Money makes the world go 'round. And... in the countries I'll be traveling, it's all different!
France & Italy: Euros
France & Italy: Euros
England: Pounds
China: Yuan
Hong Kong: Hong Kong Dollar
Hong Kong: Hong Kong Dollar
I will take some 'cash' in all 4 to start my trip off. Regions Bank charges me a flat fee of $5 for the whole currency exchange transaction. All advice points to using cash wherever possible to avoid bad exchange rates and service fees for conversions. If need be, I will be able to use my debit card to withdraw cash, paying a service fee of $2-$5 dollars per transaction and subject to whatever the current exchange rate is. All this cash will be safely tucked away in my money belt, a belt with a pouch for money, passport, and other cards and valuables, that you tuck underneath your shorts/pants. I hope it's worth it, and the awkward feeling of something around my waist like that could tempt me to buy more presents! (Therefore lightening the cash load :P)
Sorry I am just now catching up on your blog, but I have recently performed extensive research on this to get ready for Nepal, and actually, there are alternatives to traveling with a bunch of cash.
ReplyDeleteCredit cards: yes, most credit cards charge a flat transaction fee and/or a commission on an exchange rate, but the Capital One Venture Card does not. No flat fee, just the spot forex rate. Plus according to their Alec Baldwin commercial, they have a pretty generous miles / points program!
Debit cards: using debit cards for withdrawals overseas usually means an ATM fee + a flat fee charged by your bank + a commission on the exchange rate. But never fear -- there is Schwab. Yes, it's usually a brokerage, but if you open a brokerage account (regardless of whether you trade with them), they will give you a free checking account with no minimum balance requirements, no maintenance fees, pretty good interest rates for a checking account these days, PLUS they don't charge you any fees / commission for overseas withdrawals AND they will refund any ATM fees charged by the bank overseas. They customer service is also stellar.
Sorry I'm so late with this information, but it might help you out in the future.
Wow, great information Nancy! Thanks for sharing... I'll definitely use it when I travel abroad in the future :).
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