It is best to make sure you have a good mix of cash, travellers cheques and
bankcards to cover all financial eventualities when you are travelling. Cash
is handy when you first arrive somewhere - if simply to get on a bus - travellers
cheques are the safest way to carry money and bank cards give you access to
funds from all over the world.
A few things to bear in mind when organising your money:
· It is generally advised to carry your money partly in travellers cheques
and partly in cash for safety reasons - cash is great until it gets stolen
· Remember to stash some USD, local currency or another major currency
away from your main wallet in case of emergencies
· If possible try and have a small amount of local currency on you when
you arrive in a country for convenience, not all airports or ports will have
ATMs or foreign exchanges
· The safest place to carry money is next to your skin, in a money belt
or in an extra pocket sewn into the inside of your trousers. If possible try
to carry money in different places for added safety
· Not all banks or foreign exchanges recognise all brands of travellers
cheques, to be on the safe side you should buy a mix; Visa, Amex and Thomas
Cook are the most well known and widely accepted
· Most travellers cheques can be replaced worldwide if lost or stolen
within 24 hours, also they have no expiry date so can be kept for your next
trip
· Sign your Travellers Cheques once right after purchase as you are not
protected against loss or theft until you do so. You should also keep your receipt
and the serial numbers on the cheques separate in case of theft - you will need
these to get replacements
· ATMs are a great way of getting cash abroad - make sure you have a
debit or credit card that is widely accepted around the world
· Find out before you leave what transaction and commission charges you
will have to pay for using your debit or credit card abroad - the fees can vary
greatly depending on your bank and also the ATM issuer
· Credit cards are useful to have abroad as they allow you to pay for
expensive items such as airplane tickets or diving courses without carrying
around large amounts of cash. Visa, Amex and MasterCard are widely excepted
· Before converting currencies, find out what banks, post offices or
foreign exchanges charge in way of commission as this can vary greatly. Fees
may also differ depending on whether you are changing cash, travellers cheques
or using a credit card. Avoid exchanging money too often as you will pay more
in fees
· Carry cancellation numbers for all credit and debit cards in case they
are stolen or lost
· If it is possible to access your accounts by internet banking, set
up the facility before your departure as this will allow you to keep track of
your funds while you are away
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