Do you still need cash when going abroad?

Your holiday is booked, and you can’t wait to get on that plane. All you have to think about now is what to pack and how much you’d like to spend while you’re there. Instead of setting off to get your currency exchanged straight away, it may be worth considering your other options for spending abroad. 

Do you still need cash when you go away? Or are there easier, safer, or more cost-effective ways to spend?

Bringing cash abroad

Carrying cash does come with certain advantages. Not only does it mean that you’ll always have money readily available, but you may find it also allows you to budget a lot more easily as you can physically see how much money you have left. Cash is accepted everywhere, and if you’re out shopping in a local market for example, you’ll need to have ready cash to haggle and grab yourself a bargain. 

In many countries, cash is still king. Especially far flung places like Indonesia, Vietnam and South Africa. So even if you normally rely on the plastic at home, you’ll need to factor this in if you’re travelling to these places.

Alternative ways to spend abroad

The rise of plastic means the need for cash to be taken on holiday has been reduced. In fact, Sweden is on its way to becoming the world’s first cashless society.

Contactless payments now allow consumers to pay for items quickly, easily and securely, while also being able to track their purchases via banking apps. In addition, credit cards can come in very handy, as they can protect your purchases and give you the option of paying everything off when you return home. Some providers will charge you for using your card abroad, so make sure you’ve explored all your options before you go. 

Security concerns are also an issue when it comes to carrying lots of money on you. In unfamiliar surroundings, you may not feel very safe having large amounts of cash in your bag or pocket. In the event of losing your credit or debit card or having it stolen, you can report it immediately to your bank.

Rather than carrying a bulky wad of cash away with you on your next trip, consider your options carefully to see what’s best for you.