A FEW TIPS ABOUT MONEY
| When you are traveling in a foreign location you want to be certain you totally understand what is going on with the local currency. You will also want to make sure you are a smart "currency exchanger" so you can get the most for your good old American dollar. Hopefully the following will help you as you travel throughout Europe or the rest of the world!
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Should I take travelers' checks? What about a credit card and will I be able to find ATM Machines? Should I take any American (Or whatever local currency you use in your country.) money? What about foreign currency and changing money? How do I use conversion rates so I will know how much money I am spending? What about tipping? What about bargaining? Rick Steves uses a money belt. Should I? How can I keep my valuables safe? Jims "Check Sheet" for money matters when you travel. |
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Travelers' Checks:
Smart travelers use traveler's checks, especially to have in emergency situations. Always be a smart traveler.
Credit Cards and ATM Cards:
I always take my credit card when I travel. I prefer to use a VISA card as it is accepted practically
everywhere in Europe. However, a MasterCard is just fine also. Many of the money machines
(ATM's) in Europe also accept VISA and MasterCard. Just be sure to contact your bank and receive a "pin" number.
You should use your credit card for any large purchases when you are shopping along with transportation charges and accommodations. If you plan to use an ATM card, the web site for Cirrus locations is
MasterCard and for Plus it is
Visa.
A Little "Reserve" Money:
I always take a few hundred dollars in American currency tucked away in my money belt - just in case!
Foreign Currency and Changing Money:
It can be expensive and time-consuming to change money while traveling through Europe. However, it is something that has to be done. That is why I want you to have both travelers' checks and a credit card, if at all possible. Change some money before you leave the United States as it is important to have a little local currency
as soon as you arrive in a foreign country for any snacks, drinks, cab fare, tips, and other incidental expenses you might expect – or not expect – upon your arrival. You sometimes will need it to change money.
Try and not change any more money than you think you will actually need. Normally you can only exchange paper money back into U.S. currency when you return to the United States and any change that you have left over cannot be changed back to U.S. dollars.
Tipping:
About the only time you will need to tip is when you are in a nice restaurant. And then there is normally a 15% service charge included in the menu price or added automatically to your bill. So, be sure to check your bill, or ask your waiter, before you leave a tip. Other places you may want to tip would include the taxi drive, such as rounding up the bill, you Tour Director, coach drivers, and the
licensed guides for any sightseeing tours you will be taking.
Conversion and Exchange Rates:
Here is a great site to help you determine the current exchange rates.
Current Conversion Rates And another site with a nice "Cheat Sheet"
(Cheat Sheet)
If you are visiting several countries, just make a copy of the Cheat Sheet just before you leave (Make it a small copy you can easily put in purse or pocket.), laminate it, and you will have it handy for ready reference while you travel.
Bargaining:
In some countries you may be visiting there may be places where you can do a little bargaining with the merchants to get a lower price. These would normally be with street vendors or in places such as flea markets, outdoor markets, and with people selling handicrafts and tourist items on the streets. Just be sure you determine
whether bargaining is appropriate before you make yourself out to be an "Ugly American." If you are on a tour you can always check with the Tour Guide or one of the our local guides, or consult your travel book or guidebook
Moneybelt:
This is an ultra-light, sturdy, "under-the-pants or shirt," nylon pouch that is just big enough to carry the essentials (passport, airline ticket, travelers checks, extra money, and so on) comfortably.
Don't travel without a money belt.
Security for your Valuables:
Along with the money belt, here are a few suggestions to help you safeguard your money and other valuables: Keep
all of your valuable with you or "locked" in the baggage compartment of the coach when on tour, do not keep any of your valuables inside your luggage or in your hotel room, and girls, if you are going to use a purse, make it a small
one with a long strap you can cross over your chest. If you wear a "fanny pack," do not wear it on your fanny! Keep it up at the front where you can see it. I have seen people lose theirs very quickly to someone with a sharp knife!
Quick Check Sheet: Here are a few things to remember:
1. Use you credit card for large purchases only.
2.
Keep a record of your credit card number and the 800 number to call if it becomes lost or stolen.
3.
Be sure you remember to get a pin number if you plan on using the ATM machines. Most of the card companies
have a different pin in Europe than they do for the US.
4.
Take along travelers' checks for a backup system and for emergency.
5.
Take only as much cash as you are comfortable with.
6.
Have some dollar bills for tips and such.
7.
Convert most of your currency overseas as it is normally less expensive. (I normally take a few hundred dollar
bills in my money belt and exchange them the first or second day after I arrive.)
8.Check the transaction fees when you exchange currency. Normally most people only pay attention to the
exchange rate. A good scam it to advertise a good exchange rate and then tack on a high transaction fee. A high transaction
fee makes the conversion a terrible deal.
9.
Don't convert more than you expect to spend as you will only wind up with excess foreign currency you will
have to exchange back to US Dollars – normally with another conversation fee attached again.
10.
And finally, always minimize your transactions because each currency conversion usually carries a transaction fee.
Try to limit the number of currency transactions you make.
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At Travel Smith you’ll find packing lists for your trip including lists for different types of trips (walking tours, for instance, or cruises) as well as lists geared to specialized regions (the tropics, say, or northern Europe) |
