Money Matters: What to carry with me?

Rule of thumb is to set-out with a variety of ways  for  arranging payment abroad. The purpose is to ensure you're able to spend money while protecting yourself from loss or theft.

Charge it to a Credit Card:  Especially Major Purchases, Unexpected Expenses or Emergencies. Advantage: tracking your expenses may help you file complaints or obtain quickly a refund. If you run out of cash, you may withdraw cash at an ATM machine. Inconvenient: If you don't use them sparingly, extra fees and high interest rates can quickly add up especially if you are a credit user. Cash advance is limited to your authorized credit maximum. So you may be declined more cash advance whenever you reach your limit. Also the use of plastic card isn't widespread. Always ask first if credit cards are accepted. You may also talk to your banker before leaving on a trip to make sure that your PIN number works abroad and to learn whether your bank's ATMs System is in the countries you are visiting.

Cirrus is linked to MasterCard and Plus is linked to Visa. Worldwide coverage is still spotty but their respective networks are expanding. Look first for the appropriate logo on the ATM machine or your request of withdrawal will be declined.

Cheque it out: The biggest advantage of the travelers cheques is the extra protection you get. Instant replacement of lost or stolen checks is quite possible everywhere. Inconvenient: Exorbitant fees paid and worse rates of exchange applied at time of purchase and encashment. You must always show an ID so you have to carry your passport with you. Travelers are also not widely accepted.

Cash conscious:    Advantage: Unconditional acceptance. No extra fees. No ID is required and best of all, you are savings money. The inconvenient of carrying cash is essentially due to a fear of loosing cash due to robberies or attacks. Often, a minimum precaution is enough to allow you to spend your vacation safely.

Our advice: In general after you setup your budget, we suggest that you exchange at least half of your budget at your local broker for foreign money in cash. Supplement that with one or two credit cards for emergencies, preferably choose the cards with cash advance capabilities.  Unless you're safety obsessed, you won't need travelers checks. 

Upon your arrival, keep all your valuable in the hotel safe including cash minus your daily allotment. With the risk factor varying widely from one country to an other, there is no magical formula. Obviously, financial preparation for a business trip to London will be less complex than off track for a photography trip to Nepal or a safari in Zimbabwe. Choose the most convenient way you fell happy with because there is no magical formula. Or ask us questions. Our professional staff is ready to help you.