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Part 1 - by Beth Klemick
One of my least favorite things about preparing for an upcoming trip/travel is figuring out the how much money to bring along and in what forms (for example: cash, debit card, credit card, travelers checks). This isn't always an easy task, especially if you are very unfamiliar with the destination you will be traveling to. As a world traveler I have yet to find the perfect solution or amount. It has been said that we are a global, interconnected society so for some it is hard to imagine that cold hard cash cannot be gotten from ATMs or purchases of souvenirs paid for by credit card in some nations.
Overall, it does not hurt to bring along a combination of US dollars (small amount, as sometimes the easiest currency to exchange), US dollar-denominated traveler's checks, and a credit card or ATM card (tied to Visa or MasterCard). As always there are pros and cons for each form.
Travelers checks as a form of currency have a plus and minus side. One downside is that not every establishment will accept travelers' checks. Another is the exchange process is typically more involved and usually will entail having to go to a bank and provide your original passport not a copy. The downside is not so much having to go to the bank but dealing with the banking hours in many countries, which is not as "customer service" oriented as here in the United States. If you are staying a high-end hotel they may be able to exchange travelers checks as well. The plus side is if your traveler’s checks are lost or stolen they are insured and you can recoup the losses, very important to copy down the serial numbers and give them to a friend or family member who will not traveling with you, a luxury cash does not afford us.
There are very little if any pros to traveling with cash. The general rule is to travel with as little cash as possible. If you prefer cash verse the ATM/credit card route, go with traveler's checks. It is a good idea to have some smaller denominations of US and local currency on your person upon arrival for things like taxis, tips, phone calls, and so on. Best to invest in a money belt which you can fit under your clothes verse carrying cash in wallets stored in pockets, purses and backpacks, and best when venturing out for the day to only bring as much cash as you will need for the day for public transportation, food, etc.
To be continued...
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