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Money Matters

This page is intended as guidance only and is derived from my own experiences.

When travelling I usually keep a small amount of US Dollars or Sterling for emergencies in the hotel or room safe and a small amount of cash in the local currency with me for the first day or so. I then primarily use my CREDIT card for most purchases, hotel and restaurant bills, drawing cash using my DEBIT card in the local currency as required. Only you can decide what financial arrangements will suit you best whilst travelling.

Cash

I have never felt comfortable carrying large quantities of cash and don't find it necessary as most large cities in the developed world have plenty of ATM,s (cash machines). You can withdraw cash in the local currency using your UK chip and pin DEBIT card just like home and most UK banks do not charge commission (you should check with your own bank before departure) The withdrawal will be converted to Pounds Sterling at the prevailing exchange rate at the time of withdrawal. To utilise this option you should satisfy yourself that there are ATM's available in the area that you will be travelling in before you visit.

Travellers Cheque’s

I rarely use travellers cheque’s anymore, but would consider them when visiting more remote areas where you are unlikely to find ATM's. They are still a very safe way of carrying currency with you and almost as good as cash as many shops and restaurants will take them directly as payment, giving any change as cash, particularly in the USA. The downside is that you will usually need to have your passport with you, and you are invariably charged a commission when cashing them at Banks, Hotels and Bureau de Change. They can be purchased at most UK Banks and many Travel Agents and are sold commission free at UK Post Offices. The good thing about them is that if they are lost or stolen they will be replaced free of charge and usually within 24 Hrs.

Credit Cards

My preferred option. They reduce the need to carry large amounts of cash and are widely accepted. There are several credit card companies that do not charge commission on foreign transactions such as Nationwide and the Post Office and currency conversion is carried out at the exchange rate prevailing at the time of the transaction. I tend to carry a second card in case one is lost or stolen.

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Important - To prevent card fraud you should not let your card out of your sight and always check to make sure that the card handed back to you is yours before you put it back in your purse or wallet! (Apparently one of the latest scams is to hand you back a similar expired/cancelled card in someone else’s name! If you do not use your card frequently this often gives the culprit time to go shopping on yours before you realise)

Kilometers are shorter than miles. Save gas, take your next trip in kilometers.”

 ~ George Carlin