There are so many topics when it comes to money when traveling I'm going to "impart" some of my wisdom on that here...
The age of the ATM is upon us and I have to admit that I have yet to use an ATM while vacationing abroad. The last several trips I have taken I used my bank's foreign currency section on their website and ordered currency before going on my trip. I know, this was probably not the smartest move for several reasons:
1. The exchange rate wasn't the best
2. There is a transaction fee/shipping charge I had to pay
3. Walking around at my destination with alot of cash probaly wasn't such a great idea (luckily nothing happend!)
But, in my defense I have to say that I liked having the local currecy when I landed and didn't have to search the airport for an ATM and it made getting transportation from the airport easier.
I have learned my lesson now. So, for my "big" September trip where I will be traveling for a month to 6 different countries I have decided to go the way of the ATM and not have any local currency on me when I arrive and just find an ATM before leaving the airport. I figure since I will not be checking any luggage on this trip the time I save not waiting for my luggage I can spend searching for an ATM! :)
The other plus side to using ATM's and getting cash in local currency that is withdrawn from my bank account at home is that even with having to pay a transaction fee for using an ATM not affiliated with my bank at home I will be getting the best (inter-bank) exchange rate. Yes, I know I will be paying an ATM transaction fee, but I'm getting the better exchange rate...makes sense to me...well kind of. At least by using local ATM's at my destination I won't have a whole month's worth of cash on me and be a target for a pickpocket.
Which brings me to my next bit of advice on money and that is use a moneybelt. When I was a college student on a study abroad program and traveling alot by train and staying in hostels I faithfully used a moneybelt. As I got older I let the moneybelt go by the wayside. I haven't used one in quite some time, but having read some rather distrubing stories about pickpocketing I am now convinced the moneybelt is the way to go. I didn't use one in Ireland last year, but never felt theatened. Several years ago in Australia and New Zealand I didn't use one but I used a small backpack instead. I felt safe everywhere I went except on the city streets in Auckland where I wished I had a moneybelt on, simply for reassurance. So in September I will have the moneybelt on and have peace of mind.
Debit cards versus credit cards. I use both in my travels but have stumbled across some words of wisdom about debit cards. Do not let a debit card out of your sight! There are scam artists all over and if they get your debit card number and sell it and that number gets used for purchases the money is not going onto your credit card, but coming out of your bank account! So, my debit card is my ATM card and I will only use it for making withdrawals at an ATM.
Now for credit cards, the same warning kind of holds true, try not to let it out of your sight, I know that can be difficult espcecially if paying for a meal in a restaurant when the server takes the card to put it through the machine, but many European restaurants now bring a hand-held device to your table if paying by credit card that you swipe through so the server never touches your card. But if your credit card does get stolen and I know this is little consolation at least the money that is being charged to your credit card is not coming directly from your bank account. And, typically credit card disputes like this can be cleared up more quickly then the debit card disputes. so a word of caution is to use debit and credit cards very carefully.
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