Neil Aronson Are you traveling soon or in the future, and wondering what are the best ways to pay for everything overseas? Do I use my credit cards? Do I bring cash? What are the fees, exchange rates, foreign transaction fees? These are just some of the question travelers need and should consider. With so many options, choosing the best ways to pay can be daunting.
In this article we will help guide you through your options for the best ways to pay. And our main goal is to get the most out of your money, and not let the banks take too much. From cash, transfer options, best international debit and credit cards.
In addition to the questions above, these days when considering ways to pay overseas we need to think about safety. I’m not talking about personal safety, but financial safety. We need to make sure our personal data is not stolen while on vacation overseas, as well as keeping your bank and credit card information safe.
Did you know there are hidden fees in exchange rates? One of our recommendations for ways to pay and to solve these issues is to use Wise (formerly TransferWise). The Wise account is the universal way for you to mange money internationally. Made for the world, Wise is available to use in 160 countries in 40 currencies.
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Cash
In previous articles we talked about using cash in Thailand. I still think bringing cash is one of the best ways to pay for everyday items in Thailand like eating out and small items. For more on how to get the best exchange rates read our article, 13 Travel Questions.
I would try to bring cash and exchange it at a local bank or currency exchange in Thailand, you will get the most for your money. Don’t exchange money at the airports, they have the worst rates.
With a Wise account you can make international money transfers. You can currently send money with Wise to over 80 countries around the world. Including Thailand You will receive Central market exchange rate With low and transparent fees This makes Wise a good choice if you want to transfer money internationally and receive it in Thai Baht.
Cash Card Options
I personally have a Wise account and with that I have their International Debit Card. Load your account with the amount you want. You can then convert the money into dozens of currencies, including Thai Baht. There is an initial $9 fee to get a card, but still one of the best ways to pay.
Wise International Debit Card:
- Spend and withdraw cash in over 160 countries, anywhere that Visa and Mastercard are accepted.
- Automatically converts your USD to the local currency at the mid-market exchange rate whenever you spend. There’s just a small conversion fee, or no charge if you already have the currency in your Wise account.
- Withdraw $100 a month from overseas ATMs for free, with a tiny fee of 2% after that.
Virtual Card. The Wise Card can be used as a vitual card, and can be frozen at any time for security. Have up to 3 virtual cards at a time, and use them to manage your spending by using different cards for different expense types. Use with Apple Pay and Google Pay. Shop wherever in the world contactless payments are accepted using Apple Pay, Google Pay or another digital wallet of your choice, all at the real exchange rate.
Because of these facts, Wise is one of the best ways to pay overseas. For more on with countries the card won’t work and more details, visit the Wise FAQ page.
You can also use your home banks ATM card. However there are costs to be aware of, so this is not the best ways to pay. For one, the exchange rates will most likely be poor, it’s how they make their money. You will be charge a fee at the ATM in Thailand. And its high.
Using Credit Cards
I use my home credit cards overseas and in Thailand. I use CapitalOne Venture card which gives a decent exchange rate when making purchases, so I find this to be one of the best ways to pay for larger expenses. Check with your bank and make sure there are no foreign transaction fees. Most travel cards have no foreign transaction fees, and offer good point accumulation for travel. They also offer free limited travel insurance when you use their card to purchase your trip. Check your banks. I’m not affiliated with CapitalOne Venture Card, I just use it.
- 75,000 bonus miles once you spend $4,000 within the first 3 months
- 2x miles on every dollar spent
- 5x miles on hotels and rental cars booked through Capital One Travel
- Transfer miles to any of their 15+ travel partners
- Up to $100 credit for Global Entry or TSA PreCheck
- No foreign transaction fees
- 2 airport lounge visits per year
- $95 annual fee (waived first year)
Frequent Traveling?
Are you are a frequent traveler for fun, work, or maybe a travel blogger like us? The for the best ways to pay and transfer money overseas is using a Wise International Account. Use a physical card or digital card. Use in 160 countries and 40 currencies. It’s the universal account for sending, spending, and receiving money like a local.
Convert your account balances to different currencies. Choose from 40 currencies to use or keep to hand in your Wise account, and convert them in seconds. Receive money internationally too, with account details and IBANs for 9 currencies. Use them to get money from overseas without any fees at all. More more and the complete list of countries, visit Wise Here.
Money Transfers To Family
Besides being one of the best ways to pay for traveling, Wise is probably most used for sending money internationally. My wife uses it monthly to send money from the United States to Thailand back to her family. We send money from California to Thailand, for paying our mortgage in Thailand. We used to use Paypal, but found Wise to be a much better rate option.
Because of the ease, low fees, and great exchange rates, over 16 million people have used Wise for fast and secure online money transfers. Save up to 3x when sending money abroad. Use their mobile app for flexibility. Learn more about their App Features Here.
Business
Wise Business works internationally with your business overseas. Great for Digital Nomads. Set up local account details for your business in any of 9 currencies. Then let overseas customers use them to pay you from wherever they are. Easily connect to your favorite accounting software and save time on admin. Choose from Xero, QuickBooks, FreeAgent and more.
Hopefully you will be able to travel and take advantage of some of these products. There are other good products out there, so as always do your research.
Happy Traveling!
Don’t forget! Along with keeping your money safe, keep yourself and your family safe. Make sure you have Travel Insurance!
