Before leaving your home country, one of the most important things to decide is the type of currency and how much to bring. Depending on the amount of time you are planning to stay should give you a rough estimate on how much to bring. My trip was planned for 6-7 weeks of travel and I was budgeting $50 Canadian a day. The currency I brought with me was US dollars and US travellers cheques. The differences between the two are as follows. First, cash is probably the easiest currency to exchange. The problem with that however, is that if it is stolen then you're out of luck. This is when travellers cheques become advantageous. If the travellers cheques are stolen, then you can easily call the company where it was issued from and they can cancel it and even provide you with new ones. The disadvantage of travellers cheques is that you will find that most money exchanges have a service charge for cashing them in. Moreover, the rates are not usually the best ones you can get either. The bottom line is that if you are not charged a service charge for the cheques, you will lose out on the exchange rate because currency exchange locations also need to make money.
One thing I should mention is that I had American Express travellers cheques which enabled me to exchange the cheques at no cost as long as I was able to find an American Express outlet. The problem I encountered along the way was taking the time to try and find an American Express. Though Let's Go has labeled where some of them were located, it was often difficult and inconvenient to have to find one just to save a few dollars. That being said, always take into consideration the benefits versus the costs.
Looking back in hindsight, I would have to say that the most efficient and convenient way of getting local currency is through an ATM card. I know that people are often skeptical of bringing a card because of the possibility it may break. Fortunately for me, the card never had a problem and became my source of funds. It's quick, easy and always the best in terms of rates. One thing to note, however is the amount of service charges your bank at home may charge you. If it's going to cost you 5 dollars each time, then make sure you use it as infrequent as possible.
When carrying cash or travellers cheques, I highly suggest you keep it in a money belt because there are pickpocketers everywhere. The majority of your currency should be kept there while only keeping what you will need during the day in your pocket. Another thing I should point out (even though it appears like common sense) is that having a money belt means it should be hidden. It shouldn't be used as a pouch, hanging outside for everyone to see. That's when you deserve to get robbed. The reason why I bring this up is because I met a girl who did just that. The money belt is used to hide your money. Not to tell everyone where my money is. If people start sticking their hands down their pants and bringing out money, it's telling the theives that you have the belt. And that is putting yourself in a vunerable position. |
