Benefits of using digital wallet mobile app whilst travelling

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JasonE
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Re: Benefits of using digital wallets whilst travelling

Post by JasonE » Sun Sep 17, 2017 4:25 pm

No. Hard cold cash for me, as much as possible. Why let the banks & CC companies skim profits?
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ahramin
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Re: Benefits of using digital wallets whilst travelling

Post by ahramin » Sun Sep 17, 2017 5:35 pm

Jason, where do you get the foreign cash from if not a bank?
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JasonE
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Re: Benefits of using digital wallets whilst travelling

Post by JasonE » Sun Sep 17, 2017 6:39 pm

Arrange it ahead of time. Most often I travel to US or Europe, both currencies are readily available here. I take it one step further and often buy my money in advance based on exchange rate trends.

The bank rate usually is not very good on C.C. transactions. They have you by the balls.
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confusedalot
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Re: Benefits of using digital wallets whilst travelling

Post by confusedalot » Sun Sep 17, 2017 6:43 pm

I am of the old generation, and I find that cash is the easiest, and most user friendly, means of exchange, both for the payer and the receiver. However, I recognize that I may be part of, 20% of the population that thinks like this?

Having said that, quite sure that the cashless society is alive and well, and therefore, electronic wallets are just a matter of time for routine applications.
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cgzro
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Re: Benefits of using digital wallets whilst travelling

Post by cgzro » Sun Sep 17, 2017 7:45 pm

Agreed. Cash especially in countries you cant easily communicate in.
Ive had several bad experiences with credit and debit not working in Europe and Asia and if i had not had enough cash id have been sleeping on the curb. Smart phone battery dies.. digital wallet gone..
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Re: Benefits of using digital wallets whilst travelling

Post by TG » Mon Sep 18, 2017 5:39 am

If they found a way to manage cashless payments in Somaliland, it is a bit of a shame that we cannot do it flawlessly anywhere else....

http://www.bbc.com/future/story/2017091 ... ng-extinct
Somaliland, a self-declared republic in East Africa, faces high illiteracy and has an economy ravaged by a civil war. But it might just become the first cashless society on Earth.
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Gannet167
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Re: Benefits of using digital wallets whilst travelling

Post by Gannet167 » Mon Sep 18, 2017 7:32 am

When you say digital wallet, are you referring to using credit cards or are you referring to Bitcoin, held in a digital wallet? Credit cards are very convenient internationally when they work, and then cash is the only option. Bit Bitcoin would be a totally different currency and in theory would be the best of both worlds. No transaction fees, no exchange rate, cannot be stolen, cannot be tracked. It also doesn't need to be held in the safe hidden in the back of the plane, with your other set of passports and other nondescript things. I never really feel comfortable carrying $50 k in the back of a plane.
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Re: Benefits of using digital wallets whilst travelling

Post by co-joe » Tue Sep 19, 2017 8:54 am

I almost never use cash any more. When I do, I find I have no idea where it went. With Debit/ credit, it's so easy to see where it went and even do year end calculations like; how much money did I spend on gas last year? Or how much did I waste on eating at restaurants?

What's a digital wallet? The thing you need to buy bit-coin?
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Re: Benefits of using digital wallets whilst travelling

Post by CpnCrunch » Mon Feb 19, 2018 2:20 pm

JasonE wrote:
Sun Sep 17, 2017 6:39 pm
Arrange it ahead of time. Most often I travel to US or Europe, both currencies are readily available here. I take it one step further and often buy my money in advance based on exchange rate trends.

The bank rate usually is not very good on C.C. transactions. They have you by the balls.
You pay about 3% fee for cash. Credit card is about the same or slightly better unless you have an amazon card that has no forex fee, but it's being phased out in March.

I think I'll just use my capital one card in future. 3% fee, but 2% cashback, so it works out not too bad. Or I may get a Transferwise debit card when they are released.

I don't really understand why you'd use cash. It's always going to be much worse rate than a credit card, and you have all this cash that is just waiting to be stolen.
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Re: Benefits of using digital wallet mobile app whilst travelling

Post by RG500 » Tue Feb 20, 2018 6:10 am

Unfortunately the rest of the world is behind China, in this capacity. I have been using WeChat wallet and Alipay which are directly tied to your bank account. Useable in both platforms (Apple and Android) and the transaction can be confirmed by fingerprint or by passcode. Just scan the retailer’s barcode and transfer is completed. Never have to concern yourself with outrageous credit card exchange fees.
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