Travel Money Tips For Your Next Asia Trip

Southeast Asia is a budget-friendly destination, with a low cost of living and affordable food, accommodation and transport. However, there are many ways to further save money while travelling in the region.

It's recommended to use a combination of cash, cards and traveller's cheques to access your money. Using cash is the best way to get good deals and avoid excessive fees and commissions. However, cards are useful for larger purchases and can be used to withdraw cash from ATMs, though this can be expensive.

To save money on accommodation, stay in hostels or guesthouses, or book through sites like Booking.com or Agoda. Travelling slowly and taking overnight transport can also help to reduce costs. Eating street food and drinking local beer are good ways to save money, as is cooking your own meals.

Use cash for small purchases like food, drinks, souvenirs, clothing and market shopping

When travelling through Asia, it's a good idea to use cash for small purchases like food, drinks, souvenirs, clothing, and market shopping. This is because credit cards are generally only accepted in large cities and major tourist areas. In more remote areas, many shops and restaurants will not accept card payments, so it's always good to have some local currency on hand.

Using cash is also beneficial when haggling, which is commonplace in many Asian countries, such as the Philippines and Vietnam. With cash on hand, you can haggle prices down and save money. It's also useful for paying for local transport, street food, and small purchases like souvenirs.

However, it's important to be cautious when carrying large amounts of cash. It's a good idea to keep your cash secure in a money belt or a secure pocket. Use a safe in your hotel room to store any cash you don't need to carry with you.

Additionally, be aware of scams and always count your money carefully when exchanging currencies. Some money changers may try to rip off tourists by providing poor exchange rates or giving counterfeit money. It's best to exchange money at a licensed foreign exchange location or a bank.

In terms of the currency you'll need, each country in Asia has its own. However, US dollars are widely accepted throughout the region, especially in Cambodia, Vietnam, and Laos. In some places, you'll see prices quoted in US dollars, and some businesses may prefer payment in USD.

When exchanging money, try to bring new, crisp bills, as older denominations can be difficult to exchange. Also, be sure to get a mix of large and small denominations. Smaller bills are useful for everyday purchases, while larger bills can get you better rates at exchange booths.

Overall, using cash for small purchases when travelling through Asia can help you save money, haggle for better prices, and avoid the high fees associated with credit card and ATM transactions. Just be sure to keep your cash secure and be cautious when exchanging currencies.

Use a credit card for big-ticket items like flights, accommodation and car hire

Credit cards are a great option for paying for big-ticket items like flights, accommodation, and car hire when travelling in Asia. Here are some reasons why:

Fraud Protection

When travelling, it is always a good idea to use a credit card for big-ticket items as it reduces the chance of becoming a victim of fraud. Credit cards often come with built-in fraud protection, so you can have peace of mind when making large purchases.

Convenience and Accessibility

Credit cards are widely accepted worldwide, making them a convenient and accessible payment method when travelling in Asia. You won't have to worry about carrying large amounts of cash or finding places to exchange currency.

Rewards and Benefits

Many credit cards offer rewards and benefits that can enhance your travel experience. For example, some cards provide access to airport lounges, free travel insurance, or discounts on car rentals. You can also earn points or miles on your purchases, which can be redeemed for future travel or other perks.

Purchase Protection

Credit cards often provide purchase protection, which means you can get a refund if an item you purchased is damaged, lost, or stolen during your trip. This added layer of protection can give you peace of mind when making large purchases while travelling.

Foreign Transaction Fees

When choosing a credit card for travelling in Asia, look for one that does not charge foreign transaction fees. These fees can add up quickly and increase the overall cost of your trip. By using a card with no foreign transaction fees, you'll save money and get a better value from your purchases.

Dynamic Currency Conversion

Some credit cards may offer dynamic currency conversion, which means you can pay in your home currency instead of the local currency. This can make it easier to understand the cost of your purchases and avoid unexpected fees. However, dynamic currency conversion may not always be the best option, as it often comes with unfavourable exchange rates. Be sure to read the fine print and understand the terms and conditions before choosing this option.

Overall, using a credit card for big-ticket items when travelling in Asia can provide numerous benefits, including fraud protection, convenience, rewards, and purchase protection. Just be sure to choose a card with no foreign transaction fees and be mindful of dynamic currency conversion rates to make the most of your travel experience.

Use an ATM card as your primary source of funds

Using an ATM card as your primary source of funds while travelling in Asia is a good idea, but it's important to do your research first.

First, check that your card has a Visa or PLUS logo. This will ensure that your card is accepted at ATMs in your destination country. Visa cards are accepted in over 200 countries and territories, so you should have no problem finding an ATM that accepts your card. It's also a good idea to check with your bank if there are any restrictions on using your card overseas or if you need to notify them of your travel plans.

Second, be aware of the fees involved in using your ATM card overseas. Your bank will typically charge a fee for withdrawing cash internationally, and there may also be a charge levied by the local ATM operator. These fees can add up, especially if you make multiple small withdrawals, so it's a good idea to make fewer large withdrawals instead. Additionally, some ATMs may only dispense large denominations, so be prepared to break large bills when making purchases.

Third, take precautions to protect your card and PIN when using ATMs overseas. Cover your hand when entering your PIN, and be aware of your surroundings to prevent theft. Monitor your statements regularly to detect any fraudulent activity.

Finally, have a backup plan in case your ATM card is lost, stolen, or doesn't work. Consider carrying a second ATM or credit card from a different account, or having some cash or traveller's cheques as a backup.

By following these tips, you can effectively use your ATM card as your primary source of funds while travelling in Asia.

Take US dollars as backup; they're the most readily accepted foreign currency in Southeast Asia

When travelling through Southeast Asia, it's a good idea to carry some US dollars as backup. The US dollar is the most readily accepted foreign currency throughout the region.

In some parts of Southeast Asia, such as Laos, Vietnam, and Cambodia, the US dollar is the de facto currency. Hotels in these countries often prefer to do business in US dollars, as it helps them stay afloat amid fluctuating currency values. In many tourist establishments in these countries, you will be quoted prices in US dollars, and they may even prefer payment in US dollars. If you pay in US dollars, you will get the small change in the local currency.

In addition, the US dollar is widely accepted in other parts of Southeast Asia, such as Thailand, Indonesia, the Philippines, and Singapore. While the official currencies in these countries are the Thai baht, Indonesian rupiah, Philippine peso, and Singapore dollar, respectively, you will find that US dollars are accepted in many places, especially in the larger cities.

However, it is important to keep in mind the exchange rates between the US dollar and the local currencies so that you know if you are being charged the correct amount. Exchange rates can vary tremendously, and it is usually best to buy foreign currency in Southeast Asia rather than in your home country, as you will get a better rate.

When taking US dollars to Southeast Asia, make sure you have new, pristine bills, especially if they are $100 bills. Older denominations can be very difficult to exchange, and even the smallest tear, smudge, or hole can make it challenging to exchange your money.

In summary, taking some US dollars as backup when travelling through Southeast Asia is a good idea, as they are widely accepted in the region. However, be sure to also have the local currency on hand, be mindful of exchange rates, and ensure your dollar bills are in good condition.

Take local currency for rural areas where cards aren't accepted

When travelling through Asia, it's important to carry local currency for rural areas where cards are not accepted. This is because, in Asia, cards are not always a reliable source of funds. While debit and credit cards are widely accepted in the big cities, you may struggle to find ATMs in smaller towns and rural areas. Even in cities, card acceptance can be sketchy, and ATMs can frequently run out of cash.

In addition, using cards to withdraw cash can be expensive. There are often fees for international ATM withdrawals, and these can really add up if you're making lots of small withdrawals. Some banks also charge a flat rate for withdrawals, meaning that taking out small amounts of cash regularly can be very costly.

Therefore, it's a good idea to carry a mix of cash and cards when travelling through Asia. You can buy the local currency once you arrive, and it's usually best to do this at a bank or exchange office, as you'll get a better rate than at your home country. Just make sure you always count your money before leaving the exchange office, and be aware of any scams or attempts to short-change you.

It's also worth noting that some countries in Asia, such as Cambodia, Vietnam, and Laos, often quote prices in US dollars, and some businesses may prefer payment in this currency. So, it can be a good idea to carry some US dollars with you as well as the local currency.

Frequently asked questions