Carry cash
Advantages: Cash is a common currency, and it is the favorite way for most outbound tourists at present. This is the most convenient to use and the simplest procedure. According to the relevant regulations of the State Administration of Foreign Exchange and the General Administration of Customs, domestic residents do not need to declare if they bring foreign currency cash with the equivalent of less than 2000 US dollars out of the country. Those who carry foreign currency cash equivalent to more than US$ 2,000 need to apply to the bank for a foreign currency carrying certificate. Generally speaking, it is not allowed to bring foreign currency cash with the equivalent value of 10000 dollars or more out of the country.
Disadvantages: foreign currency exchange, cash quotation is lower than cash exchange, the more exchange, the more debt. The safety of carrying cash is also a problem, and cash cannot be reported as loss.
Suggestion: This method can be used for short-term overseas travel with less money, but it is only suitable as a supplementary means for travel with more money.
traveler's checks / traveller's cheque
Advantages: Traveler's checks, as a new settlement tool, are widely accepted by tourists, hotels and banks. Traveler's checks have many currencies and can be directly used for consumption on many occasions; Large denomination, suitable for carrying a large amount of money; In addition, the use of traveler's checks is useless.
Traveler's checks are issued by internationally recognized companies or organizations, such as American Express Traveler's Checks issued by famous American Express Company and VISA Traveler's Checks issued by VISA International Organization, which can be used all over the world. Even if you can't spend directly, many banks can cash it. Sign your name on the check, and then sign your name at the "countersignature" of the check when you stay abroad for consumption, and you can make a deal. Spending with traveler's checks is the same as cash, and you can get change. The biggest difference between traveler's checks and cash is that you can report the loss as long as you carry the purchase agreement.
Disadvantages: Generally, the handling fee for purchasing traveler's checks is around 1%, and there may be a certain handling fee for holding traveler's checks in consumption abroad. When unused traveler's checks are exchanged in China, some fees will be deducted.
Suggestion: This is a solution between cash and international credit card, and it is very suitable for travel with a small amount of cash.
International credit card
Advantages: International credit card services are comprehensive and relatively safe to carry. If you spend money abroad, you can swipe your card directly for overdraft. No matter which bank issues credit cards, as long as they belong to international credit card organizations, such as VISA or MasterCard, they can be spent by all special merchants in different countries and regions, and they can also withdraw money from member banks or ATMs marked with "PLUS" or "CIRRUS" around the world.
No matter which country you spend or withdraw cash in, the bank will automatically convert it into the currency of your credit card for settlement according to the foreign exchange transaction quotation published by the international credit card organization. It is very convenient to reduce the loss and trouble of foreign currency exchange and avoid the risk of carrying a lot of foreign currency cash without considering the currency in circulation in the signing country.
Disadvantages: it takes a long time to apply for an international credit card, the examination of the applicant is strict, and the procedures are relatively troublesome.
Suggestion: If you often go abroad or travel in different countries for a long time, you must apply for an international credit card. Occasionally, short-term outbound travel is unnecessary.
bank draft
Advantages: Generally, it is opened by a bank handling international business, with reliable credit and the lowest handling fee. A bank draft of $2,000 only needs a handling fee of 50-200 yuan RMB. The currency and amount of bank draft can be selected at will, and it is payable at sight. Take the Bank of China as an example. If there is a branch of China Bank or an account of China Bank in the local bank, the bank draft can be cashed directly.
Disadvantages: the draft cannot be directly consumed, but if there is no local branch of the bank where the account is opened, it will take a long time to cash it, usually three to four days, which will be inconvenient for people with tight team schedules.
Suggestion: suitable for long-term travel, single destination, or when you need to carry a lot of foreign exchange. Due to poor flexibility, this method is not recommended for general outbound tours with groups.
processing method
Traveler's checks, international credit cards and bank drafts can be used in most banks. Please consult the bank directly for details.