Money and Travel

Foreign Currency

There are almost as many currencies as there are countries. Here are a few tips to help you work with money as you travel outside the United States.

In some countries or areas of some countries, you may not need to exchange your money for the local currency. For example, many businesses in Mexico that are located along the U.S. - Mexican border take Dollars as readily as they take Pesos. For most other foreign destinations, you will need to convert your money to the local currency.

Foreign Exchange Rates

It is a good idea to become familiar with the exchange rate(s) for the country or countries you will be visiting, prior to your departure date. Exchange rates can usually be found in the business or finance section of most newspapers and in the Wall Street Journal. Exchange rates fluctuate daily, sometimes a little, sometimes a lot. The exchange rate you find at airports and hotels are generally less favorable to the traveler than rates at banks, American Express offices, and Thomas Cook offices. (By the way, most foreign banks are open from 10 a.m. to 3:00 p.m., the hours you want to be sightseeing.)

Before boarding your flight to return to the United States, convert your money back to U.S. dollars. In most cases you will only be able to convert notes, but not coins, especially those of low denominations. Also, a large amount of a foreign currency may not equal very much U.S. currency. Before you buy something overseas, convert the price to U.S. Dollars. You may be surprised how much things "really" cost!

Currency Limits

Most countries impose limits on the amount of their money you may take out of that country with you, and how much of any foreign currency you may bring in. The United States limits travelers to taking $10,000.00 (US) in or out of the country. For more information, contact the U.S. Treasury Department

Travelers Cheques

Travelers Cheques are a very good way to protect your money while you travel. We recommend that you purchase your travelers cheques in foreign demoninations You may purchase Travelers Cheques in U.S. denominations as well as in the denominations of many foreign currencies. Stick with American Express and Thomas Cook Travelers Cheques. These are the most well recognized names, the easier to redeem and the most widely accepted. They are available at many banks, AAA offices and travel agencies.

Using U.S. Credit Cards In Foreign Countries

Different credit card companies have varying rules on how they process the purchases you make in foreign countries. Most of the rules have to do with how and when the exchange rate is applied to your purchases. Check with your credit card company before you travel to see what their rules are. Using a credit card for your purchases while traveling is the best way to protect yourself and reduce the amount of cash you carry.

Money Belts

Out of sight is out of mind. Whether you carry a little cash or a lot, a money belt is good protection for your money. It provides peace of mind while you are on the road. Not only is it a good place to keep your cash, but it is a good place for small pieces of jewelry.

Cash

We recommend that you only keep enough cash with you to handle emergencies, tips, snacks, subways, and other incidental items. If you need cash don't cash a check at your hotel. Go to an ATM that belongs to STAR or CIRRUS, whichever your credit card uses, and get your cash this way. It will save you money in the long run.