MONEY
More and more travelers use credit cards to access their money on trips. Keep in mind that there will be a lot of times when you can’t use the credit card. Keep some cash or travelers cheques in reserve.
Do not carry large amounts of cash. I advise that you carry most of your money in American Express Traveler’s Cheques. I advise AmEx because they use a centralized record-keeping system and any AmEx office may act on a replacement request. This is not true for many other companies – the request must be referred back to the issuing bank and no matter what they say, this seldom happens quickly. There are many stories of other major companies refusing to replace cheques until you return to the issuing bank and report the loss. In the US, travelers cheques are used almost like cash. It pays to have some smaller checks for odd times. Keep a record of the check numbers and of which cheques you have used. Leave a copy of your check numbers at home. Certain banks and other institutions sell the cheques free of charge. Others charge a 1% fee.
If you are having money transferred to you, be certain to go to the bank where you expect to receive it and know their regulations. It is best to get the name of the person in charge of tracking such transfers and send the money care of that person. Many banks will not do transfers unless you have an account. Be certain to inquire about the service charge – we hear horror stories about some of the charges.
Check out Western Union or American Express money grams. They provide a worldwide money transfer system, although it is not cheap. The AmEx toll-free number is: (800) 543-4080.
More and more travelers use credit cards or debit cards. These are very useful with a PIN number. Most ATM cash machines give you instant access to cash. This prevents your having to carry it around with you. But keep some traveler’s cheques in reserve – in case you lose the card and need cash for a few days while the card is replaced. Just as you would with traveler’s checks, keep a copy of your credit card numbers and the company contact numbers hidden in a separate place from the card. If the card is stolen or lost you need to be able to contact the company and to know the numbers.
Visa and MasterCard replacements must be approved through the issuing bank. This is not always easy or quick and may require a family member getting the replacement at your home bank and sending you the card. AmEx usually replaces their card within a day or two.
