Travel Money Advice
Money seems to be a constant problem for most people and the traveller is no exception. What you will have to decide before you go is:
- In what form do I want to take my money?
- Do I want to leave some at home and have it sent out to me?
- How do I want to carry it while I am travelling?
- Do I want to take a credit card?
- Do I have a back-up if I lose all my money?
If you intend being overseas for a year, particularly if a large part of that time will be taken up solely with travelling, you will need to take a substantial amount of money with you. This can be done in a number of forms:
- Travellers cheques Thomas Cook and American Express travellers cheques are the most widely accepted around the world, with the latter being the best in terms of fast replacements if your cheques are stolen. You should get your cheques in a variety of small and large denominations - if you need money for your last day in a country whose currency is worthless outside its borders you do not want to have to cash a £50 travellers cheque. They should be in dollars or pounds sterling and make sure you leave a list of the numbers with a reliable contact at home. The safest way to carry large sums of money while travelling.
- Eurocheques Like a standard cheque book but not really necessary if you have travellers cheques.
- Cash Every traveller should take some money in cash (approximately £100-200) - the American dollar is the most widely accepted currency abroad. This can be used if you are dealing in the black market (see below) or if you need to offer bribes, since hard currency is much sought after. Again, a variety of denominations are useful.
- Credit cards These are not only the travellers' flexible friend but sometimes their lifeline. If you have Visa and Access it is a good idea to take both since some outlets worldwide only take one or the other. An American Express card is also a valuable asset - if you can afford one. The important thing with credit cards is to use them for emergencies or the occasional luxury, and not rely on them for everyday expenses. If you do you will inevitably come across a country that has very few outlets for any credit cards, such as Pakistan .
In order to pay off your credit cards you can leave some money in your bank at home and have a standing order to pay a specific sum each month or a direct debit to pay the whole amount due. The former may be the best idea - if you have to unexpectedly pay for an expensive item such as a flight there may not be enough in the bank to cover the total amount. You can also credit your card account before you go and this money will be taken off as you use your card.
It is a good idea to spread your finances between different methods. A suggested combination could be (for every £1,000): £600 in travellers cheques of different denominations; £100 in cash (dollars and sterling); £300 left in a bank at home to pay off credit card bills.
