Travel services

Money & Credit Cards

Cash vs credit cards while travelling

It's the age-old question: What’s the best way to travel with money? Sometimes-painful experience shows that the best approach is to take a mixture of payment options.

Paper

Small amounts of cash are handy, especially if arriving in exotic destinations after hours when airport facilities might be closed, or if crossing borders by land. Taking your entire spending budget in cash is extremely risky. Once it’s gone, it’s gone for good. No money = no holiday = no fun.

Plastic

Credit or debit cards are widely accepted and increasing in popularity all the time. MasterCard credit, debit and prepaid cards are accepted across the globe, at more than 1.5 million ATMs in over 210 countries (who even knew there were that many countries!) and by over 29 million merchants. So unless your travels take you to truly obscure destinations, you can rely on plastic.

Cards have many added benefits: they’re replaceable if stolen, fraudulent transactions can be reimbursed*, and they can be used over the phone and on the web – great for booking ahead. Some cards, like the World MasterCard, come with no pre-set spending limit: they can bail you out of unexpected situations and can fund that unexpected souvenir splurge (for a while, at least…).

Cheques

The once-ubiquitous traveller's cheque is an endangered species these days. Most commonly accepted in bigger urban areas, they're more hassle than a card. Probably not worth it.

ATM usage and cash advances

It’s always worth checking with your bank to see what fees (if any) they charge for overseas withdrawals and currency exchange. Of course, you incur fees with cash exchange too, but it’s best to be forewarned.

Credit cards with a PIN can be used to withdraw cash from ATMs, although this is usually treated like a cash advance and the interest can add up. Pay it off quick, or avoid fees with a debit card (which uses money from your account) or a prepaid card (which you ‘charge’ before you go. All of these cards are available from MasterCard card issuers.

With ATMs seemingly on every street corner these days, it’s a handy way to stock up on daily cash requirements.

Find an ATM for every step of your journey with the MasterCard ATM Locator, or download the ATM Hunter app for your iPhone. ATM Hunter uses your current location to show you the nearest MasterCard ATM – anywhere in the world!

Learn more about the ATM Hunter app.
Download the ATM Hunter free at the iPhone App Store.

Smart travel tips — stay safe

Did we mention how risky it is to carry wads of cash? Yes? Well we’re doing it again. Cash makes you a target and is not replaceable when stolen.

Always make copies of important travel documents, card numbers (but not PINs, of course), insurance policies, passport numbers and emergency phone numbers. Keep copies in any bag you take, in your wallet, and with someone at home too. If all your luggage is lost (or redirected to Samoa), you’ll at least have something to cling to.

Also, keep your exchange and transaction receipts in case they're needed as proof of legal exchanges either within a country or when leaving. Different countries have different currency rules, so do some research before you go. Also, if you're travelling with others, divide your money up: if one of you is robbed, the other can step in with cash, cards and ID.

Exchange rates

Exchange rates fluctuate naturally. Different institutions and money changers impose fees on top.

Getting the best deal depends on your destination, and – if you’re using credit or debit cards – your bank. Do destination-specific research before you go, and ask your bank about their fees.

If you run the gauntlet of money changers on the street, be very careful. In some places it’s even advisable to take your own calculator rather than rely on theirs!