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A week ago, I created a thread asking what clothes should be packed for a trip to SE Asia.
This week I am asking about money.
In a typical week here at home in America my spending averages about $350 - this includes everything from breakfast and razors to electricity and home taxes and insurance. Point being, I am not an extravagant spender.
For the past 20 years I have carried no more than a total of $3500 in debit and credit cards, and cash. That's it, I haven't even needed to carry that much - most of this high amount was "just in case" money.
For my trip to SW Asia - 10 days, I have already purchased the plane tickets. I will pay for hotel and other planned local flights before I leave the US too.
What I will need to pay for in-country is food for two, taxi or coach transport, and daily entertainment. I have estimated that total at about $1000 max.
Based on this, I believe my debit ($2000) and credit ($1500) limit cards should be sufficient.
I will check with my bank tomorrow to be sure my cards will work in the countries I plan to visit, and ask them what banks there I can work with in assurance I can access money.
I also plan to carry about $200 in local currency and $50 in US Dollars that I will get from a bank here in America before I travel.
For a true emergency, my travel mate is resident of the region and we can use her credit/debit/cash if in dire straits.
So, like before... any suggestions? I am asking because this will be my first trip out of North America.
A week ago, I created a thread asking what clothes should be packed for a trip to SE Asia.
This week I am asking about money.
In a typical week here at home in America my spending averages about $350 - this includes everything from breakfast and razors to electricity and home taxes and insurance. Point being, I am not an extravagant spender.
For the past 20 years I have carried no more than a total of $3500 in debit and credit cards, and cash. That's it, I haven't even needed to carry that much - most of this high amount was "just in case" money.
For my trip to SW Asia - 10 days, I have already purchased the plane tickets. I will pay for hotel and other planned local flights before I leave the US too.
What I will need to pay for in-country is food for two, taxi or coach transport, and daily entertainment. I have estimated that total at about $1000 max.
Based on this, I believe my debit ($2000) and credit ($1500) limit cards should be sufficient.
I will check with my bank tomorrow to be sure my cards will work in the countries I plan to visit, and ask them what banks there I can work with in assurance I can access money.
I also plan to carry about $200 in local currency and $50 in US Dollars that I will get from a bank here in America before I travel.
For a true emergency, my travel mate is resident of the region and we can use her credit/debit/cash if in dire straits.
So, like before... any suggestions? I am asking because this will be my first trip out of North America.
I have always just used my debit card. Before I leave I make sure to tell the bank what county(s) I will be in and how long I will be gone. Then I find a cash machine that does not charge a fee, my bank does not charge a fee so I get the most bang for my buck that way. I raise my daily limit so I can hit the machine once or twice at the most. Only problem I have had is the machines giving out large denomination bills.
So, like before... any suggestions? I am asking because this will be my first trip out of North America.
I just came back from Africa and I used a CC for 90% of expenses - grocery stores, restaurants, gas stations. It surprised me as I figured I would need cash mostly since I thought Africa would be a bit more primitive. Wrong!. I never once went to a cash machine but did change some US dollars at a currency exchange place once. It is amazing how much you can do with a CC.
I would be nervous with a $1500 limit for 10 days. I allow $100/day for food and fun. But you need a little more than $500 to cover an emergency, like getting sick.
I carry $2-3,000 in crisp new US Benjamins, zipped securely in a money belt. And about five twenties and a few ones. That's enough for up to five weeks. Also, for emergency a couple credit cards, rarely use.
Money changers often refuse to accept soft bills, frequently folded or with markings on them. Small US bills are accepted everywhere, even street vendors, and large by anyone who has enough change.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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I use my US Credit Union Debit (cash) card for most of SE Asia. ATM, get local currency. (inform them where you are headed, and for how long)
Street food is about $3/ day + alcohol (cheap if local)
7-11 has most services (including ATM, SIM card, and top-off), There are often (2-4) 7-11's per city block... airports, hospitals, malls, subway (metro) often host 7-11.
I would have a $5k cap minimum on CC. (and carry (2) different cards. My Fidelity Card is worthless overseas (always getting hacked and blocked) + Transaction fees.
For my international travels I simply take multiple credit/debit cards. I'll bring a couple hundred US dollars prior to trip so I can exchange those at the airport (taxi money, etc.) I usually take out enough to last a week or so once I get to hotel and keep most of it in either hotel safe or in my locked up suit case (hard shell type so they can't do that trick of using a pen or sharp object to open a suitcase). One time I lost an ATM card but I had a spare card thankfully. I have a local credit union so it's a pain to have to try and get a new card overseas.
Never had any issues with theft from hotels or theft in public. You could get one of those Pacsafe things if you need extra safety in mind.
No traveler's checks, do people even use those things anymore?
1. Avoid currency exchanges when arrive at airport, best way to get cash is just go to an ATM at the airport arrivals hall. If you can't get that ATM to work exchange just enough to get into town where you'll have more options. Conversely when leaving country spend down and exchange in town before going to airport, leave just enough local currency to get to airport and maybe buy a snack.
2. Firewall your checking accounts that have debit cards. In other words, most of your cash in a savings account and only transfer into the checking as needed to make ATM withdrawals. That way of compromised card they don't leave you penniless.
3. Carry cards from more than one bank. Sometimes we've had card from one bank work, but not the other and I have no idea why. It's common enough that we've learned carrying two different cards mitigates this risk a lot
4. If you encounter an ATM with six digit pin try "00" before your pin, "00" after your pin, and just hitting <enter> key with only your pin entered leaving remaining 2 spots left blank. We've always managed to get 6 digit PIN machines to work by trying all three methods.
5. Some ATMs and retail/restaurants will ask whether to pay in local currency or USD, always choose local currency. That local currency amount gets sent to your bank who sets their own more reasonable exchange rate, if you choose pay in USD the ATM/restaurant/store will do their own ripoff conversion to USD and it'll cost you big time. There is absolutely no advantage to choosing USD, but many tourists assume that's the better way given the choice.
6. Have some emergency cash, maybe $200 in good 20s with no stains or tears on them. USD is convertible everywhere, even places like Mom&Pop shops that aren't official exchange sites will usually exchange if it's an offer that they know it is a very favorable exchange rate for them, you're getting screwed but if it's an emergency then is what it is. Jewelry shops often have secondary unofficial role of currency exchanges.
7. For local currency separate out enough to pull out for day-to-day stuff without needing to show your entire wad. People often stare at what you pull out, especially with nervous tourist fumbling around with unfamiliar bills. Last thing you want is all $400 from that last ATM trip displayed to everyone.
8. You can get by with very little haggling these days since fixed pricetags have become the norm, if you do have to haggle it's probably going to be for unmetered transportation and buying things at tourist oriented markets. Download Uber (or Grab, or whatever is equiv in country) and it takes away a lot of the stress of taking a taxi. Sometimes Uber/Grab drivers can't come to certain locations due to conflict with taxi drivers, so pick a spot around corner instead of right at entrance.
It's too hard to estimate your spending, some people are more comfortable eating in tourist class restaurants with English translations available while others are okay with street food and local joints. Difference can be stark, budget for former would be 4-5x higher than the latter. Don't underestimate how much is available in convenience stores, a 7-11 or FamillyMart often has a really big selection of prepared meals everything from curry to sushi to salads. It's a nice option for the occasional meal that can save you a lot of money without any stress. Many convenience stores have tables to eat at and free wifi too. I've bought train tickets in convenience stores in Taiwan, and used to pay my electric bill at 7-11 in Thailand.
Also = regarding arrivals, these days many airports and train stations have an official taxi stand. Ignore any and all friendly English speakers trying to engage you for taxi services and use the official taxi stand. Even better when it's either set price by zone or prepaid at the airport, then it's almost impossible for driver to rip you off.
If it is by meter make sure he turns it on, and make sure it's not starting with several kilometers already showing. Let driver notice you're looking at your phone to follow progress on cell phone gps map (even if pretending) to discourage unwanted scenic route, and don't be surprised if you're asked to cover any tolls. The driver is expected to pay anything to leave the airport, but toll roads are usually responsibility of the passenger.
We live in Thailand in the winter and aside from airfare and hotels in transit we pay cash only for everything, even our rent and car rental. We have debit cards with no fee and get all our cash that way.
Hotels and guest houses we often pay with credit card but doesn't come as a foreign transaction since done on Agoda or Booking.com.
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