Preparations For Money in Different Countries

September 8, 2008 by Jeff

Before traveling abroad you must prepare to use a different currency. Although, this doesn't sound like a complicated task consider that you'll be in a different location with different customs, language and money. All these things combined can really throw you off. Here are some different money options that you should consider prior to leaving on your trip. In my next article I'll discuss ways to ensure you're not overpaying, getting ripped off and getting by better.

Cash

Make sure before leaving that you get enough cash for the first 2-3 days minimum. You should have a rough idea of the costs because of the books you've taken out from the library. It is HIGHLY recommended you change your money at a bank as you won't get dinged (as bad) from the conversion fees.
World Currencies

If you're Canadian and have AMA then you can get any currency at your local AMA office free of charge. This means you won't have to pay any conversion fees! This can save you a bit of money before your trip!

Visa / Mastercard / American Express

Credit Cards are taken in most countries and places (according to the credit card commercials). However, be aware that although places accept credit cards they often don't like taking them. When I was in Switzerland trying to pay at a restaurant I saw the Credit Card machine on the counter. However, they wouldn't accept my credit card (Visa or Mastercard). Upon speaking to some Swiss friends they mentioned that most business don't like taking them because of the fees that the Credit Card companies charge the business.

Travelers Checks

Travelers checks use to be a great way to travel. However, because of scam artists travelers checks are starting to go away. Travelers checks are great because if you ever lose or have a check stolen you can simply call and get it replaced.

Travelers checks are still taken in most major tourist destinations and usually at the hotel you're staying at. However, be aware that these might not be taken. It's always good to be prepared for this situation.

Banks / Bank Machine

The final source of money is through a bank or bank machine. Be sure to contact your local bank branch to confirm that your debit card will actually work while you're abroad.

In my next post I'll give you some tips and tricks to make sure you are watching your money correctly.