jthomas
Full Travel Member
Posts: 11
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Post by jthomas on Jan 12, 2009 22:38:49 GMT -5
my friend and i are going on a trip through europe this april and we dont know what will be the safest way to carry our money? Should we take our bank cards, or other means? thanks for the help!
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Post by WillTravel on Jan 13, 2009 4:17:56 GMT -5
jthomas, there's no set rule, but here is what I would recommend:
Bank card - this should be your primary source of funds. If you can have two, all the better. Research the best account and the best bank for reducing ATM and exchange rate charges. Otherwise, a typical withdrawal fee is $5, and a typical exchange rate addition is 3% over the interbank rate.
Credit card - if you pay off your balance monthly to avoid interest charges, then I think it's a good idea to use this for transactions. You may be charged exchange rate fees that are 0-3% over the interbank rate, but no extra charge. Also, you can research how to get a cash advance if need be, in the event of a dire emergency. Because of the extra fees related to a cash advance, you wouldn't want to do this otherwise.
Travellers' cheques - usually a bad exchange rate, sometimes an added commission, and a pain to cash overseas.
Exchange bureaus - in all but a few instances, these are usually a terrible deal. Still, I would carry say $200 USD for emergency exchange purposes.
Particularly when you are transporting yourself and your luggage, a moneybelt, concealed under your clothes, is an excellent idea.
If you have two credit cards, I would say let your friend hold onto one, and you keep the other, and vice versa. This gives you just a little extra protection. But don't worry - most people manage without any incidents. It just pays to be cautious and protect yourself as much as possible, and always have a backup plan.
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Post by mslibrarian on Jan 13, 2009 12:52:12 GMT -5
I use Travellers cheques all the time. At least in the UK. I'll be taking them to the continent for the first time this coming spring. But I don't try to pay for things with them. Instead, I cash them at American Express offices or at their partner banks for no charge. It's like secure cash savings. I have them in my money belt and I cash them in about 100 Pounds or so at a time.
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