Checklist: travel without any money worries

You've arrived at your holiday destination. You unpack. You put on your flip flops. You have a bite to eat at the restaurant. But when you go to pay the bill, your card doesn't work. Nothing happens at the waiter’s payment terminal and then again at the ATM ... If you want to travel without any stress, be sure to follow this list first.

1. Should I take cash with me on my trip or not?

It's always a good idea to have (some) cash with you. It may come in handy for small or unforeseen expenses. You may want to use cash to buy a bottle of water, take a taxi or tip a porter. It could also be the case that there is a power failure and you can't pay by card. Check in advance which currency is used at your holiday destination and where you can exchange it at the best exchange rate. It is often cheaper to buy the local currency in your destination country than in Belgium. If you are travelling to Africa, Asia, the Middle East or Latin America, it may be useful to carry some US dollars with you. You can always exchange them and they are often accepted as a means of payment.

How much cash you need on your trip really depends on your destination. Each region has its own payment habits and systems. In Scandinavia, digital payments are the norm, but in more exotic places you won't be able to simply tap your payment card or smartphone wherever you go.

At most destinations, it makes no sense to carry your entire holiday budget in cash. You will incur significant currency exchange costs if you exchange everything. And with lots of cash in your pocket, you’re a prime target for pickpockets.

Tips for keeping your cash safe:

• Keep the money (and your payment cards) in different places in your clothes or accessories.
• Keep your cash in a belt, scarf, bumbag, etc. with hidden pockets.
• Consider taking an extra wallet with some money and a few fake cards. You can hand them over in case you are robbed.
• Use small denominations, because large ones attract unwanted attention. Also limit the number of notes you keep in your wallet. Be discreet when you withdraw cash or make payments.
• Preferably use an ATM that is located inside a bank or shop for extra security.
• Always carry your bag or backpack in front of you in busy areas and make sure it is closed properly.
• You can put some banknotes under the insole of one shoe and a copy of important documents under the insole of the other.

2. Is it better to pay in euros or in the local currency?

If you are travelling outside the eurozone, you may have the option to pay in euros or in the local currency with your card. Paying in euros may seem convenient, because it is the currency that is most familiar to you. However, it is better not to do this and to pay in the local currency. That is because the restaurants and shops that offer you the option of paying in euros can set the exchange rate themselves. Their exchange rate is often far too high. You may also be charged a commission in addition to the poor exchange rate. The exchange rate used by your card provider tends to be much cheaper. If you have the option of paying with your card in the local currency or in euros, you should therefore always go for the local currency.

3. What is the maximum amount of cash I can have with me?

In the European Union, there is generally no limit as to how much cash you can carry. If you travel outside the EU, you have to declare anything over 10,000 euros. This limit also applies to the equivalent in other currencies.

In many countries outside Europe, the limit is 10,000 US dollars. However, it is advisable to check the specific rules of your destination country. The IATA (International Air Transport Association) website has more information on how much cash you can carry when you enter a country without declaring it to customs.

4. What type of payment card should I use in which situations?

Within the eurozone, it is best to use a debit card for payments and cash withdrawals. Outside the eurozone, it is best to opt for a credit card to pay in shops and a debit card or credit card for cash withdrawals.

> Debit card

This is probably the card you tend to use at Bancontact terminals in Belgium.

In the eurozone, all payments in shops with this card are free. Some banks charge a fee for cash withdrawals with this card at ATMs, but this is an exception. With the free debit card from Keytrade Bank, all withdrawals in the eurozone are free. (You even receive 5 euro cents from us for each transaction!)

Outside the eurozone, you are charged an exchange and handling fee for each transaction. The general rule is: the higher the amount, the higher the charges. Banks often make a distinction between payments in a shop and cash withdrawals at an ATM. The current Keytrade Bank rates are available in this overview.

> Credit card

In the eurozone, all payments made with your credit card in shops are free. For most banks, this is not the case for cash withdrawals. Depending on your credit card, you will pay a fixed minimum amount for each withdrawal plus a percentage on the withdrawn amount. With a Keytrade Bank credit card, you pay nothing at all for withdrawals at ATMs in the eurozone.

Outside the eurozone, it is best to use a credit card for payments in shops. This is because the exchange rate fee is generally lower with a credit card than with a debit card. You also don’t tend to pay a handling fee (you don’t pay a handling fee with your Keytrade Bank credit card). If you want to withdraw money outside the eurozone, take a look at your bank’s list of charges in advance. At some banks you are usually better off with a credit card, but at other banks a debit card will be cheaper. At Keytrade Bank, the rates are the same.

5. Do I need to unblock my payment card before I travel?

You can easily manage the settings and restrictions yourself in your account. You can choose to (un)block your card for certain regions. The same applies to contactless payments, cash withdrawals from ATMs and secure online shopping settings.

At Keytrade Bank, you can easily change this by logging in to your account. Select the ’Cards’ section in the ’Banking’ tab. Click on 'Settings’ and then adjust the regions you want to (de)activate.

Some cruise liners arrange the payments on their ships via the US. If you are going on a cruise, you may need to unblock your card for the North American region in advance.

6. What if my card is stolen or swallowed by an ATM abroad?

Block your card by logging in to your account. Select the ’Cards’ section in the ’Banking’ tab. Click “Block”. If you lost your card and then find it again, you can unblock it in your account. If it is not possible to block your card in your account, call Card Stop on +32 78 170 170. Put this number in your phone’s contact list. This saves you the additional stress of trying to find the number when you need it. You need to provide your account or card number to block your card. It is therefore advisable to keep your account or card number somewhere separate when you travel. Keytrade Bank will send you a new card free of charge.

If you need cash quickly, you can use money transfer services such as Moneygram or Western Union. This allows family members or friends to transfer cash to you quickly and easily (sometimes in just a few minutes). All you need to do to collect the cash is show your ID and a reference number. However, this service does come with a fee.

7. How can I make a bank transfer, check my balance, etc. on holiday?

The Keytrade Bank app allows you to perform all your daily transactions and manage your investments wherever you are.

8. Do I need insurance?

Good travel insurance means that you can set off with peace of mind. The range of insurance policies on offer can be overwhelming, though. Before taking out insurance, it is best to check what is covered by your health insurance fund and credit card. A credit card is a globally accepted means of payment, but some credit cards also bring additional benefits. If you use your Keytrade Bank VISA Gold or VISA Platinum credit card to pay for your trip, you receive travel accident insurance, travel assistance insurance, travel cancellation and interruption insurance, travel inconvenience insurance (delayed or cancelled departure) and cash theft insurance after withdrawal.

No holiday, but still holiday pay?

No holiday plans? Or perhaps you went on a low-cost holiday? Make your money work for you in a savings account or consider investing it.