One of the key concerns for international travel is on having sufficient funds for travel. Credit cards and cash are primary and the ratio will depend on the location. For Europe and the wealthy far east and other developed countries, most travel expenses can be done with a credit card. When travelling to Europe I usually come back with extra cash even though I only take a few hundred dollar's worth of local currency.
I usually take about $200 equivalent in the local currency of the first country I'm going to. I also take about $500 in US cash because in almost any country the US dollar can be converted to the local currency. I take two credit cards, one to carry in my wallet and one in a money belt.
Note that some countries discourage cash, notably Sweden. I found many stores that did not accept cash, although there has recently been push-back by citizens there, and politicians are proposing laws to mandate acceptance of cash, especially for day to day necessities.
The newest financial resource for international travel is the Wise card. This card works as a debit card to which cash has been loaded prior to travel. Once loaded with your home currency, you create accounts in any of 50 currencies appropriate for your destinations. The card can then be used as a debit card in almost any country in the world. Fees are very reasonable.
Another company that handles multiple currencies and has a multi-currency debit card is Payz (formerly EcoPayz). They are British based and have been around about 20 years. There are different account levels with increasing fees.
Currencies Direct, a British company established in 1996 that handles multiple currencies and has a multi-currency debit card. From their website they state they have over half a million customers. They also specialize in large transfers of funds from one country to another. One of their selling features is that you can actual discuss the issue with people rather than just dealing through a website.
Remitly does currency transfers internationally in most currencies in the world and at a preferential exchange rate compared to banks.
OFX is a Canadian company that has been around for over 25 years. It is similar to Wise with some differences.
Virtual Credit Card
A virtual credit card is extremely useful. It has the flexibility of a credit card but limits your exposure. Some platforms for the creation of temporary virtual cards that can be used for a one-time purchase. The British company Revolut provides this service and allows the creation of multiple virtual cards. (Unfortunately, Revolut is not available to residents of Canada.)
Another popular virtual credit card provider is Pyypl. Based in the UAE, their virtual Visa card can be used for online purchases and can be frozen or unfrozen in seconds via the mobile app. Funds can be added at the 2000+ bill payment terminals in the UAE, by bank transfer, from a debit card or from a mobile wallet.
The Canadian FinTech company Koho has a pre-paid credit card which can be loaded by e-transfer, credit card or direct deposit. The card can be used as a virtual card by loading onto a mobile wallet, and it be turned off and then back on to block usage. There is a monthly fee to use the card, with various levels of features, from $4.00 to $19.00.
Crypto Payments
A few apps are available for purchases using crypto currencies. OWNR and Bitfill are the most popular.
Banking Fees
Getting cash while traveling can be expensive depending on where you go. At ATMs, I’ve had from 0 to over 100% fees! Tanzania and Argentina were very bad - they charged a withdrawal fee then halved the exchange rate. Some higher end hotels do currency exchange and the rate is usually very good; Sheraton in Mendoza and Panafric in Nairobi. [Check WISE app for past banks & fees.]
| Bank | Country | Bank | Fee (%) | Exchange
Rate (%) |
| Wise | Latvia | Swedbank | 0 | n/a |
| RBC | Bulgaria | Unicredit Sofia | 0 | 2.6% RBC |
| Wise | Germany | Deutsche Bank | 0 | n/a |
| Wise | Brazil | Bradesco Bank | 0 | ? |
| Wise | Greece | Piraeus Bank | €2 | 0 |
| Wise | Iceland | Landsbankinn | 3.0 | 0 |
| RBC | Italy | Poste Italiane | 5.5 | 6 |
| Wise | Argentina | Santander | 8.6 | 100 |
| RBC | Kosovo | TEB Bank | €5 (2%) | 2.5% RBC |
| Wise | Tanzania | ? | ? | 100 |
| Wise | Romania | Intesa Sanpaolo | 0 | 6.18 |
| Wise | Turkey | Türkiye Bankasi | 7.4 | 9.7* |
| Wise | Luxembourg | Agence Royal | 1.88 | n/a |
| Wise | North Macedonia | Stopanska Banka | 250† | 12.5-23 |
| RBC | North Macedonia | Komercijalna Bank | 0 | 2.7% RBC |
| Wise | Bogota | Santander | 0 | 0 |
| Wise | Hobart | Westpac | 8 | 0 |
| Wise | Wellington | ANZ | 4.2 | 0 |
n/a = no currency conversion; * = charged by Wise;
† = flat fee in MKD but reduced by Wise by ~60%, but exchange rate spread high in Wise. E.g., 2,000 MKD (~$50) cost 21.6% over spot, all in! |
