Guide to Accessing Money When Traveling Internationally

Get smart about the money

Fumbling with fistfuls of strange-looking bills in an unfamiliar location is never a good idea. It’s best to know in advance what the currency looks like, the denominations you’ll be dealing with, and the current exchange rate.

I recommend: Before you travel, review pictures of the currencies you’ll encounter along the way. It also helps to know the name of the currency. Then check the current exchange rate. Consider carrying a currency converter to speed the process (bonus: this one is an alarm clock too!).

Know if your ATM card will work when you’re there

The Automated Teller Machine (ATM) is a convenience that exists almost worldwide, but just because you have an ATM card doesn’t always mean you’ll get the machine to spit out the cash. In many foreign locations, ATM keypads have only numbers, no letters, and many will accept only a four-digit Personal Identification Number (PIN). If your present card PIN is alphanumeric, you might need to change the PIN before you leave home; know before you go.

I recommend: Locate Visa and MasterCard ATMs worldwide.

Decide: what kind of plastic?

Just because you have a wallet full of credit cards doesn’t mean you should take all of them with you. Remove all but those cards that will do the most for you in the most places (best: two from two different banks). Then call the providing banks to (1) let them know that you’ll be traveling abroad so they don’t freeze your card for irregular activity and (2) ask about currency conversion fees to use the cards at your foreign destination. Also, make sure that your credit limit is adequate and check your card expiration dates.

I recommend: This Kiplinger guide tracks cards and fees, best to not-so-good. If you’re in the market for a new credit card, compare features at this Web site. If an ATM card is not an option, look into a preloaded bank card.

Decide: How much cash?

While the thought of traveling the world on plastic might sound appealing and carefree, it also might not be realistic. Even in major foreign cities, you’ll probably need cash for taxis and toilets, restaurants that don’t take your credit card (even if the sticker on the door says they do) and any number of small purchases. The question is, should you get the currency ahead of time or exchange it when you get there?

I recommend: Get some foreign cash ahead of time so you can avoid the high exchange fees at foreign airports. Ask at your local bank if they sell foreign currency (allow several days). If you’re an American Express card holder you can purchase currency online (travelers checks too) and have it delivered to your home. Wells Fargo customers have foreign cash options too.

Prepare for emergencies

It’s always smart to have phone numbers for your banking institutions, but that 800 number on the back of your card won’t work from a foreign destination. Ask your bank for a non-800 number before you leave home. Make sure you have a record of all important numbers (credit cards, passport, bank accounts, etc.) where you can access them if necessary

I recommend: Create a password-protected file of pertinent numbers on your computer and let someone at home know how to find it if necessary. Or sign up with an Internet service that will hold your data in an electronic safe deposit box.