At Crown Currency Exchange, we’re proud to recommend that our customers use foreign cash when travelling abroad, when considering the options available (and, in particular, cards).
1. Value for money
Cash delivers superior value for money, relative to a prepaid travel card.
We have analysed three scenarios for Australian dollar amounts of $2,500, $5,000 and $10,000 for a trip to the USA.
After allowing for the instore load fee, ATM withdrawal fees, and transaction fees charged by vendors, the financial benefit of cash over the card in our analysis ranges from $196 to $572 – very significant sums!
For value for money, Cash is King!
2. Reliability and convenience
Unlike cards, cash is accepted everywhere. Cash is quick and easy. Cash is not reliant on a communications infrastructure, the power grid, or a mobile phone battery (all of which are particularly relevant if you’re going off the beaten track, or if your destination suffers a power or communications outage).
Cash is possessory – you own it. Your access to it cannot be blocked/stopped because of, for example, operational or other issues arising within a financial institution.
For reliability and convenience, nothing beats cash.
3. Identity security and privacy
Anything connected to a database in today’s day and age, such as details associated with a payment card, is vulnerable to attack.
Cash, however, is completely private.
At Crown Currency Exchange, we recommend carrying cash separately from your identity documents, and any backup cards you carry. On a day-to-day basis, we recommend carrying only the cash you require for the day. The balance should be put in a secure place (perhaps the hotel safe, where appropriate). That way, if you happen to lose your day’s cash (i) your loss is capped, and (ii) there is no risk of identity theft or card fraud as your personal details are appropriated.
And, you don’t suffer the added insult of losing a day or more in holiday time on the phone to your bank or financial institution back in Australia arranging replacements; making claims etc.
Click here for our tips on carrying and using cash when overseas.
For identity security and privacy, cash is the safest option.