Money Matters

Credit and ATM/debit cards are indispensable when it comes to traveling. Not only do they save you from having to stuff wads of local currency in the pockets of your already-tight jeans, they’re fairly easily replaced if your wallet gets stolen. More importantly, they can survive the rigors of being dropped in slimy, chunky heaps of rock’n’roll indulgence.

Of course, not all businesses take plastic. ATM/debit cards are better than credit cards in this situation—you can withdraw cash from money machines without incurring the heart-stopping interest rates that credit card companies impose. Just keep in mind that both the foreign bank and your home branch will probably charge you for jumping out of the system; to reduce the impact of these fees, take out more than, say, $40 a pop.

Be forewarned that not all foreign machines will accept your card. This is especially true in small towns, but also a possibility in big Asian cities such as Tokyo and Seoul. To prevent this possible headache, check your bank’s website for an ATM locator. If your bank’s small beans, try an internationally renowned one like Citibank. Both Visa and MasterCard provide lists of ATM locations around the world, too. If you don’t have a credit card and fear that one ATM card isn’t enough, you can always purchase a reloadable Visa debit card. Just note the fees involved; it may be worth buying a few traveler’s checks, antiquated as they may seem.

Some people like to buy traveler’s checks or exchange $100 or so before their trip; others carry big bills and exchange them as needed. I prefer waiting until I get to my destination and extracting local currency from the airport’s legion of ATMs. I also carry some cash to exchange for foreign currency in case all my cards are demagnetized or I’ve been rejected by all ATMs within a five-mile radius (both of which have happened). Currency exchange can be done in banks, bureaux de change, fancy hotels, and, in some countries, post offices; it’s wise to compare rates and fees before handing over your cash.

As for where to put all this cash once you've got it? Definitely not all in one place, such as your wallet or your jacket pocket.