Once you've made preliminary preparations, packed your bags, and ensured your c-card and dive travel plans are all in order, you're all set for fun and relaxation. Something you may not have had time to consider yet is foreign currency and some other important money issues. As the old saying goes, "Money makes the world go 'round," and that's true, no matter where you're headed on your next dive holiday. Here, we'll share some tips for living with money while abroad.
What Kind of Money is Accepted?
In most places, you can pay with goods and services using a variety of methods. If you've got traveler's checks and a credit card, an ATM card, and a little local currency, you're probably going to be fine. Be sure to do your homework before you depart though, to find out how much things cost, which denominations to carry, and which methods of payment are most widely accepted in the area you'll be traveling in.
Using local money can be fun, and in some cases, it's necessary. Tour guides, local merchants, and many small, family owned restaurants don't often accept credit cards, and if you want to tip someone, cash will certainly be appreciated. If you want to experience a country intimately, don't rely on plastic for every single transaction. Getting off the beaten path calls for cash!
The Importance of Understanding Local Currency
Understanding local money can help you to avoid being ripped off. No matter what type of currency you're used to now, you'll find that thinking in terms of local money is quite logical, once you get past the colorful bills and intriguingly shaped coins.
Exchanging Money, Made Easy
There are several ways to exchange money. Often, the best and least expensive way to do it is to use your ATM or debit card to get local currency at wholesale exchange rates. Before setting out on your trip, though, check with your bank and confirm that your card will work properly in the nation you plan to visit. Don't be put off by ATM fees, since even with those calculated in, using your ATM card will often give you the best deal on monetary exchanges.
Just as your local ATM probably has several different language options, foreign ATM's are likely to have an English language option. When you withdraw money, dollars will be taken directly from your bank account, and you'll receive local cash.
Credit cards also ensure you get wholesale exchange rates, and you should use them for larger purchases, saving your stash of local cash for purchases you can't make with your credit or debit card. Try to carry at least two major credit cards while traveling, and keep them in different locations in the event one is lost, stolen, or even demagnetized. Some credit card companies charge currency conversion fees, so be sure you select your card carefully. Finally, be sure your bank or credit card company knows when and where you'll be traveling. This will avoid the inconvenience of a frozen bank or credit card account.
Travelers checks and cash cards can serve as good methods for backup payment, and they're often insurable. You can get local cash using both of these methods - for example, if you pay for a purchase with a traveler's check, you'll get your change in local currency.
If you don't want to use an ATM, you can go to a local bank to get money - just be sure you look for a bank with a good exchange rate. After all, banks need to make money somehow, and they do charge a fee for currency exchange. Reputable commercial money exchange businesses are also available in some areas, but expect to pay higher fees for services.
On your way home, exchange your foreign bills for dollars at the airport, and consider donating any coins to Change for Good, since you can't exchange coins for actual money. Change for Good partners with UNICEF to help provide local communities with services they need - and donating to this cause is a good way to give back to the country you've just enjoyed. Changing money isn't difficult, but it does take a little planning. With careful forethought, you'll get good rates and enjoy spending your vacation money on things and experiences that will bring you joy.