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| Money |
Do not put all of your eggs in the same
basket! You should use a combination of a debit or
credit card, traveler’s checks and cash (small amount)
to pay for your expenses abroad. |
| Credit
cards |
In most if not all countries around the
world today you can use a credit card to pay for a wide
range of services and to get cash money at an ATM
machine or in a bank.
The credit card companies also offer the best exchange
rates although they do charge a transaction fee for it
in most cases. |
| More
about Credit cards |
VISA
AND MASTERCARD ARE THE MOST WIDELY ACCEPTED CARDS AROUND
THE WORLD!
AMERICAN EXPRESS IS ALSO WIDELY ACCEPTED
DISCOVER CARDS ARE NOT ACCEPTED IN MOST COUNTRIES
OUTSIDE OF THE U.S.
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| Credit
cards: what you should do prior to departure! |
Because each issuing bank has different policies you
should check with each issuing bank the following
things:
How
much do they charge per withdrawal? Remember that you
will probably be charged for cash withdrawal by your
credit card issuer AND by the local bank as you are in
the U.S.
Do
they charge a currency exchange fee? Most bank charge 2%
or more for that service.
How
much money can you withdraw per week?
Find
out what number you should call if you lose your card,
have it stolen, or have any other problem? Remember that
except in North America, you cannot access a 800 number
from abroad, so you need another number. Most Banks
print it on the back of the card an International
Collect number to call.
Make
two photocopies of your credit cards front and back and
leave a copy with someone you trust at home, take the
other copy with you and store it in a safe place but not
with your credit card(s).
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| ATMs |
The
Cirrus and Plus networks used by Visa and Mastercard
offer over 1.5 million
ATMs around the world.
You
can locate an ATM for a Visa card by clicking
here!
You
can locate an ATM for a Mastercard by clicking
here!
Find
an American Express office around the world by clicking
here!
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CREDIT
CARD vs. DEBIT CARD
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Please remember that credit cards usually
charge a very high interest rate on cash transactions.
In addition to this they usually start charging an
interest rate from the day of the transaction (no grace
period). Because each issuing bank has a different set
of rules, do check with your bank what their policies
are.
A
Debit card (also known as a bank card or a check
card) is really the best one to use as long as you have
money in the bank because it does not charge you
interest on the cash withdrawal and usually allows you
for multiple withdrawal during the same week (if
needed), as long of course as you have money in your
account. Make sure that your debit card works worldwide.
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Traveler's checks |
You can obtain Traveler’s checks from
your bank or a travel agent. Traveler’s checks are
available in several currencies, but, usually, you get a
better exchange rate if you get Traveler’s checks in
U.S. dollars and exchange them in your country of
destination.
You should have Traveler’s checks as a
backup plan in case you have problems using your
credit/debit card, or if you need to pay rent, and/or a
deposit upon arrival since there is a limit on how much
money you can withdraw from an ATM machine per week. |
| Cash
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Bring
a minimal amount of money in cash! $200.00 is probably
the maximum amount of money that you should carry in
cash in U.S. currency. You can change money upon
arrival. There are ATMs at most, but not all airports
around the world as well as currency exchange offices.
Should
you buy foreign currency before arriving in your country
of destination? In most cases the answer is no because
you usually do not get a good exchange rate, but
you can if you want. |
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Wire transfer |
Wire
transfer is a very safe way to transfer money between
the U.S. and your country of destination. You can
transfer money from a U.S. bank account to a bank
account in the country of destination. However, banks on
both side will charge you a fee ($30.00 to $50.00 on the
U.S. side alone per transfer) and, in most countries,
opening a bank account is often a long process.
You can also transfer
money via
Western Union
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Exchange rates |
How to get the best exchange rate? |
| Money
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MONEY SAFETY |
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