Money

Getting it

First, thank your lucky stars for modern technology on this one. Accessing your personal funds while travelling all over the world has become fairly easy - not foolproof, but with a little planning, easy enough. Not so many years ago, trekking expeditions in Nepal talked of having to hire extra porters just to carry their required funds which was available only in coin format. Even today some currencies boast (or not!) ridiculously small denominations of paper money which result in people having to carry around embarrassingly large and bulky wads of cash. For example, when I visited Laos in the year 2000, the largest single bill the bank could give me was worth about fifteen cents!!!

Being prepared from the get-go helps make things easier. Carrying an ATM card, a credit card, traveller's cheques and American (the most accepted world wide) cash gives you pretty much all the options you need (see Arrange Your Money). Arriving in a country with some local currency in hand can be handy and eliminates the immediate need for a bank or change facility, the handiest of which may be ready with poor exchange rates for desperate just-arrived tourists. Changing currency ahead of time is crucial if you might be arriving in your new country late at night or on a Sunday or a holiday when facilities will be closed. If this happens, your saving grace will most likely be American cash or currency from a neighbouring country, as you can't always (or often, depending on where you are) count on your credit card being accepted. Cross your fingers and expect to be gouged on the exchange rate. If you are leaving a country, try not to acquire too much currency as you will lose more money on a second conversion. Spend your coins before you leave too, as these can usually not be exchanged for a different currency. Be aware that if you are flying out of a country, there is often a departure tax payable in local currency, so save for that if applicable.

Change money on a regular enough basis so that you are only carrying around what you need. Carrying too much cash simply makes you a bigger victim if you get robbed. Plan ahead for weekends and holidays when banks may be closed, for times when you will be away from exchange facilities, and for larger expenditures. When exchanging money, don't accept torn or tattered notes that may not be easily spendable. Also, request reasonably small denominations. Street side food stalls, small vendors, guesthouses and others won't likely readily accept large tender and may prefer to turn you away rather than accept large bills or go searching for change. Small change can, in fact, be quite (and amusingly!) rare in some countries. It's also a good idea to carry your own small change for tipping and for bargaining, where it is best if you can present the right change after your haggling session.

Exchanging cash or traveller's cheques should be done at reasonably reputable (and legal) facilities, and will require the presentation of your passport - so keep this handy. Selecting which exchange facilities to do your business with will likely involve looking for the best rate of exchange, but consider also any service fees that may be charged per cheque or per transaction. Often there is a trade off between these two factors. Mathematicians do best in this arena. If you are not one, consider carrying a little pocket calculator. If service fees exist and are charged per transaction, you may wish to change a slightly larger, though still safe and reasonable sum. If you have a travel partner, try pooling your resources to exchange one large shared sum rather than each of you changing smaller sums - this eliminates an extra service fee on each exchange. Use your smaller denomination cheques for when service fees are charged per transaction, and your larger denomination cheques for when service fees are charged per cheque. Exchanges on the black market are, of course, illegal, and can result in you carrying around worthless counterfeit, out-of-circulation bills, or dummy bills hidden underneath real ones. If you risk this type of exchange for what might be a somewhat attractive exchange rate, you would be best advised to not carry out the transaction in a secluded area where you be could be targeted, and to keep an eye over your shoulder.

Getting local currency from your credit card or ATM card may afford you better exchange rates as arranged through your own home bank. Be aware of service fees though - usually charged to your account on a per transaction basis. Make sure you know which machines are applicable to which card you carry - some ATM's only cater to local account holders. Look for either the Plus or Cirrus symbol on the back of your card, and then look for a machine with that corresponding symbol. Know also whether you want to do a withdrawal from your debit card, or a (more costly in interest later on) cash advance from your credit card. Luckily, most machines will communicate with you in English. When acquiring cash from machines, make sure you know your PIN numbers offhand - hesitating and taking too much time, or entering the wrong code can cause the machine to swallow your card. Some machines cancel your swallowed card on the spot by physically chopping it in half.

Keeping it

Acquiring your precious monetary funds is one thing, keeping them in your possession is quite another. No doubt you would prefer to have an outbound cash flow by choice only. Remember that you are perhaps most vulnerable as you walk away from the bank, ATM or exchange facility - everyone knows you are likely harbouring a decent sum of cash at that very moment. While using an ATM, keep your wits about you to avoid roaming hands and eyes. Cover your hands when punching in your PIN number - your debit card is a much more valuable item to a thief if they know the code! Tuck all your cards, cheques, passport and money away as surreptitiously as possible - you don't want to advertise your hiding spots. Do this within the safety and security of the bank or exchange booth if possible.

Carry your money and valuable documents in a pouch underneath your clothing. This reduces the risk when you are in crowd of people. Carry your funds in more than one place on your person and in your pack, and split your resources between persons if you are pooling money with travel partners. You will want to carry a small amount of cash accessible - meaning in a zippered or buttoned pocket or purse. This way you won't have to advertise your stores to the world for every cup of coffee, bus fare or ice cream cone you buy. Keep the bills of your accessible cash folded separately so that you can pull them out one by one rather than exposing wads of cash to the wrong eyes. These are all small precautions but generally add up to security and safety.

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