Taking large amounts of your own currency for changing when you arrive is probably one of the worst options for carrying money.
Your exchange rate will be retail, which is always going to be more expensive that wholesale.
Also, in most places, the person doing the exchanging will always want their little “cut” from the transaction.
Banks and hotels are the best places to change money but you can still get ripped off by the unscrupulous. Keep an eye on the daily rates to avoid this.
Remember, there may also be a fee for currency conversion so always ask about [...]
(click here to continue reading ››)
Once upon a time, everyone who travelled carried traveller’s cheques, but not anymore. Nowadays, credit cards are the norm.
Traveller’s cheques are similar to cash and can be used as such (especially in North America, not so much elsewhere), but they also have added security features that cash doesn’t. If you lose them or they get stolen then the money is refundable.
With American Express cheques you get 24/7 customer support, plus passport and credit card replacement assistance (the things that usually get stolen alongside your money). Find out more here.
They also come in a few selected (popular) [...]
(click here to continue reading ››)
Credit cards (and debit cards) are usually the preferred option for making purchases overseas because the currency conversion (the actual exchange rate you see in the papers or on the news) is usually at the wholesale rate (or 1% over the commercial bank rate) and not at the retail rate you would pay for changing cash at the airport, hotel, or bank.
Not only this, using cards is just as secure abroad as when you are at home (for example, if used fraudulently). You also don’t have to carry cash around, taking it out and putting it [...]
(click here to continue reading ››)
There are a number of ways of carrying money, or at least getting access to it, as you travel.
However, there can sometimes be problems converting that money into the local currency in terms of excessive fees, terrible exchange rates, or even not knowing how much to change (for example, when converting too much in an attempt to save money).
The four main choices are listed below with their respective advantages and disadvantages. The fees and rates change all the time so don’t rely on any figures given, rather check the Internet for updates.
Keeping your money physically secure [...]
(click here to continue reading ››)
