The world has started opening up about accepting cryptocurrencies. Many hotels, pubs, and resorts around the world are now accepting crypto. But the question is, should you really use the crypto payment option on international trips? And if you do, how do you ensure you get the best exchange rates for, as examples, your btc usd or eth cad transactions?
Well, crypto payments on international trips have both advantages and disadvantages. And in this article, I will talk about a few points that will help you understand whether paying with crypto for your international travel would be a good idea or not.
So let’s get into the topic right away:
How Crypto Payment Options can save your life on International Trips?
1. No Hassle For Currency Conversions
There is no need to convert your currencies before you head over to your travel destination. Crypto is accepted globally, and you pay the same amount of funds no matter where you are heading to.
Also, if you have multiple travel destinations in a different country, you will need to convert your currencies multiple times, which can be a headache. On top of that, it will attract a huge amount of money as forex charges.
But this can be prevented when you choose to pay using crypto. The best part about crypto and bitcoin payments is that it is extremely fast and has lower transaction fees compared to your international credit card payments.
For fast transactions, you can use Stellar. It heavily focuses on expediting the processing and settlement of cross border payments. Also, it claims that an average transaction gets settled within five seconds.
2. No Forex Charges
One of the main issues that arise when you travel internationally is that you first need to exchange your local currency for the currency of another country that you are visiting.
Often these forex transaction charges can cost you a lot. On top of that, you will have to spend all your exchanged money before you come to your home country.
However, when you pay using crypto, there are no forex charges. Crypto is not controlled by a central agency and it is decentralized in nature. As a result, crypto is accepted all over the world.
This would help you to save a lot of money from paying forex charges. Also, paying with crypto has become extremely easy. There are mobile apps that let you pay using crypto by scanning a bitpay QR code. One such crypto mobile app example would be Trust Wallet.
3. You won’t get robbed
When you travel internationally, there is a high chance that you will get robbed. Mostly, in touristy places, you will find pickpockets. As a result, carrying cash everywhere won’t be a safe thing to do. Even when you pay using your credit card, your card details might get stolen.
But with crypto, your funds are safe and secure. There is no way anyone can steal it. However, you will need to protect your funds from hackers. But that can easily be solved by using a hardware wallet like the Ledger Nano X.
Also, you can choose to keep a small number of funds in your mobile crypto wallet. You can use these funds for day to day transactions.
Moreover, even if your phone gets stolen in tourist places, you will still have access to your funds. Just make sure to keep the security phrase of your crypto wallet protected, and you will not have trouble retrieving your funds back.
4. No frozen accounts
There is no frozen accounts thing with crypto. Often your credit card gets blocked when you make too many international transactions. This is, of course, for security reasons, and you should let your credit card company know about your vacation to prevent that.
But what if you forget to let your credit card company know and your card gets blocked when you are traveling abroad? That would not really be a good experience for you.
However, with crypto, there is no such frozen account thing. You don’t really have to alert anyone. Just make sure you are using a good crypto wallet app for easy transactions, and you are good to go.
5. Payment fraud
When you use your credit card to pay internationally, you give unfamiliar foreign merchants your credit card details. And that unfamiliar Marchant can use your credit card details intentionally or unintentionally for something wrong.
There are many travelers who speak about hundreds of dollars missing from their account after they used their credit card to make payments. And if this happens internationally and you raise a complaint to your bank, your account will get frozen immediately.
This will block your access to your funds until you get a new card which can take up to weeks. However, when it comes to crypto, there is no one who can misuse your funds. Transactions are only completed after one or two verification like phone verification and email verification.
But when you pay internationally using your credit card, there is no second verification step. As a result, you never know how much you are getting charged for. Also, not sure whether your credit card will be used for fraudulent transactions.
How To Use Crypto For International Travels?
Using crypto for your international travels is extremely easy. And there are three things that you will need.
First of all, you need to be aware of the merchants that accept crypto as payment options. So whenever you are booking flights or hotels, see if they have the option to pay using crypto.
Secondly, you will need to have cryptocurrencies. You can get them through a crypto exchange like Binance, Kraken, Coinbase, and many others. Just make sure to pick an exchange that has lower transaction fees and the availability of different coins.
Thirdly, you will need a crypto wallet for easy transactions. For this, you can use Trust Wallet or MetaMask.
Final Words:
So that was all for how crypto payment options can save your life on international trips. I hope this has helped you to understand if you should use crypto or not. In case you have anything else to ask, drop a comment below.
