After two years of essentially staying put during the COVID-19 pandemic, many people are eager to hit the road again. Traveling abroad significantly increased during the 2002 summer season as travel restrictions to other countries decreased. With people pulling out their suitcases and dusting off their passports, it is important to take stock of the vital items one needs when traveling, including cash.
While many countries have increased their ability to use digital technology to a greater extent, other countries, such as Japan and Indonesia still heavily rely on cash. According to Simon Phillips, Managing Director of travel money specialists No1 Currency, cash is still king when it comes to travel.
Traveling With Cash is King
Phillips recently told a UK publication, “For those of us who seldom use cash in the UK it can be tempting to think that everywhere is going cashless. But cash is still king in many countries. Outside western Europe, app-based and digital payment technologies are very much in their infancy. Even in popular European destinations like Spain, Italy, Germany and France, retailers and restaurants still handle far more transactions in cash than they do by card.”
Therefore, experts advise that travelers research their destinations before leaving to help determine how much cash they will need on hand. Regardless of the country’s penchant for digital or cash payments, you will want to have some cash on hand for things like vending machines, lockers, parking meters, tipping, grocery store baskets, etc.
Better for Budgeting
Additionally, experts find that traveling on a budget is easier when using cash for everyday necessities. It allows travelers to have a better idea of how much they have spent and how much they have remaining in their travel budget.
When looking to exchange U.S. currency for foreign cash, it is important to do your research to see which banks, exchange stalls and ATMs have the best exchange rates.
Taking the time to conduct a little research ahead of your trip can end up saving you time and money while abroad. Bon Voyage!