Currency, Traveler’s Checks, and Credit Cards

Travel is produced, packaged, and sold as a commodity. As a result, travelers must typically pay for products and services; money, in some form, has to change hands. There are various methods of making payments. Cash is widely and often readily accepted by merchants but travelers must contend with different exchange rates in different countries. In addition to fluctuations in currency exchange rates, different rates are available from a range of vendors. Banks often provide favorable exchange rates to their customers. Currency exchange retailers such as Travelex enable travelers to purchase foreign currencies via an Internet site prior to departure for a competitive rate. The currency exchange counters situated in airport terminals are convenient but usually offer travelers poorer exchange rates. In recent decades, credit ...