Money matters

Introduction

Hong Kong - Assorted 20HKD notes

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What's the best way to carry my money? How do I get local currency?

This page is not about exchange rates, but rather to illustrate how travellers deal with money matters. If you are looking for current exchange rates, check out these popular currency conversion sites:

• Oanda
• XE

Carrying Money

Some tips for keeping your money safe when travelling:

• Carry money in multiple places to deter thieves. This could include hiding money in your luggage or having a money belt.
• Never access a money belt in public.
• You can carry a false wallet to give to muggers.
• Carry small denominations of local currency in your front pants or shirt pockets for easy access for small purchases.

Getting Local Currency

Exchanging Money

International currency can be exchanged for local currency at a number of places, including banks, exchange bureaus and the "black market." Banks generally give the best exchanges rates. Black market exchanges can have good rates, but the chances of being taken advantage of, either with counterfeit bills or poor exchange rates is high.

Withdrawing from ATMs

As Automated Teller Machines (ATM) proliferate around the world, withdrawing money using debit cards is becoming more popular. Using a debit card at an international ATM's often offers better exchange rates than most money exchanges. Unless you have an account or bank plan that explicitly indicates no international banking fees, however, most international withdrawals will have an international ATM network fee assessed.

Traveller's should ensure that they have a 4-digit pin number for all cards, as some countries will not accept pins of less numbers. See individual country entries for information on money for details regarding specific countries.

Money can be withdrawn from ATMs using credit cards, however costs are usually high and interest generally starts accruing immediately.

There are two main internal ATM networks, PLUS and CIRRUS. PLUS (also known as Visa PLUS) is an interbank network that covers all VISA credit, debit, and prepaid cards, as well as ATM cards issued by various banks worldwide. CIRRUS links MasterCard, Maestro, Diners Club credit, debit and prepaid cards.

To find a Visa / PLUS ATM, check the Visa ATM locator page.

To find a MasterCard / CIRRUS ATM, check the Mastercard ATM locator page.

Credit Cards

Credit cards provide an exchange rate better than debit cards, and allows a traveller to delay payment. However, credit cards are not always accepted, especially in smaller locations.

When travelling, traveller's may want to inform their home banks of their travel plans to ensure that banks do not put a stop on your card due to unusual use.

Make a copy of of credit card number, and the contact information for lost and stolen cards, and keep separate from your credit and debit cards.

Money can be withdrawn from ATMs using credit cards, however costs are usually high and interest generally starts accruing immediately.

Traveller's Cheques

A traveller's check (also traveler's cheque, traveler's check, or travelers cheque) is a preprinted, fixed-amount check. The two biggest traveller's cheque companies are Thomas Cook and American Express travellers cheques. In the event that a traveller's cheque is lost or stolen, they can be replaced. Traveller's cheques should be obtained in a variety of small and large denominations.

To make replacement easy, record the numbers of all your cheques. Keep this listing separate from your cheques, and keep track of what cheques you have cashed.