Replies: 17 - Last Post: Oct 20, 2012 7:55 PM Last Post By: mango5
Oct 18, 2012 12:53 AM
Travel moneyI am traveling to at least 10 different countries throughout Asia, and I was wonder - what do I do with my money? Obviously can't carry it all in my back pocket, I can't continuously use ATM's as I would be subject to charges - or would I? I would like to hear from those that have been traveling for 6+ months and how they managed their money.
All thoughts, opinions and comments expressed in reply would be appreciated.
Oct 18, 2012 1:05 AM
1Use your ATM card. Find a bank that works well for you (asking fellow countrymen here of their experience), if you`re from the US, Wells Fargo works very well for me.
And also ask here which banks give cash w/o charges for your particular card. Beyond that, put a few hundred bucks safely with your passport and don`t use it unless you absolutely need to - remembering that you CAN do a reverse exchange if you really needed to (takes a bit of work).
Oct 18, 2012 3:28 AM
Oct 18, 2012 3:41 AM
3as above...use your card, and take some cash as back-up and to change up front when you first arrive, and even a few Travellers Cheques for emergency....yes you would likely be subject to some bank charges for the card, but that's better than carrying a wad of notes around for months, especially in India...
Only problem I found with my Visa Debit card in India is that even though the bank fee is 'only' $4 per transaction, as opposed to the % for my credit card, most ATM's in India have a lower limit of how much I can get out each time with the Debit card so the cost works out much the same as with using my credit card.
Try one of those Travel cards....they sounds a better deal, but you will need to get a good idea of how much of each currency you will be drawing from it...??
Oct 18, 2012 3:51 AM
Oct 18, 2012 4:00 AM
5I'll certainly check-out that post of traveling on a shoe-string, thanks for the heads up.
The only problem with the Travel Cards is that you need 1 card for each country/region which is a faff, but baring in mind the card is free - this maybe a more cost effective way of going in regards to managing money.
Many thanks both of you for your advise.
Oct 18, 2012 4:40 AM
Oct 18, 2012 6:03 AM
7I used a travel card once for security reasons and it was more expensive that using my bank's ATM card. I was on vacation, togh and not traveling long term. I did it to protect my own assets in a central Americna country with questionable ATM machinesYou cannot always escape service charges unles you want to carry tat pile of cash. Just be careful wth ATM security
Oct 18, 2012 10:55 AM
8Yes, the Travel Cards, which seem to be more popular these days, can end up costing you more than a normal Bank Debit Card or ATM cards. (well the ones I checked out in NZ were)
Check all the terms and conditions on the Cards as they appear to have many fees attached that you wont find on a normal ATM card. The advantages of them as that that you can load several currencies on the one card and you can "Lock In" a favorable exchange rate that will stay with you through the term of the card.
I've been on the road since Dec 2011 and been into many different countries (Mainly SEA). I carry a small amount of USD for emergencies, I carry my Banks ATM card and 2 Credit Cards that I keep separate from each other at all times. This works very well for me. ATM card to with drawer cash when I arrive somewhere new, CC's for buying anything large or paying for Accommodation, Cash for buying Visa's on arrival or getting some local currency if the ATM's are down or cannot find one.
P@50's advice is spot on...find out which Banks will not charge you for withdrawing funds from the ATM...some will, some won't. My Bank charges a flat fee of $7.50 NZD every time I with drawer from an overseas ATM, for this reason I tend to use my CC a lot more often and pull out the Max amount from the Machine each time. Yes, sometimes you end up carrying more cash than is necessary....but I've yet to have any problems or issues with it.
You'll find a system that works well for you after sifting through all the info :)
Have a great trip.
Oct 18, 2012 11:10 AM
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Oct 18, 2012 11:29 PM
Oct 18, 2012 11:55 PM
Oct 19, 2012 12:13 AM
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