Other Money Considerations When Traveling

Foreign exchange - Changing money

 * Look for the best rate and be aware of banking hours

* Familiarize yourself with how the process and exchange rate actually works

* Clarify any fees associated with the transaction

* Know the local currency and be able to tell them apart

*Bring a small pocket calculator to assist you with quick conversions

* Save all your receipts 

*Combine your monetary instruments and travel funds

* Cash, credit cards and traveler’s checks, preferably carried on-person, in a money-belt

ATM systems

* Available, accessible, convenient and expensive

* Transaction fees for cash withdrawals

* Set Dollar limit daily on what you can withdraw

* Credit card withdrawals will require a PIN code – get this by calling the toll-free # or your local bank prior to your departure

* Bring Visa and Master card – not all machines accept all cards

You will receive local currency, not dollars. You will be billed accordingly to the exchange rate on the day the charge clears at home, not the rate in effect on the day of the transaction

Traveler’s checks

* Safest way to have your travel funds with you

* Receive a better exchange rate than cash typically

* Get them early and lock in your rate

* Denominations (small and large preferred)

* Keep a record: city and date or purchase, amount and numbers

* Update your record daily, keep better track of your spending, budget, and cash still in-hand

*  You will need a passport to cash your traveler’s checks

* Immediately report any stolen or lost checks

Credit cards

* Convenient and safe to use

* Postpones immediate payment for transportation, lodgings, purchases and so on

* Can assist you to get access to cash

* Beware of overspending

* Watch the exchange rates

* Credit card acceptance varies

* Different cards have different perks

* Protect your credit cards

* Check and keep all your charge slips – these will be used for budgeting and expense consolidation 

Red Tape and documents you should take on a trip abroad:

* Travel documentation: tickets,  passport and visas

* Copy of naturalization certificate

* Birth certificate

* Driver’s license and international driver’s permit

* Travel insurance claims form

* Extra passport photos – at least half a dozen

* Any membership cards,  like AAA membership, retired, veteran or student cards

* Basic medical information, blood type, allergies, doctor’s address, prescription refill and extra prescription medications you may require

* Immunization cards