Smart Travelers Learn Money-Management Skills
POSTED: 4:22 pm EDT September 17,
2004
UPDATED: 3:37 pm EDT September 23,
2005
- Use automatic teller machines (ATMs). They frequently have the best exchange rates and are usually most convenient. But be careful in some cities in Mexico and the Caribbean. ATMs can be cleaned out by the end of the day from frequent use. Try to get to them early.
- Carry cash. American dollars are always useful, and you never know when the ATM will run out of cash or the bank will be closed. Try stashing cash in different places -- a little in your pocket, some in your money belt, a few $20 bills tucked into your toiletries kit. That way, if your wallet gets stolen (or you accidentally drop it in the ocean at a lookout point), you’ll still have some cash somewhere.
- Bring two credit cards with you. If something goes wrong with one (it’s demagnetized or destroyed accidentally), you have a back-up.
- Use the local currency, even if a store accepts American dollars. You will be paying a higher exchange rate for your convenience.
- Try to use up all your coins from a country before leaving it. The coins of any country are generally worthless outside it.
- Pay attention when it’s time to get your change. The diner may be crowded and others impatient, but take a look at the change returned to you -- you might get shortchanged.
- Spend some time learning the local currency. In most cases, it’s really not that different from ours -- with one "big" denomination and 100 inside that "big" denomination. Take a careful look and you’ll be able to tell what is similar to a quarter, a dime, and so on.
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