Media Blog
The Money You Carry: The Ups and Downs
No matter what kind of travel packer you are, there are a few things that every single person should take with them when they are away from home, especially when going out of country – toothbrush, comfy underwear, a good book, etc. But the one thing that, no matter where you are going, you should always bring with you is the obvious one: money. But it is the twenty-first century and most of the modern world has a variety of options when it comes to carrying money around.
Although lots of people worry about the money they might lose because of the currency exchange rate, cash should always be the foundation of your travelling funds. Local money is good to have on you to pay for things quickly and to buy things from places that don’t accept credit cards. In some areas of the world, currency varies so often that many places accept American money as is.
ATM cards and/or debit cards are usually a positive thing to have on your person as they carry a double function – a method of paying electronically as well as being a method of getting you cash. ATMs are abundant just about everywhere in the developed world so getting cash is not usually a problem. The biggest issue with debit cards and the like is that, no matter how much like credit cards they are, they same kinds of protection don’t apply. If you report fraudulent charges with in two days there is only a $50 fee… but if you wait longer than that the charge can be as much as $500; according to the Federal Trade Commission, if you wait more than 60 days, the amount of money you are liable for is almost unlimited.
As with most things that involve money nowadays, credit card is the preferred method of payment just about anywhere you go. Unless you happen to be wandering through a rural area or a village that isn’t technologically equipped, credit cards is almost as safe a bet as cold hard cash. With the amazing fraud charges protection and the zero liability, you can go anywhere and do pretty much anything and never have to worry about anyone snaking your card numbers; even if you do find a thief has charged money to your card, the most you are liable for is a whopping $50. Since they are more widely used overseas, try to get a chip-enabled card. The only thing you have to worry about it the 3-5% surcharge for foreign transaction – with larger purchases those percentages can add up, so choose wisely.
Whichever payment methods you choose to bring or not bring with you on your trip always be careful and wary – foreigners are always easy targets for theft. Before you leave, call both your banks and your credit card companies and let them know your destination, your departure date, and your arrival home date; if nothing else, it will let them know that there isn’t so crazy person who has snatched your credit or debit card and is flying around the world, racking up exorbitant charges. To avoid getting ripped off by savvy locals looking for a quick buck, try find an online service with a good currency exchange rate, like http://www.xchangeofamerica.com/ , to get your cash before you go.