Countries Where Cash is King

In a world where everything is becoming increasingly electronic, where paying is simply a touch of a button, there is still nothing more widely accepted than cold hard cash. Cash is safe, reliable, efficient, confidential, and can’t be hacked nor run out of battery. No wonder it’s demand is growing consistently across the world.

While this holds true for some countries more than others, there are still countless benefits of carrying cash when travelling. All of which boil down to one thing, pure convenience, reiterating why cash is still king. Though, some may argue that credit cards and electronic payments are by far the most convenient payment method, they quite clearly haven’t considered situations where cash is fundamental, or in some cases, a saving grace.

WHY CASH IS KING

Picture this, you’re in a quaint Italian village paying for your B&B, you have a fully-booked train to catch in 30 minutes with a flight to take on the other side, the eftpos machine has ceased working, there isn’t an ATM in sight, you only have 3 Euro on-hand. What are you to do? Frantically pacing around the lobby cursing yourself for not having the foresight of exchanging foreign currency, certainly isn’t productive. Would be mighty convenient to have that extra cash right about now. A situation many of us have, or will encounter when abroad. Some may not be quite as dramatic, lacking the pressure of an indignant Italian not-sosubtly gesturing towards you. But the message is still the same, cash is vital when travelling. The seamless solution is to avoiding catastrophe is exchanging foreign currency with First Eastern FX- the added plus being we deliver straight to your door. Convenience at its finest.

The benefits don’t stop there, exchanging currency beforehand in your own country not only prepares you for a potential crisis, but also lends you the ability to avoid countless transaction fees and unfavourable exchange rates. That, coupled with the peace of mind you’ll have, is priceless. Don’t forget that ATM’s are scarce in some countries, that your luggage may even be lost or stolen. So do yourself a favour, be better prepared for tomorrow, by exchanging with First Eastern FX today.

10 BENEFITS OF EXCHANGING CASH

1. No Fees. No hidden transaction fees (ATMs, eftpos payments etc.).
2. Peace of Mind. ATMs are scarce in some countries, and in some cases even run out of money.
3. Cheaper. First Eastern FX exchange rates are far better than what the average banks offer.
4. Accessible. Markets, street vendors and some small businesses are not equipped to accept card payments.
5. Useful. For small payments and tipping.
6. Convenient. First Eastern FX provides the option to have foreign currency delivered to your door or picked up in-store.
7. Efficient. No time wasted searching for ATMs or loading new foreign currencies onto your card, it’s right in your pocket.
8. Bargaining Power. Ability to negotiate prices when paying with cash.
9. Certainty. Purchasing cash means you have fixed exchange rates and don’t experience fluctuations in the market, thus avoiding bad currency exchange rates and unfavourable commission rates.
10. Confidentiality. There is no risk of identity theft or fraud.

*Rates compared as at 21 June 2019, 4:00pm AEST.

CASH-DEPENDENT COUNTRIES

The following countries are those that predominantly use cash in exchange for services and goods.