TEMPO.CO, Jakarta - One of the things that needs to be prepared when traveling abroad is the financial aspect. Some people do not prepare cash and rely on debit or credit cards. However, according to the latest survey, traveling abroad without cash could lead to increased expenditure.
A survey conducted by Opinium and Be Clever With Your Cash found that traveling abroad without cash is more expensive for some tourists. This is because they may have to pay additional fees if they suddenly need cash.
Amelia Murray, a financial expert at Be Clever With Your Cash, stated that many people assume that having a fee-free card is sufficient. "but that can be a false economy if you end up using an ATM abroad that charges or get stung by poor exchange rates," she said as quoted from Express UK.
Unexpected Expenditure
The survey was conducted on 2,000 people in the UK who have travelled abroad to study what British citizens do when they need to withdraw cash while on vacation. Around 39 percent of respondents encountered unexpected situations while abroad that required cash. The most common expenditures include tips, taxi fares, and shopping at local or independent retailers.
In addition, traveling to remote areas of some countries may pose additional problems, as those areas tend not to accept cards. Respondents who had to make emergency cash withdrawals at ATMs on their last trip abroad were charged ATM fees. The same goes for exchanging cash at currency exchange places in the airport; they may receive worse offers.
Tips Before Traveling Abroad
Murray added that traveling abroad does not necessarily require bringing a lot of cash. But it is best to prepare cash when card transactions are not possible. She suggested bringing a small amount of local currency. Tourists can use it for tipping, using public transportation, or in situations where cards are not accepted.
Before traveling, it's advisable to look up information about foreign transaction fees for credit or debit cards and exchange rates. This includes verifying the extent of your travel insurance coverage in case you lose or have your cash stolen while abroad.