|
Exchanging
Currency For Your Trip Abroad
To avoid delays after your
arrival abroad, you may wish to buy enough foreign currency before you
leave to cover the cost of transportation from the airport to your hotel
and tips to bellhops and the like. Because you are likely to get the least
favorable exchange rate at U.S. banks and U.S. airports embarkation,
purchase only what you need for immediate expenses on arrival. Another
problem with advance purchase of foreign currency is that the U.S. dealers
have only large-denomination bills – not the small change you are
looking for.
Note: In times of currency exchange rate
controls, there may be good reason to stock up on foreign currencies
before leaving the United States; seek the advice of an experienced travel
agent.
Some travelers carry $50 to $100 in
one-dollar or five-dollar bills so they can pay initial cab fares and
porters’ tips in U.S. currency. This helps you avoid giving unintended
lavish tips in an unknown currency, and the need for exchanging currency
until you are in your hotel or until your overseas host can give you some
guidance. Spending U.S. currency is illegal in some countries (several
African republics and Cuba among others), and in many other countries
(Romania and other former Soviet republics), merchants do not accept U.S.
dollars, so check beforehand. Also, some countries will only accept the
new $20 bills and $50 bills, not the old ones.
Be especially careful about people
approaching you in the airport or on the street with informal or
black-market offers of exchange at apparently favorable rates. The hand is
quicker than the eye, and the wad of bills just counted before your very
eyes may turn out to be two bills and some cardboard or a circle of some
bills around a curl of paper, as your trading partner disappears with your
money. We recommend you use reputable financial institutions, American
Express, ATM’s, etc. for your currency exchange.
For more in-depth information regarding the
use of travelers checks, credit card, ATM cards, and personal checks
abroad, download Advanced Planning - Key To A
Safe Trip Abroad.
Click here to
preview and download.
The information in this brochure is
provided by Peter V. Savage, author of The Safe Travel Book,
(available at 800-462-6420 or 888-499-7277.) Savage has over 20 years
experience as an international security consultant. His articles appear
regularly in Bottom Line: Personal, and he has written for Travel
Executive, The Business Traveler, Travel One, and
various other travel and security publications. He has appeared on both
the Oprah Winfrey and Geraldo shows, and regularly appears
on CNN when travel security is affected. Savage is currently active
as a security counselor and principal in Passport Health, Inc., a travel
medicine clinic with offices nationwide.
The information provided is purely advisory
in nature. While the information is valuable, it is not comprehensive. We
can point you in the right direction, but we highly recommend that you
take the time to make the calls and conduct research carefully to make
your trip a safe and smooth one.
|
