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How to handle money?

Travel Forums General Talk How to handle money?

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1. Posted by jon_b (Budding Member 20 posts) 11y

Travelling around the world, what are the best to deal with your money? Bank account at home? Bank account in each country? Obviously I dont want to carry too much cash around

2. Posted by daveh (Travel Guru 1027 posts) 11y

Travellers cheques. Bank account in each country would be an administrative nightmare, especially if you are only there a short time. Using your cash card from home you will generally get charged by the bank for every transaction, and you're up the creek if you lose your card. With TC's if you lose them they can be replaced quickly and its no big deal. Just make sure you send an e-mail to yourself with the TC serial numbers on them.

3. Posted by Brendan (Respected Member 1824 posts) 11y

Down with Travellers Cheques!!!

Hehe... okay well maybe not "down" with them... but certainly do not use them. When I travel I take a couple hundred cash (USD) as my incase I need too escape money.

My main source would be debit cards and credit cards. Before I leave home I put a negative balance on my credit card, that way I don't get charged interest on it. And when I do take money out I take enough to make the exchange rate worth while.

The only reason I would take travellers cheques is to convince border gaurds that I don't have cash only useless TC's...

4. Posted by daveh (Travel Guru 1027 posts) 11y

It's all about making your money go as far as possible though. In Thailand for example you get a better exchange rate with TC's than you do with cash. Whereas if you went to Vietnam i would change UK pounds to US dollars before i left the UK and take cash. But a RTW trip TC's are safest, and not everyone has credit cards. I think it's down to personal choice really. Cash is always easiest, but if you lose it/have it stolen it's game over. Getting a replacement card could be a real pain as well.

5. Posted by Brendan (Respected Member 1824 posts) 11y

That is true enough daveh, I guess it really depends whree you are going...

6. Posted by areinstein (Travel Guru 2788 posts) 11y

I usually just take few hundred dollars cash with me and take money out with my debit ATM card as needed. I prefer to use my credit card but not many places accept American Express and I tried the TCs once and the same, not many people would take them. I was in pretty remote areas though so I guess it would depend on where you are going...

7. Posted by makcha (Budding Member 13 posts) 11y

Quoting daveh

In Thailand for example you get a better exchange rate with TC's than you do with cash.

Ditto for Central America. I used Amex TCs throughout my trip(although I had a credit card for emergencies) and it worked out fine.

8. Posted by moolieness (Full Member 48 posts) 11y

While Im away, it was suggested to me to take a mix of everything. Im going to take some cash, some of which I will hide in other places apart from my money belt. Incase of emergencies! Im also going to take travellers cheques, my debit card and of course my credit cards. I have my bank and credit card accounts online so that I can pay my bills and manage my money without putting a lot of pressure on someone Im leaving behind ( ie. my mother).

Ive also heard of a visa card which works like a debit card as in you put money into it before you go and when you have used it all you just destroy the card. Need to do more research on that so if anybody has used a card like that before can they let me know?


9. Posted by Kingwindle (Respected Member 301 posts) 11y

Im in south america at the mo. As i see you are in the UK, go to Nationwide and ask about a Flex Account. Its a Visa card ut its not credit, its a debit card. Its working fine for me over here when I buy little bits and bobs.
The BIG advantage is that you do not get charged a commission when you take money out form the cash machine. Its worked with no probs at all over here. Got a credit card for emergencies too, and if its not possible to book stuff via my Flex account Visa debit card, i´ll use the credit card.
If you are worried about money and people being able to access it, do what I did. Open a flex account and a high interest nationwide investdirect. Put all your money in investdirect at a high %, set up internet banking, and i just transfer money in an internet cafe(that are everywhere)to my flex account. say someone steals my card then the max they are gonna get is roughly 250-300 quid.
How does that sound??
I also got 600 quid of Amex t/cheques just in case i lose my card, until i get a new one. Also keep a few American Dollars on you, i leep about 200, everywhere excepts them and they are the best currency to have.

Hope this helps, Tarik

10. Posted by Brendan (Respected Member 1824 posts) 11y

On any credit card you can put extra money on it so your balance is in the negative.. say you put $2000 so you would have a statement saying:

You owe -$2000.

And as you take money out say $500,

You owe -$1500.

This way you do not get charged interest.