In 2017, cryptocurrencies took the world by storm. Although cryptocurrencies were created about a decade ago, they did not gain much recognition until the crypto market boom three years ago.
After the market crash of 2018, the value of bitcoins, ethereum, and other virtual currencies, has significantly lowered. However, their adopters increase every day.
Cryptocurrencies revolutionized finance and disrupted how people traded for hundreds of years. Although governments & financial institutions remain skeptical about it, there is no denying that crypto is the future.
Carrying funds while traveling abroad has always been a hassle. You also run the risk of getting mugged or worse.
Most people prefer traveling cashless; could cryptocurrency provide a better solution? Here’s why crypto can be the perfect travel currency.
Makes International Exchange Of Money Hassle-Free
Don’t you just hate it when you are out on your dream vacation and you get mugged? You leave the hotel room for a few minutes and find all your belongings gone.
Tourists are commonly targeted and are the most vulnerable to theft and robbery. The criminals often don’t get caught, and your money can be gone forever. To make it worse, there is a limit to how much cash you can carry without a declaration.
When in trouble and in need of money, you can always have someone send you cryptocurrency from home. These transactions are convenient and without payment of commissions involved.
There are no additional fees for sending money. You don’t need permissions, either, since cryptocurrencies are global.
When you are out of the country and an emergency occurs, sending money home becomes an issue. Withdrawing from your bank account without your signed check or without your card is next to impossible.
Your presence is always required for this kind of transaction. However, cryptocurrency transactions can be done from almost anywhere on earth with the internet. This global currency can be received and sent from anywhere, from one wallet to another.
Sending money through conventional methods can take days, and you also have to pay a fee. Paying for bills, purchases, emergencies, etc, can be done within seconds with digital coins like bitcoin or ethereum. Sending money globally will be of as little expense as it is nationally.
Traveling For Business
For frequent business travelers, the fee of receiving, sending, and spending money internationally can add up to a large amount. Managing money becomes inconvenient, and a lot of it is wasted in paying fees.
Using cryptocurrency as a travel currency is incredibly convenient for businessmen. If money needs to be sent immediately for a business deal to pull through, cryptocurrency provides an excellent solution.
Exchange high amounts of money in a matter of seconds without having to pay a high fee for money transfer with cryptocurrencies. You will save your business money and time.
Before using crypto for personal or business use, caution is required. Be backed up by one of the best cryptocurrency law firms with Kelman Law.
Cryptocurrency Debit Cards
With more adopters coming into the picture every day, using cryptocurrency is becoming more and more convenient. Crypto debit cards are now available to make spending your digital money easier.
These debit cards are tied to their own crypto-wallets and you can use them to spend the money you have there. Most of these cards are branded by Visa, MasterCard, and other major chains. Some of them can hold both crypto and fiat currencies.
You can use these cards to pay in shops and to withdraw fiat cash in supported ATM booths across the globe. Since these cards collaborate with card companies like Visa, you can use them anywhere that accepts Visa cards. To learn more about crypto debit cards, click here.
More Reasons Why Cryptocurrency Is Perfect For Travel
As mentioned many times before, a lot of extra fees from taking fiat currency abroad is reduced by using cryptocurrencies. You will have more to spend or save during your travels. Going cashless becomes easier with digital currency.
Traveling cashless using fiat currency means a 3% foreign transaction charge will apply every time you make payments. The cost of most foreign crypto transactions is 2%. Even if this doesn’t seem like much of a difference per expense, it makes a significant difference in your total travel expenditure.
Cheaper Cash Withdrawal
People decide to go cashless on their travels to avoid the hassles of declaration. You can also save yourself from being targeted from crimes when you don’t carry large amounts of cash with you.
While you can go cashless with your usual debit cards, the bank has some extra added charges with the withdrawal. With crypto cards, the only withdrawal fee you have to pay is the two percent for using it abroad.
You can decide how much you want to spend. Chances are, you will have more to spend since you are paying for fewer charges.
No Effect Of Exchange Rates
People mostly carry dollars while traveling abroad. How much money you will get from the price you buy the dollar depends on the value of that currency against the dollar. The amount of money you will get depends heavily on the fluctuation of exchange rates.
If the value of the dollar rises against the foreign currency, you will get more money. If the value of the dollar falls against that currency, you will get less money. Hence, it makes the value of your money unstable.
You can avoid this changeable factor by using cryptocurrency instead. Inflation in any country will not devalue your money. However, be careful as the price of cryptocurrencies can fall in its own market.
Shopping Made Easy
You can now use your crypto debit card to shop abroad. The foreign transaction fee remains two percent of the purchase price, which is the same card you can use in your own country for only a one percent charge. Hence, it is not much different from spending at home.
You can do cheaper, cashless shopping using cryptocurrency, which makes it the best option for shopping abroad.
Cryptocurrency has revolutionized finance everywhere, and now you can use it as a type of travel currency. With the introduction of wallets and cards, using cryptocurrency has become easier than ever.
Avoid all the troubles of using conventional currency abroad by replacing it with cryptocurrency. It has made payments abroad cheaper and simpler. However, it is best to carry a combination of both fiat and crypto on your foreign travels.