Whilst the idea of being a nomad and truly wanderlust is a dream for many, the practicalities of travelling often take over. In today’s digital age, travellers tend to sway towards convenience and security during their trips. When it comes to security, there are two main priorities: not losing your passport and ensuring your money is safe and available whenever you may need it. That’s why many travellers are using digital e-wallets while on the go. Proving to be one of the most effective tools for managing your money, e-wallets make managing your finances, transacting funds and storing your money super easy and all accessible via your mobile device. Knowing your money is all sorted can greatly enhance your travelling experience, so let’s take a look at 3 of the best reasons to use an e-wallet when travelling.
Convenience
Perhaps the biggest advantage of using e-wallets whilst travelling is the convenience it has over other forms of payment methods. Instead of trying to work out the different notes of foreign currency you have in your pocket or trying to worry about having the exact amount of money for your dinner, you can just use your e-wallet to pay quickly, easily and securely with your smart device.
The digital age has pretty much taken over cash in many destinations around the world in much the same way that it has grasped a number of online industries. Using ewallets has become popular because of their fast transactions and their security, something heralded within the online casino industry, for example.
Almost all vendors in major travel destination cities and airports around the world are now using contactless payments with just one tap. Equally, the fact that all your cards and money are in one place and saved on your phone means that you don’t need to worry about carrying around wallets or purses full of different cards and cash, streamlining your travelling experience.
Security
Losing your wallet or getting things stolen when you are travelling has forever been a valid concern travellers have had when visiting places they are unfamiliar with. E-wallets not only offer the chance to remove the need to have physical wallets and cash on your person, but they also boast great security measures.
Biometric authentication, PIN protection, and end-to-end encryption mean that cards and money stored on your e-wallet are incredibly safe and reduce the risk of fraud or theft.
‘But what if I lose my phone?’, I hear you cry. Well, whilst that is far from ideal, you can easily remotely lock or remove your e-wallet to prevent any unwanted personnel from getting access to it. This means that if your phone does get stolen, you are only losing your phone and not losing your access to bank cards, all your money in cash, or any identification documents you would have had in your wallet at the same time.
Money Management
One of the benefits of using this digital technology instead of traditional methods is also its ability to help you manage your money. Nowadays, everyone uses their card for everyday transactions, which has created a sense of familiarity with this type of payment method. Because you are used to this method, it should make things easier than fumbling about with foreign notes and coins.
Another fantastic feature of using e-wallets is accessing the best currency exchange rates, which allows users to choose providers such as Revolut, Wise, or PayPal to obtain better exchange rates than traditional banks and domestic financial institutions. Not only do you have the option of using different cards for different situations all in one place, but traditional methods of exchanging money can be pricey, and e-wallets avoid these fees.
Equally, these more international platforms allow you to convert money in advance of your trip at better rates. This means you can manage your account before you are even in the country you are travelling in. This avoids heavy fees and unwanted costs when you finally get to your destination, and makes it much easier to manage your budget when you are travelling, as you can easily track all your spending.