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