If business travel is taking you overseas, be prepared to encounter some extra fees whether you will pay for what you need with a credit card or withdraw cash from an automated teller machine (ATM). With fees wherever you turn, the choice of paying with credit card or cash really becomes a matter of personal preference – once you know the pros and cons of each.

The advantages of using a credit card include security: if you lose your card or it is stolen, your credit card company will ship you a new one, and you’ll be protected from paying any charges made by a thief. In addition, major credit cards are widely accepted across the globe, and are often required to reserve rental cars or hotel rooms.

The disadvantages of using credit cards overseas include significant foreign transaction fees, although there are still some card companies that don’t charge them. As part of planning your trip, call your credit card company to find out what their fees are (and to let them know that you’ll be using your card overseas, so they won’t think it’s been stolen). Also, credit cards are not always accepted in third-world destinations, where transactions are more likely to be cash-based.

Cash always comes in handy for small purchases, tips, local transportation fares and emergency situations. Before you leave home, you might wish to consider changing a small amount of U.S. cash into the currency you’ll need so you can hit the ground running.

If you plan to carry U.S. currency and convert it to the local currency as needed, note that banks usually charge lower conversion fees that currency exchange desks at airports and hotels, yet the cost is typically more than if you’re using your ATM card.

While there may be some fees attached to making withdrawals with your ATM card, the limited associated costs and usually most favorable exchange rate possible make using one a very practical solution. But remember, it’s best to only withdraw the amount of cash you plan to use. And as with credit card companies, be sure to advice your financial institutions of your travel plans so that your transaction will not be denied.

Whatever you use for payment abroad, keep it close to you and as concealed as possible – an investment in a good money belt may be well worth the price.