How To Carry Money While Traveling

When you travel to a foreign place there is always a need for money; but, what kind of money should you bring. There are many ways to travel with money: credit cards, debit cards, cash, their local currency, and of course traveler’s checks. The thing to remember is that each type of money offers unique solutions and problems.

Debit Cards and Credit Cards

Almost any debit or credit card can be used abroad. You should always remember to keep track of how much money you are spending; because, if you exceed the limit of your card in some countries you can be arrested. You should only take the cards you need and you should be sure that you write down each cards information. Keep this separately from the cards so that if they are stolen or lost you can report it quickly. If you do find that a card is missing you should report it as soon as possible to not only the card company but the police. Also, if you plan on being in one place for an extended period of time you should think about opening a checking account with an U.S. bank that has a branch overseas. This way you will be able to cash checks. Another good thing to do is to check with your own bank and find out if your card is accepted where you are traveling and whether or not they happen to have an ATM there. Always try to use a debit rather than credit card as the numbers for credit cards are more easily stolen. Also, if you leave your hotel and are not taking your cards put them in a hotel safe and inform your bank that you are going to be using the card overseas.

Traveler’s Checks

If you are going to travel you should not do so with a lot of cash, instead use traveler’s checks. Just be sure to keep a record of the numbers of the checks, the amounts, the dates, and of course who issued them. As with the credit or debit cards you should keep this information in a different spot then the checks themselves. Try to avoid exchanging them at your hotel as it will cost more. Instead go to a bank or currency exchange. Do not use traveler’s checks if the bank charges any fee, traveler’s checks should only be used as an alternative if nothing else will work for you.

Plan B

Always be sure that you have an emergency funds plan just in case something goes wrong while you are abroad. Make sure that you have your banks information with you so that, if need be, you can transfer money. In most places the travel agencies and major banks will help arrange a transfer for you. Also, you may consider entrusting a close friend or family member with the emergency funds plan. This way you can always go to the consulate or U.S. Embassy to arrange a transfer from your friend or relative.

Foreign Currency

Before you leave on your trip you should make sure that you have a little of the money that they use where you are going, just enough to get your through your first couple of hours there. This way when you arrive you will already have money for transportation. This will take care of you in case the exchange center in the airport is not open when you get there.

Before you leave check with your bank and find out what the currency exchange rates and regulations are where you plan to visit. Some countries will not let you leave or come into the country with too much money; while, others require a minimum amount when you exchange money.

Also, keep in mind that U.S. Customs requires you to file a form, 4790, if you enter or leave the country with $10,000 or more. If you do not do this you could be facing legal issues.