For all holiday makers, we’ve compiled a list of 10 things you need to consider if you’re going to be handling cash abroad.
1. How much money should I take on holiday?
You don’t want to take too much or too little cash when you’re going on holiday. To help figure out how much you need, you should budget your expected spending on food, excursions, travel and gifts. An online budget calculator will be able to help you with this.
2. Convert your cash before you leave
It’s always better to exchange your money before you venture on your trip. You’re more likely to get a better exchange rate, which means more cash for you to spend on your holiday.
3. Where should you convert your cash?
Exchange your cash with a reputable establishment, for instance, a bank or an exchange bureau like Cash Shop. You don’t want to miss out on a great rate by using dubious currency companies.
4. Familiarise yourself with the currency
Once the cash is in your possession, it’s important you can easily tell notes apart from one another. In some countries, all the notes look the same, in which case it’s imperative you know the currency well.
5. Where to store your money
Most hotels will have a safe in each room. While you can use this to store any of your valuables, you can also stow away the majority of your cash in there. The rest, you can keep on your person while you’re out and about.
6. Carry a money belt
When you’re seeing the sites or travelling from one place to another, you want assurance that your money is safe. One way to do this is to wear a money belt. It’s a secure way of keeping your cash on you and it’s a lot more discreet than a bum bag.
7. Budget your expenses
You budgeted how much to take with you, but now you need to budget your daily spend. Each morning, figure out how much you want to spend on food, shopping etc., take out a day’s worth of cash from the safe, then keep a little extra at hand just as a safety measure.
8. Count your money
Occasionally, maybe in the morning before you head out for your activities or at dinner, take a quick cash inventory so you know exactly how much you have left at your disposal.
9. Where you can, haggle
In some countries, haggling is a norm in the markets – you should take advantage of this as a way of saving cash. Read up on how best to haggle in your chosen destination, so you know how to navigate the markets better.
10. Learn the tipping etiquette
The expectations regarding tipping can vary from country to country. Find out how much to tip in the country you are visiting (or if tipping is even expected) so you know the correct order of things.
Handling cash abroad can be easy, you just need to keep these simple steps in mind. When thinking about your holiday money, one of the first things to do is cash convert, which we offer here at Cash Shop.