Many people might remember traveler’s checks: the worldwide alternative to carrying cash. You’d buy traveler’s checks at your local bank and then cash those at your foreign hotel. Travelers today have many more options, including simply using their debit cards. Most foreign ATM machines carry multiple currencies. I remember using an ATM in Moscow and being offered four different options as the currency.
Check Out Transferwise
In addition, companies like Charles Schwab offer ATM fee reimbursement. Schwab refunds any ATM fee incurred by the client within 24 hours. Because fees are refunded, there’s no need to walk around with a month’s worth of foreign currency. There are other alternatives too, such as Transferwise, an app that offers a multi-currency debit card and cheap currency conversion. In addition, you have the ability to send money, in multiple currencies, to almost anyone in the world. Transferwise works very similarly to PayPal or Venmo.
The best feature of Transferwise is the debit card that can be used worldwide. And if you hold multiple currencies, the debit card defaults to using the currency of the country you are in. For example, let’s say you are in Zurich buying dinner, and you hold US Dollars, Euros, and Swiss Francs. Transferwise automatically debits your Swiss Franc account before accessing any of the other currencies.
Easy-To-Use Phone App
Transferwise’s mobile app allows for easy management of your account. So if you misplace your Transferwise debit card, you can turn off transactions with the click of a button. Transferwise converts currency at the Reuter’s conversion rate plus a fee of 0.75%, which is very competitive. Check out Transferwise for your currency needs if you’re traveling abroad anytime soon.