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Money overseas
Regardless of where you go on your career break you’ll still have to deal with money and it’s on this page that we offer some advice to keep your finances safe while overseas.
Before looking specifically at the different methods of handling your cash overseas, it should be stated, that; it’s always best to have a mixture of cash, cards, traveller’s cheques and coins to prepare you for all eventualities. In addition to this if your travelling with a partner, it’s worth splitting your money between you so that if you are robbed or you lose your cash, one of you has some funds to tide you over until you can resolve your problem.
Debit and Credit Cards
While many of us seem to use our cards more than cash at home these days, depending on your ‘plastic’ whilst overseas, is not advisable for a number of reasons.
- Although ATM’s are widespread, it is possible that you may not be able to find one; if you’re in a remote area or it could be broken or only accept certain type’s of cards.
- From my own experience, some ATM’s can see your cards as a bit of a delicacy and eat them!
- If drawing cash from an ATM its likely you’ll have to pay a transaction cost, which at times is quite large (10% of the withdrawal).
- If you lose your cards it can be a gargantuan task to replace them which will undoubtedly eat into your break.
- With the increased concern over card-fraud, many banks these days monitor the usage of your card, and if they spot for instance £200 being withdrawn from a bank in Cairo. Your bank may get suspicious and block your card to prevent further dodgy transactions, when in actual fact you just need some more Rupees’. To prevent this happening, inform your bank of your plans.
- Your card may expire, so check them before you depart.
Despite some of the potential difficulties related to cards it is worth taking a couple of different cards regardless, as they are useful to make large purchases on, and when you can find an ATM, you have access to quick cash.
Travellers Cheques
These represent the safest ways to carry cash around, because if you lose them then you won’t be down in the pocket. But this sense of security is offset by the various charges and commission that are attached to them when you convert them. From reviewing a number of the banks, it does appear that these charges are slowly dissolving, with the likes of the Nationwide and American Express leading the way for better value traveller’s cheques. When changing your travellers cheques abroad, always remember to take your passport with you and before you go away to write down their serial numbers as well.
Cash
You can’t beat the simplicity of a few notes or a handful of coins, whether it’s buying some fruit off a stall or a quick backhander to the police to reduce certain pedantic officials. To avoid getting ripped-off when you’re away, try and get the smallest denominations possible because when it comes to purchasing things you’re less likely to charged the tourist price if you’ve only got 20 Kenyan Shillings as opposed to 200.
General points
- If you are changing money with a street vender, be careful because such transactions are illegal in some countries, whilst it’s not uncommon for them to sell you short as well.
- If you choose to check your finances on the web while abroad, it’s worth checking the internet café and the computers within it to make sure you’re not going to get caught out by banking fraud. Whilst it’s common sense to check out the anti-virus software operating on the computer, to ensure your finances are safe while on the road.
- If bartering for something, don’t be afraid to walk away if you feel the price is too high and to check with other sellers.
- Check out the local customs relating to tipping in the countries your visiting, so that you don’t offend the locals, whilst also finding out about possible taxes that you may incur, while abroad.
- If you’ve got no cash, be brave, offer to trade something if you need a lift somewhere, or you want a bed for the night. Before leaving Mozambique a few years ago, I traded all the clothes I no longer needed to get a few trinkets to take home. I’ve even ‘sung for my supper in France’ – on this occasion hunger surpassed embarrassment!
As the song goes; “money makes the world go round”, for that reason its important to pay attention to you finances whilst abroad, but with a careful attitude and a bit of preparation then you can look forward to spending your hard earned cash!
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