Best way to deal with foreign currency when travelling? (TW HK)
I live in Taiwan, but I will be travelling to Hong Kong.
Back in the day I had learned that the best way to obtain and use local currency when travelling was to bring cash, and exchange at a place with the most favourable rates. Things have changed a lot and nowadays I hear people just like using their debit cards.
Which is best:
- Exchange cash currency before going, (I already know where to get the best rates)
- Bring cash and exchange there (I don't know, but could find the best rates)
- Just use my debit card everywhere (I imagine there might be fees, but I don't have time to go to the bank to find out for sure, are there always fees? I heard 1.5% flat rate is common)
- Take out cash from an ATM while there (I also expect to pay fees there too)
I do have another option which I've never explored before:
I can actually exchange currency in my banking app (there are 14 or so available currencies I can hold in my account). So I can exchange money in the app instantly.
5a. Exchange in the app, then use the card (not sure if having the local currency will save me from the international fees that might occur)
5b. Exchange in the app, then use the ATM (same thing)
What do you do? I really don't how it works with the multiple currency bank account as this is the first time I've had this. I will probably do a combo of all of these. Exchange first, bring some of my local currency, and use my card and monitor the fees and such.