One of the biggest headaches around travel is money. The so-called wise people will always tell you to stick to plastic as you cannot go wrong. However, there is a lot more to travel money than many imagine and plastic is not always the best way to go despite it being one of the safest. Here are a few tips about money for travel.
Get your currency early. There is never a “real” exchange rate, and for the traveller, the odd percent dip or rise in the exchange rate is not going to make a massive difference. Getting your foreign currency before you leave is nearly always best and often saves on high commissions and fees at the airport or in the country you are travelling to.
Take a little more currency than you think you will need. It is easy to overspend a little when travelling and you may find something that you really want as a gift or memento to take home. Ordering or buying more foreign currency than you might need doesn’t mean you lose out if you cannot spend it as many places that exchange currency will have a favourable buy back provided you use them again. However, you need to ask as the special buy back rate is not always advertised that well.
Take a little more currency than you think you will need. It is easy to overspend a little when travelling and you may find something that you really want as a gift or memento to take home. Ordering or buying more foreign currency than you might need doesn’t mean you lose out if you cannot spend it as many places that exchange currency will have a favourable buy back provided you use them again. However, you need to ask as the special buy back rate is not always advertised that well.
Avoid ATMS overseas: Only in a real emergency should you use an ATM to draw cash overseas. While it may seem convenient, the charges are often high to withdraw cash, and you may well be in for a shock when you get your next bank statement.
Travel cards: Many banks and bureau de change companies offer a convenient travel card that is “loaded” with foreign currency that can be used much like a Credit, Debit or cheque card overseas. These cards are safe and reliable, the exchange rates and fees charged are very good, and you can “top up” using your online banking or via an app many providers offer.
Spending and storing your money - Don’t carry all your cash: As a tourist, you are a target for pick-pockets and other swindlers. Don’t keep all your cash on you, rather place what you need in your wallet or purse and ask your hotel or lodge to keep the balance in their safe if one is available.
Travel cards: Many banks and bureau de change companies offer a convenient travel card that is “loaded” with foreign currency that can be used much like a Credit, Debit or cheque card overseas. These cards are safe and reliable, the exchange rates and fees charged are very good, and you can “top up” using your online banking or via an app many providers offer.
Spending and storing your money - Don’t carry all your cash: As a tourist, you are a target for pick-pockets and other swindlers. Don’t keep all your cash on you, rather place what you need in your wallet or purse and ask your hotel or lodge to keep the balance in their safe if one is available.
Haggle: Many countries invite you to haggle, in fact, if you do have exchange currency overseas, this is also a consideration (if you don’t ask you don’t get). Haggling is part of the adventure of travel, and if you can speak the language, it can become even more fun as it is often not expected.
The magic $10 bill: One of the best kept secrets of any experienced traveller is the magic $10 bill. This is a $10 bill that you keep hidden in a place only you will know that cannot be accessed easily by a pickpocket and may not easily get lost in transit. Keeping a $10 bill in your shoe or sock can become a life saver, and depending on which country you are in, if you choose a US Dollar is as close to universal currency, $10 is just enough to get you out of a sticky situation.
The magic $10 bill: One of the best kept secrets of any experienced traveller is the magic $10 bill. This is a $10 bill that you keep hidden in a place only you will know that cannot be accessed easily by a pickpocket and may not easily get lost in transit. Keeping a $10 bill in your shoe or sock can become a life saver, and depending on which country you are in, if you choose a US Dollar is as close to universal currency, $10 is just enough to get you out of a sticky situation.
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