Travel Money

By Beth Klemick

One of my least favorite things about preparing for an upcoming trip is figuring out how much money to bring along and in what forms (for example: cash, debit card, credit card, travelers checks). This isn't always an easy task, especially if you are very unfamiliar with the destination you will be traveling to.

I typically end up bringing along a combination of US dollars (easiest currency to exchange) and US dollar-denominated travelers checks. Travelers checks as a form of currency have a plus and minus side. One downside is that not every establishment will accept travelers checks. Another is the exchange process is typically more involved and usually will entail having to go to bank and provide your original passport, not a copy. The downside is not so much having to go to the bank but dealing with the banking hours in many countries, which is not as "customer service" oriented as here in the United States. If you are staying a high-end hotel they may be able to exchange travelers checks as well. The plus side is if your travelers checks are lost or stolen they are insured and you can recoup the losses, very important to copy down the serial numbers and give them to a friend or family member who will not traveling with you.

In addition to or in lieu of cash and/or travelers checks I may also travel with a credit/debit card. A credit card can be your back up "just in case" emergency form of currency. Debit cards that are on the Cirrus or Plus system (MasterCard/Visa) are widely accepted at many foreign bank machines (ATMs). Please check first prior to departing to see if there are banking machines in your destination compatible with your card.

MasterCard/Cirrus Worldwide ATM Locator

Visa/PLUS Worldwide ATM Locator

If you plan to travel with a credit/debit card, especially for long periods of time and/or while being in multiple travel destinations it is good idea to contact your bank/credit card company to inform them of your travels. Keeping them informed, depending on your bank, may avoid the possibility of a hold or freeze on your account. Some banks will place a hold or freeze on your account based on their suspicion that fraudulent activity is occurring on your card/account since you will not be in destinations that are seen on a frequent basis. Also if using a debit card it is very important to remember the numerical pin number, most ATM machines abroad do not have letters. I am guilty of this. I must admit the first time I traveled to Europe I was naive and let's just say thank goodness I was traveling with a friend. Live and learn.