Money Matters
Find out the currency of the country you
plan to visit.
You can click here to
create and print your own customized currency converter reference
or you can the check online at http://moneycentral.msn.com/investor/market/rates.asp to
find exchange rates for the various countries. Or you can look
in your local paper in the business section. Exchange
the bulk of your funds overseas. The exchange rate is always
better overseas than at home. If you need cash immediately
upon arrival in your host country (for a taxi to the hotel
for instance) most international airports have ATM machines
or exchange counters open at all hours. You should to be sure
to compare
service
fees and surcharges in addition to the exchange rate before
you make a decision on where to exchange your money. ATMs usually
offer the best rate. Also check to see if you can re-exchange
leftover currency upon your departure and try to plan so you
don’t have a lot of leftover local currency when it’s
time to leave. NEVER change money on the black market.
Credit Cards. Leave all of your US store credit cards at home,
but do take a few major credit cards with you. It pays to make
major purchases with your credit card – you get a good
exchange rate, the protection of the card’s charge-back
provisions, and often an extra guarantee on your purchase.
Conversion charts. If you don’t have a currency converter
or calculator, make your own conversion chart and carry it
in your purse or wallet for handy reference while shopping,
dining, etc.
ATM Cards. Be sure to take
your ATM card with you because that is the best way to get
the local currency. The exchange
rates are the best and you can easily get more currency as
you need it. You use the machines the same as you do at home,
by putting in your personal identification number (PIN) and
the amount of cash you want (which will be in the local currency,
not in dollars). You will benefit from the wholesale exchange
rate that banks use for large-scale transactions (sometimes
up to 7% more favorable than at the bank counter). Be sure
to check with your bank before you leave to verify that your
card will work in the country where you will be traveling.
You can ask your bank for worldwide directories. Also check
with your bank to be sure that your PIN number will be accepted
abroad. You bank can confirm this and help you change your
PIN number if necessary. Also ask your US bank if any charges
will be applied for using a foreign ATM. The strip on the back
of ATM cards can become demagnetized when passing through airport
security checks and x-rays and that will cause it not to work
properly. Ask the security guard to hand-carry your card through
the check point.
Cash advances. Since some countries are now imposing surcharges
for cashing traveler’s checks, travelers are finding
that it often pays to take cash advances against their credit
card accounts. However, be aware that when you do this most
credit card companies begin charging interest immediately on
the day you get the cash and the interest rates are usually
very high.
Traveler’s Checks. Buy them in US dollar denominations
from a company that doesn’t charge a commission. Don’t
exchange a traveler’s check for more cash than you’ll
need for a short time. That way, you’ll lose less in
case of theft and won’t get stuck with extra currency
when you enter another country.
Personal checks. Personal checks are not accepted everywhere,
but some stores do take them and occasionally give you a better
price than for credit card purchases.
Research your destination. Go to the library and take out
some books on the area you plan to visit. Learn something about
its history, culture, government, and people. If possible,
learn at least a few common phrases of the language. Most large
bookstores also have good selections of travel books for you
to purchase.
