When it comes to handling cash and cards overseas, many of us don’t know where to start looking.
Travel commentator Nikolina Koevska shared her travel money tips with Your Money Live and said the best way to prepare is to have multiple methods at hand.
“I recommend that you have three types of payments when you are overseas,” she said.
“Number one is cash, both in the currency of where you’re going and also Australian.
“Make sure you take a prepaid travel card. Always have a backup savings card. Don’t bring a credit card when you travel, you don’t want to lose it and end up with a lot of debt.”
Koevska advised that exchanging money should be done well in advance to avoid any fees and transactions costs that can eat into your holiday budget.
“Exchange before you get to the airport,” she said.
“It has been found that in a bank or specific exchange company ahead of the airport, you’re looking at a profit margin of 2.5 per cent. So on a $1000 exchange, you’re looking at $25 in fees and transaction costs.
“Whereas if you head to the airport, that’s an eight per cent profit margin, so going up to $80 per $1000.”
You can also pre-order uncommon currencies that are not found at the airport, so make sure you leave enough time before you travel for the currency to arrive.
Koevska’s top travel tips to make safe purchases:
- Use your travel card for big purchases like accommodation and tours
- Use cash for small purchases, like taxis, food and supermarkets
- Withdraw from a reputable bank
- Exchange with a reputable office
If you’re looking for the best travel cards on the market, Koevska’s top three pics were the Travelex Cash Passport, NAB Traveller Card and the Qantas Cash Card.
Watch the full interview for all the hot travel tips before you jet off on your holiday.