Whenever I go travelling, I always ensure I change enough currency to last me throughout the trip. This can get rather troublesome especially when you go on a long trip (like two weeks) and the currency is big. For instance, when I went to Japan for a two-week skiing holiday, I changed about two thousand dollars into Japanese Yen, which became a hefty sum, and I was on my toes all the time worrying if I would get robbed.
Luckily Japan is a generally safe place. So is United Kingdom, New Zealand and Australia. But when I was in Sarawak recently, I also brought quite a big amount (in Ringgit). Even though I did not need to use much to change into Ringgit, still because it was Malaysia, I was worried too.
When I was in Sarawak, my fellow travellers sometimes asked to go to a cash machine to withdraw cash. I have heard about cash withdrawal overseas, and that our bank cards are all authorised to withdraw cash overseas. However I have never tried it for myself. I always changed enough cash (with a bit of surplus for emergencies) for the duration of the trip, and limited myself to spend only the amount of cash I was carrying and not more. Cards are used only for emergencies. This is a good way to save money overseas, otherwise one could go crazy buying and buying.
When I saw people withdrawing cash overseas, I started being curious and asked around. One of my friends told me that we can all withdraw cash overseas using our bank card, but the bank will deduct charges for each transaction, so she always tried to minimise her transactions.
For instance, if she goes to Malaysia, she would carry just enough for the first half of the trip. After she runs out of money, she would go to a cash machine and withdraw cash for the second half of the trip. She would draw enough so she need not withdraw cash again for the duration of the trip, and the bank would only deduct charges only once. The funds would be automatically coverted into the local currency via the bank, and the money she received would be in the local currency.
I think that is a good idea, but personally, I am reluctant to use it if the bank deduct charges. I much prefer changing a lump sum and then bringing the money over, so as to prevent unnecessary deduction of cash.
Of course, there are pros and cons. The pros is that by bringing lesser amounts, it may be safer to travel as one may not be a target to theft and robbery, especially when travelling alone. The cons is that if the money runs out, one would then need to look for a cash withdrawal machine and incur bank charges.
By bringing more amounts, the pros is that we bring enough to get by and so really limit ourselves to what we brought, hence prevent unnecessary spending and bank deduction charges by withdrawing cash overseas. But the cons is that if we ever get robbed (touch wood!), then those money would be gone and there was nothing we could do as we are foreigners.
Which is better? Change money and bring overseas at one go, or not bring so much and then withdraw cash overseas if need be? Well... I guess that really depends on one's preference. Maybe next time I would bring enough to get by, and if need be, do an overseas cash withdrawal just to see how that works, instead of using card. That may be the best solution.
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