Travel Money
How much money should I bring with me on a trip?
The amount of money you should bring on a trip depends on the length of stay and also the type of activities you're going to do. A lot of times you can use your credit card for most of the purchases you're going to make, such as at a restaurant, for your hotel, and even for taxi cabs. So what I like to do is figure out how much money I'm going to need in cash for incidental expenses, such as maybe buying a coffee at a cafe or maybe buying a quick lunch. And a lot of times if it's only a short trip, I'll maybe have $100 in local currency and that will be it. And the rest of the things I'll put on my ATM or on my credit card.
Where should I store money when traveling?
I don't recommend leaving money in your suitcase. The reason is because you want to keep the money close by to you. Sometimes your suitcase, if you check it in on a flight, someone can go through it, and that's very easy for them to take cash. The other thing is that you might have someone handling your suitcase at the hotel. The best thing to do is when it comes to money is keep it on your person, keep it close and always be aware of where your money is.
Where should I keep money on me when I travel?
Should I use a money belt or pouch when traveling?
The way that you carry your money really depends on your comfort level. For me, I like keeping it on my body. A lot of people feel more comfortable having a money belt or a money pouch. The thing is that they sometimes can be an invitation for people to snatch and grab, because they do stick out a little bit. Some money pouches are concealed under your legs and under your pants, or under your chest. It depends on how often are you're going to access your money. If you're accessing it all the time, then you're exposing that money belt or that money pouch, and it might just be easier keeping it close in a pants pocket. Another thing about having a money belt or a money pouch, is that it gives people a clue that you're a tourist, and that you are perhaps not familiar with your environment. This tips off the thieves and the robbers that you might be easy prey. A lot of times I like to look like I'm one of the locals, like I'm within that environment. That's the reason why I usually keep my money in my pocket, or I might put it in my back pocket where I can button it and make sure that it's secure. Sometimes, if you have a money belt or a money pouch, you can look like a tourist, and that can open you up to having people prey on you.
Should I exchange money into foreign currencies before I travel internationally?
Will my ATM card work internationally?
Today ATMs are very ubiquitous, very common throughout the world. As long as your debit card or ATM card is a Visa or MasterCard type of ATM card, then you should have no problem being able to find an ATM where you can pull out cash. Really, using the ATM overseas is where you get the best exchange rate. Very often you might be charged a surcharge of maybe two dollars, but the exchange rate that you get for your currency is what the bank gets, so you are actually getting the most favourable bank rate. What I do is when I pull out money from an ATM, I make sure that I pull out enough to last me for my trip. I try not to pull out money every day. If I have excess money, a lot of times what I will do is I'll keep it at the hotel, in the bank safe so I don't have to worry about carrying around too much cash.
What is an 'exchange rate'?
Exchange Rate is basically the difference in the value of a U.S. dollar and the local foreign currency. Many countries have their own currency and they are valued at a different rate than the U.S. dollar is. So the exchange rate is basically that difference between the two currencies.
Where can I find the best exchange rates?
A lot times you're going to find them at a bank. You can go into the bank and most of them will take US currency and they'll change it for you. Some of the worst exchange rates are at your hotel or at vendors along the street where you see 'currency exchange', and at the airport. You're going to get the worst exchange rates there. The two best places are at a local bank in the destination that you are in, or at your ATM.
How can I easily compute the value of an item in a foreign currency?
You know, one of the most complicated things about travelling internationally is figuring out those exchange rates. So what I like to do is, I like to look it up on a computer before I travel, and then what I do is I make a cheat sheet for myself. So for example, if a hundred dollars is worth two hundred fifty in the local currency, I'll write that out. And then maybe I'll write out what seventy five dollars is worth, and then what fifty dollars is worth, and then maybe twenty five dollars. So that way, when I'm doing the exchange rate, and I'm at a restaurant, I sort of have a quick little guide. But also, if you don't have that with you, you can ask the restaurant what the local currency is in U.S. dollars. Also your hotel, and usually they'll help you out and give you that information.
What are the best ways to pay for things while traveling?
When traveling should I use my credit cards or travelers checks?
