What’s the best way to take money abroad?
Planning a week in the sun or just a quick city break? Either way, you’ll need access to funds while you’re there.
From exchanging cash before you leave to using a pre-paid travel money card, there are plenty of options for taking your money abroad. In this guide, we’ll explore all the choices so you can find the one that best suits your needs.

What options do I have for spending money abroad?
Cash: Taking foreign currency with you is one of the most common ways to spend money overseas. You can exchange it before you travel (just make sure you get a good exchange rate) and use it to budget your daily expenses.
Credit or debit card: You can pay quickly and easily using contactless or chip & pin. You’ll just need to be mindful of any hidden charges.
Prepaid travel money card: Load cash on your card then spend in shops, bars and restaurants without paying a fee.
Travellers’ cheques: An old school way to travel with foreign currency. They are safe and secure, but you may struggle to find places to exchange them on holiday.
Taking cash abroad
Advantages
- You can pay anywhere
- Cash is easy to manage and budget
- You don’t have to pay foreign transaction fees
Disadvantages
- Cash can be easily lost or stolen
- You may not be able to use high value notes
Using your debit card abroad
Advantages
- It includes chip and pin protection
- You can cancel it simply if stolen
- Paying contactless is quick and efficient
Disadvantages
- You may be charged a foreign transaction fee every time you use your debit card
- You’ll be subject to the exchange rate at the time of using your card, which may not be as competitive as changing money before you travel
- The foreign bank may charge you a fee for using an ATM
Use a credit card
Advantages
- You have extra protection from Section 75 of the Consumer Credit Act when using your credit card to make some purchases
- Widely accepted in shops, restaurants, and hotels
- Useful in emergencies
- May offer travel rewards or cashback
Disadvantages
- You may go over your credit limit
- You could borrow more than you can afford to pay back
- You’ll likely be charged a foreign transaction fee by your bank each time you use it
- Your provider may block the card if they think it’s being used fraudulently – you may need to let them know about your travel plans before you go
What does it cost to use bank cards abroad?
Whether you use your credit or debit card to pay directly or to withdraw cash abroad, you may be subject to certain fees, such as a card transaction fee, a withdrawal fee, or you may be charged interest on a withdrawal (this only applies to credit cards).
Use a pre-paid card
A pre-paid travel money card, like the Asda Travel Money Card is a safe and secure way to spend money abroad. You’ll benefit from contactless payments, free ATM withdrawals, no fees overseas when you spend in a currency loaded on the card, and no links to your bank account. It’s safe, secure and convenient.
Advantages
- You can use them worldwide
- You won’t pay fees for paying with them or withdrawing cash from an ATM
- You can budget by only loading it with what you can afford to spend
- It’s not linked to your bank account, making it a secure option
Disadvantages
- You may be charged a fee when adding money
- You can only spend what you’ve loaded onto the card
How much do prepaid cards cost abroad
Whilst there are no costs for paying with your Asda Travel Money Card or withdrawing from an ATM in a currency you’ve loaded to the card, you do pay a 2% fee for topping up. If you use your card to pay in a currency that’s not on the card, you’ll also be subject to a foreign transaction fee of 5.75%.
You can find all the information on fees here.
Travellers’ cheques
Advantages
- Travellers’ cheques are safe and secure
- You can usually get a replacement quickly (within 24 hours) if they are lost or stolen
Disadvantages
- You can’t exchange them everywhere
- If you’ve not signed them and they get stolen, they could be used
- You have no access to emergency cash if they’re stolen
What if my money is lost or stolen?
Sometimes the worst can happen when you’re on holiday and your money or cards could be lost or stolen. Should this happen, you’ll need to:
- Report it to the local police immediately
- Get a written police report – this is vital for your travel insurance claim
- Contact your card provider – there’s usually a number to ring when abroad or you can likely do it in the app
As well as sorting out your currency, it’s also important to have the right travel insurance in place whenever you travel too. Get a great value Travel Insurance quote today with Asda Money.
Asda Travel Money Card is issued by PrePay Technologies Limited pursuant to license by Mastercard International. PrePay Technologies Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN:900010) for the issuing of electronic money and payment instruments. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.