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MONEY MATTERS

Changing Money Smart

Years ago, it was just traveller's cheques. Remember....... "Don't leave home without them." The world is changing and there are now more options than you can shake a stick at. ATM cards, credit cards, and debit cards now compete with traveller's cheques as the best way to change your dollars into foreign currency. Smart budget travellers function around the world with hard local cash. The big question is how to most conveniently and economically change your dollars into the various currencies. Banks make money off of you two ways: with fees and rates. Fees charged for almost any money-changing transaction, vary enough to wipe out any gains you might have made by getting the right rate. Relying solely on credit cards and ATMs can get you the best rates and in a few years there will be no traveler's cheques. But it's a little early to entirely dump traveller's cheques. Rely on a mix. Here's a review of your banking options.

Traveller's Cheques

Traveler's cheques function almost like cash but are replaceable if lost or stolen. You just need to choose the company, the currency, and a mix of denominations. The company usually doesn't matter. Choose whichever big, well-known company (American Express, Cooks, Barclays, Visa) you can get for no fee. Ask around. There are plenty of ways to avoid that extra 1.5 percent charge.
Understand the refund policy. Lost or stolen traveler's cheques are replaceable only if you keep track of the serial numbers and know exactly which cheques you've cashed and lost. Leave a photocopy of all your check numbers (along with photocopies of your passport, plane ticket, credit cards, and any other vital statistics) with someone at home, in your luggage, and in your wallet. Your original traveler's cheques receipt is an important document. Keep it handy but separate from your cheques (you may need to show it to cash a cheques). Use cheques in numerical order and update your list regularly as you cash them. Do a complete inventory each week. Thieves may steal cheques from the middle of your wad hoping the cheques they swipe will go unnoticed. Get a police report after any theft. Report the loss immediately (within 24 hours) to your issuing bank. (Travel with their emergency phone numbers).
For most trips, buy cheques in Canadian dollars. . The only way to win in the currency market is to limit the changes you have to make. If you bring home extra traveller's cheques in dollars and have to change back, you lose nothing. Get a mix of denominations. For $2,000 in cheques, I would choose 13 $100, ten $50, and ten $20 cheques. Large cheques ($100, $500) save on signing and bulk. Since more and more banks are charging their $2-$4 fee per cheques rather than per transaction, large denominations can save money. Small cheques ($20, $50) are more exact and, sometimes, easier to cash. If you're out of cash and the banks are closed, it's easy to find a merchant or another traveller who will change a $20 cheque. Changing a large cheque in such a situation would be tough.

Cash Machines (ATMs)

Common in most parts of the world, cash machines are quickly becoming the standard way for travellers to change money. ATMs work the same way around the world and most have English language instructions. An ATM withdrawal takes dollars directly from your bank account at home and gives you that country's cash. Your account is billed in dollars at the "wholesale" rate, which is always better than the travellers' cheques rate. Many travelers are doing entire trips on ATMs and give this method rave reviews--and never stand in a bank line. Know your personal identification number (PIN) and confirm with your home bank that it will work overseas. Ask exactly where, with which systems, what fees, and on what machines. Since foreign keypads have only numbers, you'll want a PIN with numbers and no letters.There are two dominant ATM systems: Plus and Cirrus. Those traveling with a credit card for each of these systems (you'll see the Plus or Cirrus logos on your Visa and MasterCard) double their cash advance options and avoid a little running around. Ask your banker how much you can withdraw per 24 hours and what the charge is for using a foreign ATM. . The glory days of the ATM may be numbered, as bankers are learning they can add a 2 percent or so fee. Be sure to understand the latest fees.

Cash Advances

Many fund their travels by relying solely on cash advances. They use their credit (or debit) card in banks all over the world to change money quickly, easily, and at a good rate. Visa is the most commonly accepted card for cash advances. The problem with using a credit card is that you are immediately into the 18 percent interest category with your new credit-card debt. (There's no one-month grace period on cash advances.) Avoid this by overpaying on your credit card before leaving home and drawing down on that amount. A debit card lets you avoid all interest concerns by drawing money from your existing bank account as if you were simply writing a personal cheque. Buying on Plastic
Charge cards work fine throughout Europe and the developed world (at hotels, gas stations, shops, restaurants, travel agencies, and so on), although more and more merchants are establishing a $30 minimum. Visa and MasterCard are most widely accepted. American Express is much less widely accepted but popular for its extra services. Once again you tend to get a better exchange rate using plastic.
Credit-card scams are commonplace, and many travelers are ripped off big-time. Know what you're signing, understand the numbers, and keep the receipts. Keep all bank cards safely in your money belt.
I use my charge card for cash advances, making hotel reservations by phone, major purchases (such as car rentals and plane tickets), car-rental security (usually required), and to avoid a trip to the bank when I'm low on cash at the end of my stay in a country. But remember a dependence on plastic reshapes the world you experience. Pedro's Pension, the guide at the cathedral, and the merchants in the market take only cash. Going "native" requires hard local cash.

Cash

Be sure to carry cash reserves. Cash in your money belt comes in handy for emergencies, such as when banks go on strike. I've been in Greece and Ireland when every bank went on strike, shutting down without warning. Some places (such as Russia) make life with traveler's chequess very difficult. But hard cash is cash. People always know roughly what a dollar, mark, or pound is worth, and you can always sell it. To save time and money, bring one day's budget in each country's currency with you from home. With six bills--for six countries--hidden safely in your money belt, you'll have enough money to get settled in each new country without worrying about banking. Arriving at night or when the banks are closed with $2,000 in your money belt but not enough local cash to catch a subway or make a phone call is maddening. After-hours exchange places come with long lines and terrible rates.
Figure out the money, foreign currency is not "funny money." Some traveller’s never figure it out, get no respect from the locals, and are constantly ripped off. Local currencies are all logical. To avoid being short changed become familiar with your new currency. In banks, restaurants, and at ticket booths, its vital to be aware of the required amount and try to get as closed to the exact amount as possible. Thus avoiding or lessening the opportunities for "errors"
Coins are generally worthless outside their country. Since $3 coins are common in Europe, exporting a pocketful of change can be an expensive mistake. Spend them (postcards, newspaper, a quick phone call home, food or drink for the train ride), change them into paper before you cross the border, or give them away. Otherwise, you've just bought a bunch of souvenirs. The rare exceptions are border towns, which sometimes accept both currencies.If you have any specific questions regarding money matters for travellers please don’t hesitate to contact Destinations by Design at (250)339-2043, 1-888-703-0163.