It took me nearly 3 years to figure out the best way to take cash out abroad – and now that I’ve figured it out I want to tell the world!
For a more thorough look at my experience HERE is the article I wrote for The Financial Diet.
But if you’re looking for the quick hows, whys and $20 FREE CASH – read on.
How to Take Cash Out Abroad
I learned a lot of lessons while in the Philippines, as with everywhere I go. One in particular was a real game changer and one I am thrilled to share with the world! It’s also the only way to reliably take cash out in Siargao, Philippines which is an absolute must-have as there are very few places that take credit card. It’s also how my Aussie partner and I transfer money back and forth. This may also be the best option for those of you traveling to small towns like Taghazout, Morocco.
So how you do it is through a money transfer app called World Remit that allows you to take cash out abroad quickly, safely and securely with only a small flat rate fee.
Here’s how it works:
- Download the app
- Set up your location, bank and credit card details in your profile
- Choose a location nearby
- Send money to yourself in the local currency from your credit card or debit card
- Get a confirmation code via email and text message
- Bring your passport and confirmation message to the location you sent the money to
- Fill out a withdrawal slip
- Pick up your cash!
This whole process took us about 15-30 minutes. It’s easy, reliable and so cheap!
Let me explain why this app is so awesome:
- I took a large sum of money out to spend for while in Siargao. While most ATMs charge a large fee to take money out and most banks charge a percentage of the withdrawal on foreign transactions World Remit only charges one small flat fee. So whether you take out $50 or $3,000 you’ll only ever pay $5USD!
- Because I was able to use my travel rewards credit card to send the cash to myself I still received points for the cash withdrawal.
- The exchange rate was right on par with the Google exchange rate which is typically fairly generous.
- Transactions are made, and cash is picked up at a bank so you don’t need to worry about sketchy ATMs scanning your card and stealing your money or eating your card completely.
- WorldRemit also has an awesome referral system. When you make a transaction you’ll receive a link to pass along to friends. When someone uses your link and sends at least $100USD you’ll both get $20USD!