While travelling is made out to be a fun and relaxing experience, the admin associated with it is often overlooked or downplayed. Beyond booking plane tickets, creating itineraries, and sorting accommodation, there is also the hassle of foreign currency and bank fees to worry about. However, there is an efficient way to solve (at the very least) the latter concern, which is through cryptocurrency. Although it might sound intimidating if you are unfamiliar with the digital currency, it is a modern and secure way to manage your money while travelling. Let’s look at some of the key reasons why you should opt for cryptocurrency when booking your next holiday or business trip.
1. Access to Crypto Casinos and Online Gaming
For many travelers, online leisure and entertainment will take top priority when taking a break from their holiday or business trip activities. As such, crypto offers users a borderless means of accessing their various accounts or signing up to new platforms. A good example of this would be online casinos (or iGaming, in general), wherein certain traditional payment methods may be blocked depending on the region you are in. However, the best crypto casinos not only offer players a wide selection of popular games, instant withdrawals, and free spins, but also a way to bypass these issues. A bonus of crypto payments is the enhanced privacy and safety alongside lower fees compared to international/credit card transactions (source: https://www.coincasino.com/).
2. Avoidance of Exorbitant Bank and ATM Fees
Bank fees are higher when transacting on an international scale, whether it be an ATM withdrawal or a currency conversion. Cryptocurrency reduces these significant charges, making foreign transactions that much easier (and more importantly, that much cheaper). Generally, peer-to-peer crypto transfers have either minimal fees or no cost at all, depending on the location you have travelled to. Even more, ATM withdrawal fees will be non-existent as all payments will be made digitally via your respective crypto wallet. Your savings could be substantial depending on how long your trip ends up being, as international bank transactions are usually 3 to 5% of the transfer amount.
3. Security and Protection from Theft
Another great benefit of using crypto is the increased security and protection from theft and other cyber threats. This is true whether you are using it while traveling or from the comfort of your own home to shop online or make a large transaction. For one, there is no risk of losing physical cash, as cryptocurrency is entirely digital, which means you can also avoid pickpockets and physical theft. Private keys and multi-factor authentication are another lifesaver when it comes to crypto wallets, as they keep your funds safe and secure from anyone who isn’t you. Lastly, due to the decentralized nature of crypto (not being controlled by a third party or financial institution), the vulnerabilities of traditional finance do not apply.
4. Seamless Cross-Border Payments
One of the best perks of using crypto is that it is a borderless currency, meaning you can easily make offshore payments with a few clicks. The best part? There is no waiting period or international costs, meaning a cross-border payment is not just seamless, but instant as well. When travelling, this eliminates the need for you to convert funds into local currencies, as crypto is a universal currency accepted globally.
5. Financial Freedom and Accessibility
Due to not relying on a banking institution, you get financial freedom, especially when visiting countries where the banking infrastructure is underdeveloped. Crypto markets never close, so you can transact at any time of the day or night, without being limited by banking hours. In a country where there are strict capital controls or financial regulations, this freedom can end up being a lifeline if you need to commute or purchase food urgently.
6. A Hedge Against Currency Inflation and Volatility
Perhaps you are travelling to a country or region where the currency market is stronger, but also quite volatile. Naturally, you are worried about how that could impact you financially. However, certain cryptocurrencies (such as stablecoins) protect you against volatility and other forms of currency inflation, making them perfect for travelers. Simply put, this method allows you to park your finances in a stable asset while in a volatile market and not be impacted by price hikes and surges. Additionally, this makes it that much easier for you to plan your budget without needing to guess what your overhead costs will end up being.