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How Much Is Enough?

Currency Exchange

Before leaving for an international destination, new travelers always ask the question, "How much foreign currency should I take?" The answers can be as varied as the number of people whom you query. Ask any savvy traveller, and they all seem to have a preferred way of dealing with it. 

For me, the most useful methods have been to exchange as little currency as possible here in the states, where bank rates are usually the worst. I carry only about 100 euros with me to pay for incidentals once I arrive at the airport, or for transportation to the hotel. Once at my destination, I locate an ATM and withdraw another couple hundred euros, and then use my credit and debit card for the remainder of my purchases while there. ATM machines are quite easy to find in most of Europe, but you must have a 4 digit pin code to access these machines. I carry both a debit card, which is attached to my checking account back home, and a credit card. Keeping each card in a different location on my person, gives me the security of knowing that if (and that's a big IF) my purse is stolen, I still have a card at the ready to retrieve more cash.

Some travelers still believe in travelers checks, however, they have become increasingly cumbersome to cash while abroad. If you insist on carrying them, check in advance with the hotel you will be staying at to see if they will cash them, and in what denominations, or if they know of a nearby bank or currency exchange that will cash them.

Some tips involving currency exchange

  • Check your exchange rates on the web at www.ex.com. You will get a good idea of what the current rate is.
  • Check ahead if you insist on bringing travelers checks
  • Contact your bank and your credit card companies to let them know that you will be travelling abroad, and the dates you will be travelling. Credit card companies these days, are over-zealous about fraud, and will often lock a card if they see activity on it from an unusual location.
  • Check with your bank and credit card companies to see what transaction fees they may be charging you while you are abroad. Some overseas ATM withdrawals can put an additional 2-3% charge on your account.
  • Try to carry your credit or debit cards in an inside coat pocket, travel wallet or zipped inside pocket in your purse to discourage pickpockets. Always keep your cards in seperate locations in case of theft, or have your travel companion keep one card, while you hang onto another.
  • Keep your credit card numbers and the toll free number to contact the company listed in a seperate secure location. That way, if your card is stolen, you can contact the company and have the card locked immediately.

~ Donna Kujat VP, STAA

 
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