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Money matters

Travel Forums Round the World Travel Money matters

1. Posted by jlwebster (Budding Member 5 posts) 11y

Hi everyone,
I'm fairly new to the traveling game and am planning a trip for next year around asia and australia. I was just wondering if anyone had any advice about what to do about money (e.g. taking travellers cheques, credit cards etc.) Any advice would be fab.

Cheers

2. Posted by magykal1 (Travel Guru 2026 posts) 11y

I found the most useful thing was to have most of the money in my account and take it out using a cash card. Most countries have plenty of ATMs (not Burma or Cambodia tho). Also, take some US dollars cash and some travellers cheques so that you don't get caught out, and don't keep all your cards/cash/travellers cheques in the same place.

3. Posted by jooksing (Full Member 48 posts) 11y

Hi Just to add to your message, I am also travelling on a round the world trip and was wondering whether using credit card cash advances are better as opposed to using Debit cards and taking cash out from ABMs. I noticed that there are fees when withdrawing money out with your bank card? Any ideas...I am actually having a real hard time on this money matter? Also, mm I suppose to buy all of the travellers cheques for my whole trip before I leave my home country, or do I buy some as I go on my trip? How do ppl do it?
Thanks:(

4. Posted by Travel100 (Travel Guru 1556 posts) 11y

Hey jooksing,

I wouldn't worry about the ATM fees because when you use an ATM card you get a much better exchange rate than you would exchanging cash or travelers checks. definitely DO NOT use credit card cash advance becuas you will pay a higher fee (usually like 2-3% and will start accuring interest immediately, credit card cash advance is your worst option). However, depending on where you travel, in countries ATM's may not be an option, so that's where you can use the travelers checks.

I'd go ahead and get all the travelers checks before you go. Just keep a copy of the TC numbers and keep the receits separate from the checks. Keep a copy in another suitcase or give it to your travel partner (if you have one), and copy the receits with the check numbers and leave them with someone at home. And/Or email them to yourself through Hotmail.

5. Posted by jooksing (Full Member 48 posts) 11y

Thanks Travel100...I am just afraid that if I use ATM, the banks are going to charge a lot of fees...like a transaction fee, and then an international transaction fee..but I guess I would just have to go to the bank to clarify these fees.
Thanks for the tip...

Just another thing, you know where I can get a good insurance rate for my trip in Toronto??

6. Posted by Travel100 (Travel Guru 1556 posts) 11y

Quoting jooksing

Thanks Travel100...I am just afraid that if I use ATM, the banks are going to charge a lot of fees...like a transaction fee, and then an international transaction fee..but I guess I would just have to go to the bank to clarify these fees.
Thanks for the tip...

Just another thing, you know where I can get a good insurance rate for my trip in Toronto??

Yea, you can check with your bank but I think you'll find the best deal by using the ATM card. They may charge a few dollars per transaction. Find out what the max. is that you can get at once, then if you'll be in a country for a while, you can take a lot of money in one transaction. The ATM fees are usually per transaction, not a percentage.

Another Imp. thing to do is right before you leave, contact your ATM Bank, Credit Card companies, etc, and let them know that you'll be going to certain countries, so they don't think you card is stolen and put a hold on it. That happened to me once, they put a hold on my ATM, called my home phone and left a message. Well a lot of good that did, since I was thousands of miles form home. So I always make the call and have them notate my account (and I ask them for a phone number I can use to contact them should I have a problem).

Sorry, I've never used any type of travel insurance. You could check the link on the left of this site.