Hot answers tagged money
51
I think the current usual solution is to get a debit card (or failing that a credit card) with low/no foreign transaction and cash withdrawl fees. (In the UK, the Halifax Clarity Card is the best for this at the moment)
Then, when you get to the country, take out cash periodically. Not too much in case of issues, but don't assume you can do it too often as ...
44
Before you leave, call your bank. You'll want to alert them that you'll be using your credit or debit cards overseas, so as not to trigger fraud alerts. Then ask them if there is a network in your destination that involves lower fees. For example, my bank gave me names of specific banks in England, Italy, and Germany and told me that if I used ATMs at those ...
41
I have haggled over the scarfs on the Jemaa el-Fnaa square in Marrakesh. The starting price was usually around 200DH and I was able to buy for 65DH. I was totally unexperienced back then but I made some observations:
Wait to be invited by the shopkeeper. Pretend you are just passing by and stopping for a moment to look at the wares.
Do not express interest ...
31
I use five strategies to pay for things when I travel:
The best rates are often the rates you get with your American credit card or debit card. Try to charge as much as you can. The fees are very low and the exchange rates are fair. However, many American banks charge several dollars for every foreign currency transaction, so if you plan to spend a lot of ...
24
Assuming a mature system of law and a country where the police is not commonly corrupt and debts not commonly collected by violent means:
Are they allowed to hold your passport until you come back and pay?
No, unless you agree to it as a means of quickly, cheaply and unbeaurocratically settling the issue.
What happens if they call the police?
The ...
23
If you pay by Dollar (or home currency) The hotel will add a charge for this, hence you will be paying more.
If you pay by local currency the exchange rate will be decided by the credit card company or bank. These exchange rates are much better than the hotel rates.
Check this page for more information regarding this service for Visa holders. AFAIK, Other ...
23
In many hotels you can just drop your keys in a box on your way out (or leave them in your room) and the charges will go to the credit card on file. Should you become aware that the card won't work, one approach would simply be to stay as long as you had intended, pack your bags, and just leave. Undoubtedly the hotel will call or email you within a few days ...
19
Unless it is a significant amount, changing coins isn't worth it. The amounts are small and most banks and foreign exchanges won't accept coins generally.
My solution is to collect the left over foreign coins until I fly on an airline that participates in the Change for Good program and then donate them. British Airways and Virgin also have their own ...
18
Currency inflow/outflow in India is regulated under the Foreign Exchange Management Act. The relevant foreign exchange / customs rules are:
Import of Indian Currency is prohibited. However, in the case of passengers normally resident in India who are returning from a visit abroad, import of Indian Currency upto Rs. 7500 is allowed. This translates to ...
17
The only real way to be successful at this is to start knowing the value you place on the item and never pay more than this. Start your haggling below this price - a good rule of thumb is for your starting price to be around the same amount below your final as the asking price is above.
Some countries like to bargain harder, but at the end of the day, you ...
17
This happened to us a few times. Credit card companies can be very fickle things, they allowed someone that wasn't us to pay for $500 worth of CDs across the world, but blocked a local hotel we were staying at from finalizing the charge for our room.
When we travel, we generally only bring one credit card to minimize the potential pain of losing our stuff, ...
16
My answer is Europe centric:
We are used to banks in the USA that will give you a debit or check card with a magnetic stripe. Credit cards are the same way. Some of these credit cards have a chip and none require a pin.
When you fly / sail / swim across the pond to Europe, almost every local card has a pin and a chip.
Most European stores will accept US ...
16
This varies very much depending on your country of origin and your destination.
Best exchange rate mean lowest spread, but keep in mind, that some banks apart of the spread, also charge extra commissions.
Keeping that in mind, there are some general tendencies. Exchange rates, from best, to worst:
electronic transactions (i.e. transactions made directly ...
16
It is certainly not true that "most European countries take gold". You cannot pay for goods in a shop with gold, nor can you walk into a bank with gold and walk out with currency. In many countries ownership and import of gold as coins or bullion is restricted.
There are places where you can sell gold jewellery, but you will get very poor prices.
15
Try a credit union. Many of them boast surcharge-free ATMs. Lots of smaller banks don't collect surcharges either. Those that don't often will have a big sign saying so near the ATM. The Credit Union National Association, the Independent Community Bankers Association and The Co-Op Network all have ATM locators on their Web sites.
Ask for cash-back when ...
14
I just can tell you about my personal experience: Most often it would have been possible for me to pay with Euros in restaurants, bars or hotels, but the exchange rate was really bad. So I preferred to exchange money in a bank and then use Czech crowns. If you book tickets or accommodation online, it wasn't a real problem for me because the prices in Euros ...
13
It really depends not only on where you are going but also from where you are coming. I usually carry with me enough money to pay for everything I need on the first 3 days. The rest of my money I try to get with my credit cards and I usually try to carry two of them.
Always try to pay for hotel, car and other similar before you start your trip. In this case, ...
13
My normal advice is in this answer, which is to get a card without foreign exchange fees and take the cash out while you're over there. You'll generally get the best rate by far with this, and you don't have the safety issues of carrying round a week's worth of money in cash.
If you are going to be somewhere without access to ATMs, so you need to take cash ...
12
Credit Cards are a fairly safe method, when they are accepted. Note, however, that save for very few credit cards, the vast majority will charge you a conversion fee on each transaction (around 2%-5%).
Using a debit card, and taking out money at an ATM when needed, is another alternative (although you again may be limited by the ATM network). There are also ...
12
Thomas Exchange will change almost any currency into Sterling - including the Mongolian, Kazakhestan, Uzbekistan and Kyrgyzstan, Armenian and Georgian currencies, and many other obscure currencies and even pre-Euro currencies such as French Francs, Italian Lira, etc.
We do not charge any additonal fees and our rates are always better than the Post Office, M ...
12
Usually, yes. But now that the US dollar isn't more valuable (and is fluctuating wildly from week to week) I've noticed more places not taking it or taking it at a steep discount. You won't get the value you used to out of it.
It's always a good idea to have some local currency on hand no matter where you're going. A credit card will also work, though there ...
12
I would be very surprised if you managed to find an ATM that did not charge you a fee. US card holders are also charged fees if we use an ATM that is not the same bank as our card. Then we usually get a fee from both banks: the ATM's and our bank (for not using one of their ATMs). Some non-US banks that branches in the US; I think that would be the only ...
12
Very, very easy. Any bank in NZ will happily exchange those for you, or indeed as you step off the plane, there are several currency exchange places at all the international airports.
Be aware that the airports can sometimes offer worse rates than banks in town - but it depends how much you're exchanging of course, as to whether bothering with the effort ...
12
You need two things: 1) a good feeling for the local prices and 2) experience.
Haggling is more than just quoting low prices. It about your complete presentation and attitude.
When they quote me their first price (I will never be the one to call the first price), I usually just smile at them, maybe tell them it is a ridiculous amount etc. So, while not ...
12
Generally speaking, yes. However the same common-sense rules apply everywhere. Don't leave it alone in a bag somewhere, don't flash it about, etc. The only time I had anything stolen was my bag, in an ex-pat bar in Roppongi. Says a lot.
More: Japan is still a rather cash-based society given how early and frequently banks close, and I found that my UK bank ...
12
I am not sure if you can open a bank account in France if you are not a resident. When I stayed in France for almost two years, it took me quite some time to open a bank account, even while working there. Finally I had the best service at the post office.
What might be a solution is to use the gift card of the same post office. These gift cards are ...
12
I have a friend of a friend who used a prepaid AMIGO TRAVEL CLUB card in Cuba. They are a bank in Antigua and he was able to open an account online as an American citizen. I think this also involved e-mailing them a copy of his passport and driver's license. Once the account is open, you can charge the account by wire transfer from your bank and then ...
11
In short: no.
Mostly, credit card acceptance in Germany is still the exception rather than the norm. There are a couple of places, however, where you can expect at least Visa and MC to be accepted, most notably ATMs and gas stations.
Be prepared to pay in cash everywhere else.
11
If you really want to change them, your best bets is to change the currency with people who go to the currency's country, either tourists or residents.
Usually, I just keep the coins around and give them to friends when they go to somewhere I happen to have some coins from.
Other than that? Just keep them as souvenirs, give them away, go visit the same ...
11
You should be fine. According to the Canadian Border Services Agency website:
If you are importing or exporting monetary instruments equal to or
greater than CAN$10,000 (or the equivalent in a foreign currency), you
must report the amount to the CBSA when you arrive or before you leave
Canada. This applies to either cash or other monetary ...
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