Money Matters

Tuesday, 29 November 2016
Gulf Waters RV Resort — Port Aransas, Texas

When one has plans to visit some 35+ countries, money matters are bound to come up.  I don’t necessarily mean how much money.  Sure that’s something that needs to be dealt with, but what I am really referring to is all the foreign currency (FX) one needs to be aware of … and where and how to get it.

We plan to use a variety of means …

Paying in USD is acceptable, and sometimes even preferred, in some countries.  Some of the tour operators we have booked with have quoted their rates in USD, with the stipulation that the bills be brand new with no markings or blemishes.  Other operators have indicated they will accept USD … provided the bills are 2009 series or newer.  Mui picked up some uncirculated denominations to take with us … just in case.  I should note that getting mint-condition bills isn’t always easy … banks sometimes require they be pre-ordered.

Credit cards can of course be used.  We’ll have a couple of no-international-transaction-fee cards with us … all of which have a pin & chip, which is required in most countries around the world nowadays.  But there are some countries where it’s not a good idea to use a CC — skimming of card numbers is a concern … as is the surcharge to use a card.  Something else to keep in mind with CCs is that one must notify each card company of travel plans.  We do so even if a particular card has already advised us that we do not need to provide them with travel details.  The travel-notification process can be quite cumbersome with some companies.  And others may query charges even after having been notified.  With internet/phone access limited at times, getting these notifications can be a problem … hence our decision to use CCs sparingly.

Cambios or money changers are another means of getting FX.  Sometimes they offer the best rate of exchange, but the downside is that one needs to carry sums of cash to use them.  Not everyone is comfortable using these kiosks, but we’re used to it from our trips to Turkey.  So if the popular practice is to use them, we will take that into consideration. 

ATMs are an increasingly popular way of getting FX when in-country … especially if you have a no-fee card.  Which we now do.  We opened a Charles Schwab account recently that reimburses all international ATM and foreign transaction fees.  Funding it minimally means we’re limiting our risk of loss should the card be compromised.  We will follow the suggestion of our guides when it comes to choosing between using an ATM or a money changer.

Then there is the option of ordering FX locally before leaving the US.  This can be costly if exchanging large sums.  We decided to order small amounts for some of the countries … pocket change if you will.  Mui placed that order today … pick-up from the bank in the next two or three business days.

I think we’ve got money matters covered now!

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