Guide to Travel Money and Foreign Exchange – 6/6

So now you have learned about the different travel money solutions available today - foreign currency, travellers cheques, debit cards, credit cards and prepaid cards - it's time to decide which is the right option for you.

How do you decide?

Generally, using a debit or credit card overseas makes more sense than paying the heavy commission charges for a travellers cheque or foreign currency. However, in this instance it is vital to find the right card and be sure you don't get stung with fees. It's also a good idea to change some money and/or take some travellers cheques to avoid unnecessary overseas withdrawal fees when using a card.

Here are a few checklist questions to ask before you travel:

• Foreign currency - Is there a commission charge? What is the exchange rate? And above all else, how much foreign currency will you get, after all charges, in exchange for your sterling?
• Travellers cheques - What are the commission charges? Will you be charged when you use your travellers cheque? Will it be accepted in the country you visit? Crucially, do NOT forget to note down those numbers and sign each one so you can reclaim if they are lost or stolen.
• Credit Cards - What is the credit card's rate? What are the cash withdrawal charges? Is there a loading or interest charge?
• Prepaid Cards - Is there an ATM withdrawal fee and will you be charged for topping up?

With this checklist, you should be able to determine what the best deal is for your money. Have a wonderful trip...