Travelling abroad? Save with these unusual travel money hacks
It’s easy to get caught up in the excitement of travelling, but when setting aside money for your next trip it’s important to know how to spend your hard-earned cash without waste. Whether you’re still in the research phase or on the way to the airport, Mozo has collected these travel money hacks to help you save you from extra costs on your big trip.
Cash or card?
It’s important to do your research to decide whether it’s best for you to carry cash, use a card or a combination of both.
In some countries, Mozo found it’s better to bring cash, as it is easier and more cost-effective to exchange it locally. For example, Japan’s cash-driven economy might see you needing to withdraw cash more than you think.
“Japanese ATMs often keep banking hours and may be unavailable before 9am and after 5pm which is enough to put a damper on your dinner plans in Tokyo,” said Mozo Director Kirsty Lamont.
On the other hand, some destinations favoured plastic over cold hard cash. For example in New Zealand, EFTPOS is popular so, “the payment technology is accepted in nearly all stores and you can put as little as 10c on your EFTPOS card without incurring any charges.”
If you’re packing plastic for your next trip away, choosing a travel money card with little to no fees and a fair exchange rate could save you money where you may need it most. See our 2018 Mozo Expert Choice winners for our best picks.
Get your currency exchange rate right
Every country has its own currency exchange peculiarities and it’s helpful to know them before you go. It’s also important to pick the right currency as some regions have multiple options.
“Don’t assume the Euro is accepted in all European countries,” Lamont said. “There is a handful of countries in Europe who have their own local currency.”
And even if there is only one local currency, it may be worth double checking that that’s the favoured option among local businesses.
“American money is highly valued in India and easy to exchange for rupees. Often, you can get a better rate if you bring American money with you,” said Lamont.
Keeping an eye on currency exchange rates will also help you get the most out of your money, and Mozo’s research found that where you exchange can be key.
For example, in Vietnam, a local jewellery shop will often offer a better exchange rate than you’ll find in banks and airports.
Exchanging currency before you travel can be a great way to get the best bang for your buck, because you’ll know just what exchange rate you’re going to get. Mozo’s Foreign Exchange Calculator offers the most recent rates so you can decide the best time to exchange your money.
If you’ve got upcoming travel plans, you can’t miss Mozo’s travel money centre where you’ll find details you need to know about how to best spend your money abroad.