car insurance if your a platinum cardholder. You are only liable for $50 if your card is stolen and if it is reported in a certain time period.
- Make sure you do not forget to obtain some stored value cards for backup money in case your credit card company tries to close your account while your overseas thinking your card is stolen. These cards can be obtained from Travelex, AAA, banks, and credit card companies listed.
Need a Prepaid Credit Card to travel with? In looking at prepaid credit cards we found the VIP Visa Card is perfect for travelers looking for an alternative to Travelers Cheques.
Related Articles: AirMile and Travel Credit Cards for those that travel a lot and want to accrue mileage points for their stays. You can earn enormous miles traveling abroad.