Money, money, money
WORLDWIDE | Monday, 11 August 2008 | Views [959] | Comments [1]
The first golden rule of travelling money is:
Never rely on just one form of funds. Depending on where you're travelling, it's a good idea to take a combination of travellers cheques, local currency and credit cards.
The second golden rule is:
Try to have more than you think you'll need – travelling is rarely as cheap as you think it will be...
Most countries now have ATMs that dispense local currency to foreign cardholders. But if you're heading off the beaten track, be sure to check and, if necessary, carry enough cash to tide you over.
Beware of bank fees associated with credit card transactions overseas and withdrawing cash from foreign ATMs: check with your bank before departing. Also check the expiry date on your card and that it will be accepted where you're going.
Travellers cheques are available in most major currencies (US Dollars, Euros and Pound Sterling) and in a variety of denominations.
Carry some US Dollars cash as this is the most universally accepted currency. It's a good idea to have a few dollars in the local currency before you arrive so you can catch a bus or taxi and not be forced to change money at the airport or border.
Read on for Sensible Sanchez’s tips for Money safety:
Travel light
Empty out any unnecessary cards from your wallet or purse before you go – that way there's less bulge to attract thieves and less to lose.
Be discrete
Need we say this? Keep your cash under your clothes and out of sight; a money belt is a good idea. Do NOT keep your valuables in a 'bum bag' or 'fanny pack' – they are easy and obvious targets for thieves. If you carry a bag, make sure it has a shoulder strap and wear it across your chest, rather than on one shoulder, with the opening near your body.
Split it up
It sounds so obvious but ... split up your valuables so that your money, cards and passport are not in one place and if one 'area' gets hit you still have some resources. If you put all your money, passports and cards in one money belt and that gets stolen you really are in the poo.
Day Tripper
Equally, only carry enough money in your wallet that you will need for that day, and leave the rest in your inside money belt, hidden pocket inside your clothes, or in your guest house or hotel's safe. Sometimes, it's wise to take out only small amounts from the bank even if it means higher bank fees – check with your bank before leaving home as to the charges you'll incur.
And don't walk around with credit cards, air tickets and passport (which you don't usually need day-to-day) in the same spot as that 50 Baht you are going to use to buy a pineapple shake.
Guard your Card
Never let your credit card out of sight when you're paying for something to avoid fraudulent use of it, and destroy any carbon sheets from the receipt. When using ATMs, be aware of others around you and avoid letting them see you enter your PIN or take out your cash.
Check your cheques
If you're taking traveller's cheques, make sure to sign the top left corner of each one as soon as you receive them. This ensures that if they fall into someone else's hands, the cheques cannot be spent (unless that person also gets hold of your ID and learns to forge your signature!) Keep a record of the cheque numbers that have been issued to you, and the emergency contact details of your provider to report lost or stolen cheques.
Help! The sky is falling
It's a great idea to prepare a small 'Emergency fund' which is usually about USD300 dollars cash and is split into about 8 parts and distributed across all your gear (deep inside the lining of each of our rucksacks, under the soles of our shoes, inside jacket linings etc).
And finally, whilst we offer tips for your money
safety, please be aware that you need to make decisions based on your
own circumstances and the local laws and customs of the countries you will visit.
What's your best money tip?
Got any great tips for stashing your cash or keeping bank fees down? Leaves us a comment - We'd love to hear about them.
Money, money, money... keep it safe on the road
Tags: on the road, money, sensible sanchez, travel tips, cash, valuables, travelers cheques, banks, atm, credit cards
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