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Bank Account / Money Useage Overseas Advice

Travel Forums Round the World Travel Bank Account / Money Useage Overseas Advice

1. Posted by AcrossTheGlobe (Budding Member 27 posts) 5y

Hey! Will be leaving for RTW trip next year and need advice on the money handling / account setup for overseas. I need help understanding the pre-trip setup to have as far as debit / credit cards and bank accounts goes, as well as the best way to handle spending internationally. Are there better banks to use travel style accounts with? Is it better to go with debit or credit cards? Is there a general amount to carry in the actual region's currency aside from cards? I really don't know too much about this area at all though I'm sure it's not too difficult to reason out.

What is the best way to handle all of this in your guys experiences overseas?

Thanks for reading!

Chris

P.S. If there are already good existing threads on this subject, feel free to send me there!

2. Posted by dlovallo1 (Full Member 119 posts) 5y

just to add to that question as well, how safe if your money when it comes to online banking? I was planning on keeping all my money in an online only account and going on my online banking every now and then and transferring like £1000 into a debit card every 6 weeks or something.

Is it safe to do this online in places like asia or am i at risk of hackers watching my everystep online?

Hope this makes sense :/

3. Posted by Daawgon (Travel Guru 1993 posts) 5y

For an extensive trip (especially when traveling in the Third World), I think I would consider a cash passport (Travelex). I normally only travel overseas for a month at a time, and rarely go to more than 2 countries at a time, and therefore just use a debit card (backed up with 2 credit cards) for my cash needs. There still are a few places where the ATM is unknown (Burma for one). Remember that the use of credit cards can be quite different overseas from what is accepted use in Western countries - most of the developing world is still using cash for just about everything.

4. Posted by Daawgon (Travel Guru 1993 posts) 5y

Quoting dlovallo1

just to add to that question as well, how safe if your money when it comes to online banking? I was planning on keeping all my money in an online only account and going on my online banking every now and then and transferring like £1000 into a debit card every 6 weeks or something.

Is it safe to do this online in places like asia or am i at risk of hackers watching my everystep online?

Hope this makes sense :/

As I understand it, the term "debit card" has different meanings based on your banking location. In the USA a debit card is tied to a personal checking account at a banking institution or money market account at a brokerage. It sounds like you're talking about another type of card that you load with cash (I call this a cash passport, cash card or gift card as used in my country).

Who really knows if anything is really safe online these days? I do feel somewhat safer when I can access my accounts on a secured website (https instead of http).

5. Posted by Dodger (Inactive 875 posts) 5y

check the back of the computer you are about to use in internet cafes, or for that matter any public computer for this, keystroke device Its a device that copys all your keystrokes and can then be used to hack your accounts. This is just one of the ways your information can be compromised.

As far as the money. Don't keep all your cash in one location. Always keep a secret stash somewhere in case you are robbed of your main cash. I also always keep about $100US in 50's and less. US dollars are still the most widely excepted currency in foreign countries.

6. Posted by AcrossTheGlobe (Budding Member 27 posts) 5y

@daawgon: Good to know. Thanks!

@dodger: This is good advice. Appreciate it.

Thanks again guys.

7. Posted by jeanie99 (Full Member 155 posts) 5y

It's a good question to ask and you are wise to ask it.

First, check out with your local banks the cost of withdrawing money from ATMs abroad, Find the best deal and go with that.

Credit cards are useful but remember most banks will charge interest for withdrawing cash from the date of withdrawal so just use for purchases and pay off the FULL AMOUNT EACH MONTH, this way you don't incur any interest charges.

Set up a standing order to drip feed a set amount into your current account to pay the credit card on a monthly basis, money going in a few days before payment is required.

If you are traveling alone I would always advice having 2 credit and debit cards because they can stop working for no apparent reason. Don't keep your cards and money in the same place. Take the telephone numbers if you need to get in touch while abroad. Inform the bank you are traveling.

Some cards allow you to load with money, this is alright if you can use the card in the country you are visiting, check this out.

Africa, CASH IS KING and remember not all ATMs will accept your cards, we found Visa the best card to use. Check out the towns you are visiting for ATMs. Don't take TRAVELERS CHEQUES TO AFRICA I'd be surprised if banks knew what they were. Take plenty of $1 bills for tips.

Use money belts and zipped pockets for money etc and for anything that if you lost it, it would be a big problems. Just have a small amount of cash for daily use. Don't keep it all in the same place.

Don't use Internet cafes' for Internet Banking, find a 5* hotel and use the business section, there's more chance that the line will be secure. You will have to pay a nominal fee but it's preferable to some guy copying your key strokes and clearing your account out.

In crowds put your backpack on your front.

Take a copy of your passport, insurance, prescriptions, and details of your cards just in case of loss.

Take passport photographs with you for Visa applications, and check out the places you can get them.

If you are traveling in the US and Australia you can use the Libraries Internet for free.

Best of luck and keep safe
:)