Travelling abroad can be exhilarating. You visit many new locations, meet new people and sample various foods. When travelling within the country, you don’t need to be concerned about your financial possibilities. If you frequently travel overseas, your foreign payment options are probably figured out. Yet, vacations abroad are the ones that could make you anxious.
AstroPay deposits can make your abroad tour stress-free by taking care of your money transfer needs. Yet, it is fair to be hesitant about carrying money if this is your first international trip and you are unfamiliar with it. Every journey requires you to make a checklist, but do you ever include the best payment methods abroad? If you don’t, you should because learning to take money abroad effectively will help make your vacation stress-free.
Best payment options for UK travellers
One of Europe’s most diverse economies belongs to the entrepreneurially inclined British people. UK consumers increasingly purchase online and mobile from historical brands and cutting-edge fashion startups. The average European shopper owns between two to three debit cards, making them more extensively used than elsewhere.
Card payments make up about 90% of all online transactions, and 90% of people have a Visa or Mastercard. From the pre-internet days of mail-order goods, Britons have always had a lenient attitude towards credit, and credit card purchases are still common. Currently, e-commerce options that allow for “buy now, pay later” are also incredibly popular. Let’s discuss some of the most popular online payment systems in the UK and offline ones.
Debit Cards and Credit Cards
Card payments have become the standard choice nationwide since the 1990s, thanks to PayZone, a well-known payment service provider. In the UK, debit is particularly significant since, according to the Bank of England, debit cards have recently surpassed cash in popularity. Leasing and selling payment terminals and other equipment to retailers contributed significantly to this achievement.
More reliable payment and payout options for online and point-of-sale payments and payouts have recently joined the market from competing in-store and online payment providers. PayZone has recently assisted in offering digitized credit card options, like mobile parking payment. An AstroPay card can also be a great alternative.
Electronic Wallets
According to sources, retailers in the United Kingdom must be prepared to accept the increasingly popular digital wallets as payment options online. In the UK, digital wallets have become one of the most popular payment options, with PayPal dominating the market. The UK’s Open Banking program has made it simpler for fintech companies to create competitive payment system products since 2018.
Cash
Just 17% of eCommerce transactions in 2020 were made with cash (UK Finance). Even cash usage in brick-and-mortar shops decreased during the Covid-19 pandemic. Just 54% of the consumers surveyed by Rapyd in 2022 said they had recently made a cash purchase at a shop. However, only 12% of those customers chose cash as their preferred payment option.
Bank Transfer
Bank transfers may become one of the most widely used online payment methods in the UK in the future, even though they currently only account for 6% of eCommerce payments (Statista). Authorities state that bank transfers are anticipated to experience significant growth in the years to come, particularly given the parallel fall of cash. Under its Faster Payment Network, the UK has provided the basis for peer-to-peer bank transfers since 2008.
Moreover, Faster Payments processed the most transfer payments it had ever processed in a month—879 million—in September 2021. (Pay.uk). The UK’s highly secure bank account regulatory standards are largely responsible for this achievement.
Bank transfers are more common among customers and businesses as real-time payment technology almost eliminates processing delays. Direct debit payments for recurring payments to the same business are also made possible by the UK banking system. As a result, this payment method is also frequently used in industries that use regular payments, like the mobile phone business.
Buy Now, Pay Later
Buy Now, Pay Later (BNPL) use as a preferred payment method has increased significantly in the UK’s eCommerce business, particularly in the clothes sector. The Buy Now Pay Later service provider pays the full balance of the invoice and provides the consumer with an interest-free instalment-based plan. As a result, the consumer is spared from entering credit card information or depending on a credit card payment, which could be risky.
In the UK, Klarna is the most widely used Buy Now, Pay Later service. The Financial Conduct Authority approved the payment service in 2014, and is now used by more than 5,000 UK retailers. The business reported a year-over-year increase of more than 200% in the UK market in 2021. (Airnow).
Top 4 payment options while travelling internationally
The most frequently disregarded component of traveling abroad is how you will pay for items. You most likely won’t be allowed to use foreign currency when travelling and you might even be prohibited from using your credit or debit card.
Keep in mind that you might need to transfer money across borders, such as to transfer money to Bangladesh, for a variety of other reasons in addition to buying things as you travel. In an emergency, you could send money instantly to a friend or relative traveling abroad. You might need to pay a client or employee who works abroad, and so on. These factors make it a good idea to be familiar with the various foreign payment options.
Bank Wire Transfers
The first approach is to do an international wire transfer using your bank. Be aware that the bank wire transfer technique can be used to wire money to yourself. You can pick it up at your destination or pay someone or an organization located overseas instead of yourself (though it’s always a good idea to have at least some cash in the local currency). The fact that bank wire transfers are secure is their strongest asset.
Cash
Taking cash is still the traditional way to transport money abroad. In today’s digital world, cashless transactions are preferred. Therefore, a completely cashless global economy is essentially unachievable. Whether you have other options, keeping some cash on hand is a good idea. Cash is usually useful in cases like these since the bank server may go down or the internet is unavailable.
Worldwide Debit Cards
As the name implies, an international debit card is a debit card that you may take with you on overseas trips and use to pay for things like lodging, flights, food, taxis, shopping, etc. This card can be used to make cashless purchases at the shop or ATM withdrawals. Because you can make payments with international debit cards without worrying about incurring significant foreign exchange fees, they can be among the best international payment alternatives.
Credit Card
You may be accustomed to using a credit card for purchases and know how it works. Credit cards are a great way to pay for cashless transactions because they simplify the process. Numerous credit cards are available for international travel, and there are frequently compelling deals. A travel credit card is one example of a card specifically designed for travel. There might be a minor transaction fee, but you must ensure the card you chose permits foreign transactions.
AstroPay Payment Method Is It Useful?
AstroPay UK is a great option for users for a variety of factors. The following are just a few of the many advantages consumers will get from using this service:
Quick transactions: AstroPay allows consumers to deposit and withdraw money quickly. Although the precise time frame varies from operator to operator, most provide fast deposits and withdrawals within one to three business days.
Anonymous: AstroPay is the preferred payment method for users who respect their privacy and personal information because of its anonymity. It provides them with anonymity while safeguarding their data. Users won’t have to submit their banking information when starting a transaction because it uses a virtual prepaid card.
Device Compatibility: AstroPay enables safe and simple payments on various gadgets. AstroPay is safe and secures to use on both desktop and mobile devices.
Final thoughts
As each of these payment options shows, none of them is ideal. They each have advantages and disadvantages, but they all function when you are travelling and need to make purchases in another country. For instance, you could wish to use a credit card or prepaid debit card for the majority of your purchases, but you’ll also need to have cash on hand, which you can obtain through a bank wire transfer, a remittance service, or a traveler’s check, as we’ve seen. Overall, using multiple options will probably be your best chance.
Author’s Bio: Rebecca Martin
Travelling abroad is a fun idea until you get to the details. Navigating the trip without the right payment options can suck all the fun. Rebecca Martin is a trained expert who can skilfully guide you in choosing the best payment options for international travellers.
