Which way do you pay abroad?

The traveller’s cheque…oft forgotten but not gone..  It seems as though all the new financial products these days are putting the traveller’s cheque in the background.  Indeed, it is even referred to as “traditional” (a kind way of saying “old-fashioned”).  But believe it or not, this form of travel money is still widely available – and widely accepted.

In fact, some countries prefer these to regular credit cards when it comes to paying.  They are certainly safer than carrying out great wads of cash – if a cheque goes missing, it can be replaced with ease.  The exchange rate on a traveller’s cheque will be just as competitive as on other holiday money products, usually it will be around the same as on cash offered by any provider.  However…

When you go to exchange these abroad, you may find that the local bank might add rates and fees on top of the exchange – meaning you’re worse off.  So, the debate continues… which is the cheapest and easiest way to pay on holiday?  Cash, traveller’s cheque or prepaid FX card?

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