What kind of money is better for traveling abroad?

In recent years, more and more people travel abroad at their own expense. Traveling abroad is bound to cost money, which involves the problem of money. So what money should I bring when traveling abroad? People generally prefer to choose cash, buy traveler's checks, bring bank drafts, etc.

Cash is easy to carry, and it is also a common currency, which can be accepted by any unit or individual. However, due to the prevalence of counterfeit banknotes, especially US dollar banknotes, and the different regulations on local currency management in different countries, cash is not as good as expected. For example, Singapore stipulates that paper money will be rejected if it is damaged, which increases the risk for the holder. From the perspective of financial management, the price of banknotes purchased by tourists is the same as that of traveler's checks, but if they are converted into RMB after returning to China, the price of banknotes will be far lower than that of cash such as traveler's checks, which is not worth the candle. In addition, once the paper money is lost, it will not be reported.

As a new settlement method, traveler's checks have been more and more accepted by tourists, hotels, banks and shopping malls in recent years. It has many advantages, such as reputable issuers, most of whom are international finance companies or banks. There are many kinds of currencies with fixed denominations, ranging from 10 to 1000 or even 10000 yuan; Good security, you need to sign at the beginning of purchase, and you need to sign in person when you pay. The two must be consistent. The disadvantage is high cost. A handling fee of 1% must be paid at the time of purchase, and the bank sometimes charges 1% at the time of redemption. Traveler's checks have no report of loss or bearer. With the competition of business, some issuers have been able to report the loss.

Bank drafts also have their own characteristics: they are generally opened by foreign exchange banks that handle international business, with reliable credit and low cost, and the general banks only charge a few thousandths of the handling fee; Currency and amount can be selected at will. Its disadvantage is that it must be handled through a bank, and it is not easily accepted in hotels and restaurants.

Through the above simple comparison, I believe that people who travel abroad can choose an economical settlement method according to their own requirements.