What ways do individuals use foreign exchange abroad?

Nowadays, many people need to go abroad more or less, some to study abroad, others to travel. Then it is natural to use foreign exchange abroad. What are the common ways to use foreign exchange abroad? Let's take a look at it with me.

1 mobile payment

At present, all kinds of scanning code payment can be seen in various overseas merchants, amusement places and other places, and new mobile payment such as Alipay and WeChat has become one of the favorite payment methods for China residents to leave the country. Among them, Alipay has been connected to overseas offline merchant stores covering almost all eating, drinking, playing and consumption scenes such as restaurants, supermarkets, department stores, convenience stores, duty-free shops, theme parks and overseas airports in more than 3 countries and regions such as Europe, America, Japan, South Korea, Southeast Asia, Hong Kong, Macao and Taiwan. In addition to convenience and speed, the advantages of direct exchange of RMB into local currency and various merchant discounts have also become a highlight. However, various payment platforms also have their own consumption limits, and some security guarantees such as confidential payment need to be improved.

it is suggested that customers who travel abroad in the Asia-Pacific region can give priority to mobile payment.

2 credit card

Credit card consumption is the best choice for shopping, hotel accommodation and other formal places, and it is very convenient to carry and use. Multi-currency and full-currency credit cards can avoid the loss of multiple exchange by using the real-time exchange rate of RMB against local currency. In addition, some credit cards also provide discounts, cash back and other payment concessions, which are very popular among overseas cardholders. However, it should be noted that overseas credit card consumption does not require password verification except UnionPay channel, and consumption can be completed only by signature, so there is a great risk of being stolen.

It is suggested that you can apply for multi-currency and full-currency credit cards in advance, but you should pay attention to the skills of card storage and card encryption. The bank card should be upgraded from a magnetic stripe card to a chip card as far as possible to improve the applicability and security of the card.

3 Carrying cash

Carrying cash has the advantages of convenience, ease of use and high popularity. However, there are many procedures such as purchasing foreign exchange, withdrawing banknotes, and applying for a carrying permit. At the same time, there may be risks such as loss, theft and change of counterfeit banknotes after leaving the country. Therefore, taking cash out of the country is currently recommended as a supplementary means of payment for foreign exchange for consumption, and the usage is mostly consumption in underdeveloped areas, small shopping with small change or some emergency scenarios. Individuals are advised to know the local currency before leaving the country and prepare a small amount of cash, especially small denomination change notes, for easy use.

4 overseas remittance

overseas remittance is not applicable to foreign exchange for outbound travel, but it is the most important payment method for paying tuition fees for studying abroad. According to the information of the payee and the payee bank provided by the overseas school payment notice, it is fast, convenient and safe to remit money directly to the school to pay tuition fees.

5 overseas cash withdrawal

overseas cash withdrawal eliminates the complicated procedures of preparing cash before leaving the country, and at the same time, it can also take into account the convenience of using cash directly abroad. It is a good choice to use bank cards to withdraw cash directly abroad. However, due to the management of cash withdrawal limit, high handling fee and unfamiliar operation of overseas ATM machines, this method has certain limitations in convenience and use cost, and cannot meet all the needs of individuals for overseas use of foreign exchange. It is suggested that one or two bank cards can be prepared when leaving the country, and the prepared cash can be temporarily withdrawn for emergency use after it is used up.

Now it is normal to go abroad, and there are more and more ways to use foreign exchange abroad, which is more and more convenient. I hope these points can help you.