It has become a dilemma.
Not that long ago the best way to travel was to put your money into a series of traveller’s cheques know that you would have easy access around the world to a cash replacement if ever they were lost or stolen.
Then, with forgeries, clever transfers of names on stolen cheques, and for other reasons few can fully understand, currency exchange booths either refused to cash them or charged a high premium for the exchange.
At the same time retail establishments that once accepted them easily for purchases became very wary.
Credit card companies through the banks they work will charge a premium on foreign transactions. You can compare to find the best credit cards for your needs.
And you are often faced with a double hit from the ATM’s as each bank in the transaction process adds their own extra fee.
What are we to do as travellers.
While it is correct that traveller’s cheques are not as easily cashed at restaurants and retail outlets as they once were, I still find them easy to convert at major hotel properties around the world for local currency, or even for U.S. dollars depending upon wheree you are.
I have found it frustrating to accept the extra penalty attached to using credit card charges these days but they are still the most convenient, if you can be sure your information is not being used elsewhere. This has been curtailed with the new chip cards but theives have found a way to read all the infomation with new scanners that can steal information from several yards away.
And on more than one occasion I have been shocked at how much the foreign bank has added on to my ATM transaction.
So the realities are clear.
Most credit cards have a 2-21/2 percent charge added for the service, in addition to the normal conversion price.
You will likely be paying the service fee for two banks when you use debit cards at foreign destinations. And the margin the hotel or currency exchange booths charge may also appear unattractive.
Therefore using a combination of all three is your best bet as you simple accept the consequences of extra charges for the service provided.
In terms most countries in those far off destinations we visit, notwithstanding the current strength of the Canadian dollar, I still recommend using United States greenbacks because of their easy acceptance no matter where you travel.
But a balanced approach will ensure you are not overloaded with tempting cash to be targeted by pickpockets. Your ATM can be used in most places. Protect your cart and your number by going to ATM’s that have frequent usage and be very cautious when entering your PIN numbers.
And try to keep track of your credit cards when they are taken away to have the charges run through at the front desk.
You can find more travel tips and information at www.journeystravelgear.com
If you have travel questions email me at [email protected] . I will answer your question directly and you will see it appear here on tripatlas.
