I’m going abroad soon. What payment method is more convenient? I have recommended several common payment methods to everyone and introduced their advantages and disadvantages. I hope that after reading this, you can choose the method that suits you best.
(Picture transferred from Baidu)
Domestic bank exchange
Most travelers choose to carry some local cash when they go abroad. Even though card swiping is more popular abroad, it is often not as convenient as cash. What’s more, in addition to its limitations, card swiping also carries a certain risk of theft. Taking Beijing as an example, Euro cash exchange is available in most banks. However, before going, it is best to call the bank to inquire whether it has Euro reserves on the day and make an appointment to exchange small denomination cash.
For countries outside the Eurozone, here is the Czech Republic. You can use euros to exchange krona in the Czech Republic. It should be noted that many currency exchange centers charge commissions, so you can compare more.
Recommendation index: ★★★★★
Disadvantages: Chinese people like to carry large amounts of cash. So don’t store cash in one place. Keep a small amount of cash in the place where it is easiest to take it out. As the saying goes, wealth should not be revealed, so be careful!
Credit cards
In addition to carrying some cash, credit cards are also a financial necessity when traveling abroad. A credit card not only facilitates hotel and air ticket bookings, but the credit card statement can also be used as a powerful material to apply for a Schengen or other European country visa. Credit cards can basically be divided into single-currency cards, USD/RMB dual-currency cards, and multi-currency cards. When traveling abroad, in order to avoid multiple currency exchange losses, it is best to prepare a chip multi-currency credit card.
Recommendation index: ★★★★★
Disadvantages: In some underdeveloped areas, magnetic stripe credit cards are not recommended, especially among small merchants, where credit card fraud is common.
Electronic traveler's checks
It is not a paper check in the traditional sense, but a card check the size of an ordinary bank card. It can be used on more than 30 million Mastercard cards with the Mastercard logo around the world. Merchants pay by card. Supported by 34 million merchants and 2.1 million ATM machines worldwide.
Compared with ordinary debit cards, electronic travellers’ checks can be recharged and used repeatedly; compared with credit cards, electronic travellers’ checks are available immediately without credit review; at the same time, cardholders can also enjoy 7*24 Hours of global emergency rescue service in Chinese.
Recommended index: ★★★★★
Advantages: Compared with cash and credit cards, it has higher financial security. Not linked to bank accounts, minimizing personal financial risks. In addition, electronic traveler's checks are free of POS card swiping fees, recharge fees, and card purchase fees!
Local cash withdrawal with UnionPay debit card
You can use UnionPay debit card to withdraw cash at ATMs with the UnionPay logo overseas. Banks that issue cards and withdraw cash will charge certain handling fees.
Disadvantages: You need to find an ATM machine and collect existing handling fees. There is a daily cumulative withdrawal limit.
Currency exchange at foreign banks
You can exchange RMB for Euros in foreign countries, such as Bank of China XX Branch, and some local banks also have this business. The exchange rate in areas with dense Chinese populations is generally higher than that of banks and is more convenient.
Recommended index: ★★
Disadvantages: Not all banks have this business, and the exchange rate is not good.
Currency exchange at the airport
Whether you have RMB, US dollars, Hong Kong dollars, or Japanese yen, whether you want to exchange euros, pounds, or Swiss francs, money exchange at the airport always has everything you need.
Recommendation index: ★
Disadvantages: Undoubtedly, the exchange rate at the airport is the worst, but it is not a bad idea in exchange for emergencies.