· I've been a millionaire several times over. Unfortunately, it's been in currencies like Rupiah, Kip, Dong and Peso. Apart from your health it is the single most important ingredient of your trip. So, you need to take care of it and do a little planning. In 2nd and 3rd world countries I budget on AUD $100 a day for everything except the airfare there and back. One month equals three thousand etc. It makes it easy to work out the budget for the trip and it is enough to travel comfortably. When translated to $US or € this is quite reasonable.
· Unfortunately, in North America, Europe, Australia, Japan and other places you're not going to have much left over after you've paid for your room. So, take a lot more or backpack and stay in hostels.
· ATM's and credit cards or Travel Money Cards are the easiest way to get hold of the majority of your trip funds and keep them safe. Don't do any banking while you are connected to public wi-fi and get a VPN before you go. It's best not to have to do any banking while you're away.
· People often get some foreign currency before they leave home. This always seems to be at a very poor rate. Best just to get some at the airport when you arrive. Get three hundred or so US dollars in different denominations which are accepted everywhere and come in handy quite often. Stash some in your main pack for emergencies. For this reason, I always keep my packed locked when I'm not in the room. Also be aware of any visas or other costs you may have to pay in US$ and get this in advance too. Some countries are very fussy and the notes have to be impeccable so store them carefully and don't accept any notes that are not perfect when you get them. I also like to take about a thousand cash in my local currency for the first week or so to avoid some of the fees.
· It used to cost 1 percent with travellers cheques to get your money. So $1000 of your dollars would cost you $10 to get hold of. These days it costs $30 to get your $1000 with cards. Plus, a lot of ATMs also charge over $5 just for the joy of using them. So, it is best to take out the maximum amount available. Different banks have different rates and it is worth checking out the best credit cards and Travel Money Cards available for travelling. Don't forget to ring up the credit card people and let them know which countries you are going to before you leave home.
· Make sure the ATM you are about to use has the Visa or Mastercard logos on it. Some are for local cards only. The Cirrus and Maestro ATM's support Mastercard. Plus supports Visa cards. Be wary of people hanging around ATM’s and if possible, go to one inside a booth or in a bank.
· It pays to have both Visa and Mastercard as some countries have very finicky ATM’s which may work with one but not the other. There are times when you may have to visit 3 or 4 ATM's before you have success. Don't give up. Never hand your card over where it goes out of your sight. I personally only use them in ATM’s. Reputable businesses are okay.
· It is worth hanging on to small notes for taxi drivers (who never have any change) and other small purchases. On islands and out of the way places change can become a major problem so it's wise to plan ahead. ATMs could also be a problem so load up before you get there. Don't leave it to the last minute or Murphy's Law says all the ATM's will be empty or offline. Beware of Sunday afternoons when they haven't been filled since Friday.
Every time you cross a border you will have a new currency to come to grips with. Unless it's in Europe and the Euro. The first day or two your spending starts off high as it's like playing with Monopoly money. You will soon work out what the notes are really worth and curb your spending. Be careful with that extra 0 sometimes. There is a big difference between $60 and $600 so make sure your maths is correct. Not being used to the different coloured notes my friend once gave a songthaew driver $50 instead of 50 cents. My unwitting friend asked if it was okay and with a very big smile the driver said, "yes" and drove off.
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How to spot a Chinese gangster - Bejing, China
· Land borders are not usually great places to change money. They are often crowded and stressful. Many touts can be hassling for your business and you can guarantee you will not get a good rate. If necessary, change a small amount of the previous country’s money (If they take it) or US$10 just to get you to the next town.
· Some places can be quite pedantic about notes. The tiniest tear and they won't take it. Others expect $US to be straight from the mint. So be aware of local ways and don't accept anything too ratty looking. We once spent an hour and a half going to different banks trying to change travellers’ cheques in Bangladesh. Finally, we got it done at the very first bank we went to. Curious as we were with the obvious question we kept quiet not wanting to endanger the current transaction. They pulled out a stack of brand-new notes all stapled together and just ripped them off leaving the new notes with big holes in them.
· One common scam to be aware of is when handing over a large note, especially in a darkened bar or club. They pretend you gave them a smaller note and will bring you change for a note of half the amount. When you hand them your note wave it around a bit and state what it is loudly so they know you know what you gave them and there should be a witness or two.
· In Thailand it is illegal and highly offensive to stand on the money because the kings head is on it. So, if you drop it don't jump on it to stop it blowing away. They also don't like it if you screw the notes up or show any other disrespect so try to keep it neat.
· It doesn't hurt to keep your big notes in a different part of your wallet or in another pocket. This will help you to avoid accidentally handing the wrong note over and help you keep a tab on your finances. Don't carry more than you’re going to need for the day. $US bills are all the same size and colour. It's easy to hand over the wrong ones if you're not concentrating.
· If you are in a country whose currency is worthless outside of its borders don't take too much out as you may have trouble spending it all. Also avoid stashing large amounts in your luggage that you forget about and remember later. Even the Irish and Scottish pounds are useless outside of the UK. Some countries don't even use their own currency and use the $US instead.
· Some countries have a black market which gives you a better rate than the bank. Sometimes it is out in the open and quite safe to use. Other times it can be quite dodgy and possibly not worth the risk. If the difference between the two rates is pretty large you are basically forced to use the black market. Like everything see what it is like when you get there and ask the locals.
· Watch out for counterfeit notes that can be a problem anywhere. It is illegal to knowingly use them.
So, a quick recap -
· Research the best value credit or travel cards before you go. Load up your trip money onto them.
· Best to have both Visa and Mastercard, so you have a spare and can use different ATM's. Call them up and advise them what countries you are going to, before you leave home.
· Buy some $US cash for emergencies and visas. Get a variety of notes as $5 or $10 here or there can come in very handy. Stash it in your main pack. Take a thousand local cash with you. Take a photocopy of your passport for ID to change the cash.
· Change 2- or 3-days cash when you arrive at the destination airport.
· Put your money belt in the hotel safe when you arrive and only carry spending money for the day.
· Take out the maximum amounts to avoid too many ATM fees
· Never let your credit card be taken out of your sight.