Cash, ATM, or credit card? Here’s what to use for your next trip

Ready to jet off? Before you pack your bags, let's talk money. Whether you're exploring a buzzing cityscape or relaxing on a secluded beach, choosing the right payment method can make a big difference. Bringing cash from home, withdrawing from an ATM at your destination, or using a credit card all have their pros and cons. Here’s a rundown to help you decide.

Bringing cash from home

Pros: The main benefit of bringing cash from home is the peace of mind: You won’t have to worry about finding an ATM when you land, and you’ll be sure you can get to your hotel with no problems. It’s also best to have cash for emergencies and small purchases. And depending on where you’re going, cash might still be king: For example, in Japan, most small restaurants don’t accept credit cards.

The best option is to buy your destination’s currency straight from your bank, but if it’s not available, US dollars are your next best option — this will be easier to get exchanged abroad. 

Cons: The con of only spending cash, though, is that you’ll miss out on rewards points. Plus, carrying large sums of cash might be dangerous because it can get stolen. Flashing a fat wallet can attract unwanted attention, so make sure to stash your cash in different places.

Withdrawing from an ATM abroad

Pros: The draw to getting cash from an ATM at your destination is the convenience, especially if you don’t have time to go to the bank before your trip. International access is enabled by default for the BPI Debit Mastercard, so you won’t have to worry about having to call the bank, too. (Pro tip: you can turn this on and off via the BPI app under Card Control!)

Cons: The drawback, though, is the fees: Banks usually charge an international withdrawal fee on top of ATM fees. If you decide to go this route, make sure to keep the number of withdrawals to a minimum, and stick to well-lit and safe-looking establishments — beware of shady ATMs! 

Using a credit card

Pros: If you’re planning on doing a lot of shopping on your trip, you should definitely use a credit card. Not only for the convenience, but for the safety, too — if something goes wrong with your purchase, it’s a lot easier to reverse a charge.

When using your credit card abroad, just make sure to always pay using the local currency on the card terminal — this usually gets you a better rate.

Cons: The downside of relying on credit cards, like withdrawing at an ATM abroad, is the fees. But, it’s a good thing that BPI credit cards have one of the lowest foreign transaction fees in the market, so it’s not really something to worry about. What you should watch out for, though, is your spending limit — it’s best practice to think of your credit card limit as cash to avoid incurring debt. Visit this page to learn more on how to swipe responsibly!

These will all have different strengths and weaknesses depending on where you’re going, so no matter what your money plan is, it’s best to research beforehand. And remember: Enjoy your trip!

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