Some people choose to use travellers' cheques when travelling abroad. The advantage of this is that you only cash them in as and when you need them. Should the worst happen and they get lost or stolen, you have essentially only lost a piece of paper instead of lots of cash.
In addition to this, you are insured, and so once the loss has been reported along with the details of the serial numbers on the cheques, the issuer will quickly replace them and you can continue to enjoy your holiday. What is more, any cheques that you do not use while you are away can be cashed in for your native currency when you get back.
The downside to taking cheques with you instead of actual dollars, euros or whatever the currency may be where you are heading, is that you tend to lose out when it comes to the rate of exchange. This is mainly because you are changing small amounts of money each time you cash-in a cheque, and by the end of your trip you have therefore forked out quite a large amount of money in commission fees.
Many people these days prefer to use credit cards to pay for goods while overseas, thereby cutting down on the amount of money they need to physically exchange for local currency. While this can be a good idea, you are still likely to need a certain amount of cash as not all shops will accept credit cards, especially if you are travelling to remote areas or under-developed countries.
Whatever way you choose to buy goods abroad, the following tips should help to keep your money, cheques or credit cards safe from potential thieves:
1. Do not leave your bag, wallet or any other personal items unattended.
2. Wherever possible, keep money in a zipped pocket or a concealed belt around your waist.
3.Never put money in a rucksack pocket - it makes it far too easy a target for thieves.
4.Always be aware of who is around you and never flash money around.
5.Keep serial numbers of travellers' cheques, credit card numbers and emergency phone numbers separate in case you are the victim of a robbery.