How should I pay for outbound travel?

Outbound travel has become a new fashion. Which method is more convenient to settle when going abroad?

Generally, people have three choices: bringing cash, buying travellers' checks, and bringing bank drafts. The pros and cons of these three are introduced below.

Cash: easy to carry, universal currency, accepted by everyone. However, due to the proliferation of counterfeit banknotes, US dollar bills, and differences in national currency management regulations across countries, cash is not as easy to use as imagined. As stipulated in Singapore, cash may be refused if it is damaged in any way. In addition, if cash is lost, it cannot be reported as lost.

Travelers' checks: In recent years, they have been increasingly accepted by tourists, hotels and banks as a new settlement tool. It has many advantages: if the issuing institution is reputable, most of them are international financial companies or banks. The denomination is fixed, ranging from 10 to 100 yuan or even 10,000 yuan, and the security is good. An initial signature is required when purchasing, and a face-to-face signature is required when redeeming. The two must match; the higher cost is also a feature, and a 10% handling fee must be paid at the time of purchase. Traveler's checks cannot be reported lost or bearer.

Bank draft: Generally issued by a foreign exchange bank that handles international business, it has reliable credit and low fees. Generally banks only charge a few thousandths of a handling fee; the currency and amount can be freely selected. International banks such as the Bank of China not only have branches abroad, but also have accounts in banks in various countries. For example, the Bank of Milan in the United Kingdom, Citibank in the United States, and Chase Manhattan Bank all have accounts in corresponding currencies; they have branches in Singapore and Thailand. , it is very convenient to cash bank draft. Its weakness is that it must go through banks and is not easily accepted in the hotel and restaurant industry.