Dora ([info]sigelphoenix) wrote,
@ 2007-05-13 22:10:00
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Current mood: confused
Entry tags:personal stuff

Please advise
Anyone out there have advice on money matters for international travel?

As some of you know, I'm going to London with [info]zinjadu next month, and I'm trying to figure out how to handle money for the trip. I'm sorting through the options of credit cards, travelers checks, ATMs, plain old cash ... and trying to juggle all that with considerations about conversion rates, overseas fees, and security are making my eyes cross. If anyone out there has experience with international travel (particularly U.S. to UK) and can give me some tips, I would be eternally grateful.

ETA for personal reference:
-Citibank charges 3% on international transactions
-Visa charges 1% on international transactions
-bank charges 1% on international withdrawals and debit transactions
-$2 for using foreign ATM [may be changed in near future]


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[info]revena
2007-05-14 06:00 am UTC (link)
I did traveller's checks in $20 increments when I went to Greece, some years ago. That worked out really well for me, because I could cash a couple at need each time I wanted to go shopping, and knowing exactly how much I had converted from US dollars into local currency helped me figure out what was reasonable, spending-wise (I never could get the hang of doing the calculations in my head - I'm no good with math at all).

It cost me a little to get the checks converted, each time, but I think it was worth it for convenience, and for that little bit of security that traveller's checks can give.

I imagine that credit cards could work pretty well, particularly in the UK - but I've never travelled that way, so I dunno.

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[info]sigelphoenix
2007-05-14 06:12 am UTC (link)
Your method sounds like a good idea. With the varying conversion rates and extra fees to alter the original amount of money I bring, I think I might lose a sense of how much my UK money really "costs."

Were you able to convert your checks at any bank, regardless of whether they were affiliated with your U.S. bank or anything?

Also, thanks for the advice. :D

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[info]revena
2007-05-14 06:18 am UTC (link)
I was mostly in tourist-heavy areas like Athens and Santorini, so I didn't even have to go to banks - there were little conversion kiosks all over the place. It's my understanding that you should be able to get checks converted anywhere you might change cash to local currency, though. And many places that cater to tourists will accept the checks themselves.

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(Anonymous)
2007-05-14 07:07 am UTC (link)
I have zero experience in international travel much less travel to the UK but one of my fav bloggers Anglofille (http://www.anglofille.com) is in London right now so she might be a good person to ask.

- Luke

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[info]sigelphoenix
2007-05-14 06:20 pm UTC (link)
Thanks! I'll look her up.

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[info]lilisin
2007-05-14 05:46 pm UTC (link)
As you know, I´ve travelled over the world, all my life, and have NEVER bothered with traveler´s checks and I have never understood why other people do so as well.

Just go with cash and credit cards.
I suggest figuring out a preliminary budget of how much you are thinking of spending each day and then have that much cash exchanged (remember that England is a very expensive country due to the exchange rate). Then, if you end up needing anything else, just use your credit card and get more money out at the ATM. An important thing to know is that most countries out of the US use cash over credit so it is always better to have cash on you. And who wants to hassle with having to get traveler checks exchanged and all that kind of stuff.

So there you go. My advice: cash and credit card.
Also... skip England and go to Paris. It´s just a train ride away! ;)

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[info]sigelphoenix
2007-05-14 06:31 pm UTC (link)
I was hoping you'd respond. ;)

The main reason I want to bring travelers checks is for the security, since I can at least get them replaced if they're stolen, unlike cash. My tentative plan was to exchange the checks a chunk at a time, so I'll have cash on hand, but not all of my funds will be in cash form at once.

I keep reading about ATMs charging crazy fees for overseas withdrawals. Did you have problems with that? (Also, this is kind of a dumb question, but if you use your credit card in an ATM, that's not getting money from your account, that's a cash advance, right? And don't you get charged extra for that?)

Thanks for your advice! Particularly the tip about cash over credit. I wouldn't have known that.

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[info]lilisin
2007-05-14 08:04 pm UTC (link)
I mean, my situations have always been different in the sense that when I'm overseas 99% of the time, I'm with family or friends or some sort of relative thus, I keep the bulk of my money at home and keep enough money for a day of travelling on me. If that is your situation, then I suggest doing the bulk of your money in cash. If you're staying in hotel, I don't know. You might want to use traveller's checks. Otherwise, you can bring cash and do like I do since most hotels provide safes nowadays.

As for something get stolen, personally, it's never happened to me. I mean, it can easily happen one day but I wouldn't worry TOO much about that. If you're going to Camden Street in London, I suggest keeping a tighter grip on your purse/bag and maybe some other places but if you're careful, in general, you'll be okay. I mean, seriously, you're just as likely to get pick-pocketed in a foreign country as you are in your own town. It just depends on the caution you take.

When I travel, the zippers on my bags are always closed with the zipper in my periferal vision so that if someone wanted to open it, they'd have to reach towards the front of my body meaning it'd be more difficult. You know, little stuff like that goes a long way. I'm quite good with directions so I don't need to much help with maps but, when I'm in a foreign plus, I always look at maps in safe places and locales and try not to make it too obvious. So, basic knowledge.

As for crazy ATM fees, the ones in England can be fairly steep. I only had to use an ATM once while I was there but I suggest you calling your bank and seeing if they have any partnerships with foreign banks. If they do then you can use that foreign bank's ATM and not get charged any fees. Bank of America has a partnership with BNP Paribas but I'm not sure if that bank is available in England. Uhm... if you have Citibank, they are pretty much everywhere! Also call your bank to give them your dates of travel so that they don't freeze your account. They've done that to me once and it was a huge pain in the BUTT!

As for whether you are charged for a cash advance rather than a regular withdrawal, I'm not too sure about that actually. You might want to ask your bank about that one as well.

Anyway, I'm glad I could help.
Yeah, the cash over credit thing isn't a well known fact. It's more of an observation. What can you do though? Us Americans are quite credit happy. :)

If you have any more questions don't hesitate to ask me!

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[info]moochymonster
2007-05-18 03:19 pm UTC (link)
You're coming to london? Good choice. :oD


I can't be much help as I just take my card and take out money whenever as my bank doesn't charge for overseas withdrawals. One thing to look out for if you're using cash points (ATMs) is that some charge and some dont. Generally over here they will tell you if there's a charge. The ones run by banks shouldn't charge but if there's one outside macdonalds or in a pub or shop they'll take an extra £2 or so. This is on top of whatever you'd get charged anyway.

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[info]sigelphoenix
2007-05-19 03:57 am UTC (link)
Yeah, I'm going to the bank tomorrow to ask them what their policy is on ATMs. I suspect that my bank doesn't have any affiliates in the UK and it won't be worth it to use ATMs. Still, thanks for the advice - especially about which ATMs to use! I'm trying to avoid fees as much as possible.

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