During the past few days, I keep asking myself "How am I going to buy stuff?". Do I want to use my credit card or cash to pay for most stuff?
I just learned from fellow traveler and cousin Rebecca, that you can buy foreign cash at AAA, with no fees. Typically I don't exchange cash before I travel. I don't really like to carry cash when I travel so usually I just use my credit card and use ATMs to get cash. Unfortunately, most credit cards and bank cards charge a conversion/foreign transaction fee. So now my dilemma .. is the foreign transaction fee worth the convenience of not carrying large of sums cash and having to estimate what I plan to use in each country??
I know there are some credit cards that have no or low foreign transaction fees (like Capital One Venture, Chase Sapphire, AMEX). Unfortunately for me, I'm a procrastinator and did not apply for one earlier.
What to do, what to do??
I think it always depends on how much you wanna spend. Personally, I really am paranoid about using my plastic in other countries because I'm afraid that my cc will be put on hold due to "suspicious" activities. I've talked to my cc about the fact that I will be traveling, but they said that sometimes, it still happens! And if that happens, I may not be able to purchase that great pair of heels that I just saw on the window :P
ReplyDeleteI say go 50/50. Take enough cash for the "everyday spending" with a little extra. And use the cc to splurge on things you wanna spoil yourself with.
ReplyDeleteIf you have internet banking, you'll know if the card's been compromised. Cc fees can get expensive but it's convenient!
:)
Just went to see how much to exchange some AUD to PHP this morning.
ReplyDeleteThe current rate at the moment is 1 AUD = 45.7 but they are selling for 40.
I may just use my card to withdraw the maximum amount allowed from Philippine ATM (20k PHP i think). I think it ends up being cheaper even with o/seas transaction + currency conversion fee regardless of the amount i take out.
Thanks guys!! so decided to just use the card and get cash from the atm when I get there. ATM withdrawals is $5 fee + 1% of the withdrawal which isn't bad if I take out the max. Plus I think we still have some small bills from last time in case I need cash before we get to the hotel (ie, tipping porters =p).
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