Multiple local currencies

[FrankieSue]

We are looking at the Singapore to Hong Kong itinerary... we would travel in Thailand, Vietnam, Cambodia and Hong Kong.  How do you manage local currencies: when to obtain, how much, etc.... do you figure all that out before leaving home, do you get when in the country, etc... any thoughts or experience would be much appreciated.... 

[Mary229]

Personally I never carry local currency, I use my credit card.  Occasionally I will buy a few dollars onboard from the ship.  The exchange rate is not great but I am talking about a very few dollars .  Caveat:  I do not own debit cards so I can't use an ATM.

Edited May 28, 2019 by Mary229

[FrankieSue]

I assume that most street vendors would only accept cash payments.

[catl331]

29 minutes ago, Mary229 said:

 Caveat:  I do not own debit cards so I can't use an ATM.

Are you sure? I can get a "cash advance" at an ATM with my Chase Visa card. There is a 5% fee (or $10, whichever is greater) so I don't do it unless I have to ... which I did once.

[3rdGenCunarder]

31 minutes ago, FrankieSue said:

I assume that most street vendors would only accept cash payments.

 

That's a good point. I try to have some local currency for incidentals. I hate the USA-centric expectation that everyone everywhere will accept US dollars, especially considering how unwilling US merchants are to even consider foreign currency. But in some places you can use US cash. OP, ask on port of call boards about how much local cash people typically need in your ports and how/where they get it. 

 

25 minutes ago, catl331 said:

Are you sure? I can get a "cash advance" at an ATM with my Chase Visa card. There is a 5% fee (or $10, whichever is greater) so I don't do it unless I have to ... which I did once.

 

What about interest rates? A lot of cash advances carry a very low interest rate that compounds daily and adds up quickly. It's many years since I've done a cash advance on a credit card, but I remember that it was hard to pay off because the interest kept accruing while the bill was in the mail and my payment was in the mail. I had to pay more than the amount on the bill in order to get ahead of the creeping interest.

 

[FrankieSue]

2 minutes ago, 3rdGenCunarder said:

 

That's a good point. I try to have some local currency for incidentals. I hate the USA-centric expectation that everyone everywhere will accept US dollars, especially considering how unwilling US merchants are to even consider foreign currency. But in some places you can use US cash. OP, ask on port of call boards about how much local cash people typically need in your ports and how/where they get it. 

 

 

What about interest rates? A lot of cash advances carry a very low interest rate that compounds daily and adds up quickly. It's many years since I've done a cash advance on a credit card, but I remember that it was hard to pay off because the interest kept accruing while the bill was in the mail and my payment was in the mail. I had to pay more than the amount on the bill in order to get ahead of the creeping interest.

 

Good point about the local port boards. I will check, thank you

[Riversedge]

We always get local currencies when we get where we are going. We call our bank ahead of time and make a trip list and then use our debit card. Very easy.  Better rates if you don’t use the atm at the airport. We usually do it in a town.  

[dockman]

2 hours ago, Mary229 said:

Personally I never carry local currency, I use my credit card.  Occasionally I will buy a few dollars onboard from the ship.  The exchange rate is not great but I am talking about a very few dollars .  Caveat:  I do not own debit cards so I can't use an ATM.

 

I would be a bit careful as to where/how I used credit cards especially in cambodia, thailand, hong kong as there are a lot of scammers around.  Don't let the credit card out of your sight and use them only at major stores etc.

Better to use local currency or even US dollars for small amounts.

[Wehwalt]

I've been to all those countries. From what I saw, except in Hong Kong and Singapore, US dollars should be accepted as readily as local currency, sometimes more so. I would not expect most small stores (except in Hong Kong and Singapore) to take credit cards. If you pay in US dollars where there are stated prices, like a supermarket, you might get a small amount of change in local currency.

 

If you must have local currency, there will be little exchange booths throughout the center of town. Or use an ATM. The ship sometimes has local currency, ask at the front desk what they will have. They may not actually have it until just a day or so before arrival.

 

While you are at the front desk get those $20s and $50s broken into smaller bills. $5 and $1 will be useful for taxis and whatnot.

Edited May 28, 2019 by Wehwalt

[Mary229]

2 hours ago, catl331 said:

Are you sure? I can get a "cash advance" at an ATM with my Chase Visa card. There is a 5% fee (or $10, whichever is greater) so I don't do it unless I have to ... which I did once.

I guess I should have said I won't use ATMs. I don't want a cash advance either.  I am not a big spender onshore.  My spending money is usually on tours and not souvenirs or food and beverage. 

[FrankieSue]

46 minutes ago, Mary229 said:

I guess I should have said I won't use ATMs. I don't want a cash advance either.  I am not a big spender onshore.  My spending money is usually on tours and not souvenirs or food and beverage. 

Th

[FrankieSue]

Thank you everybody. For us, the pleasure of being somewhere different is to experience the culture, the people and local food. So we tend to visit food markets and local vendor stalls.  We will check where we can use ATM’s at each port. 

[Quartzsite Cruiser]

We were in Vietnam last October, and they readily took US dollars.  At one tour stop, the vendors wanted to exchange as many $1 bills as possible for $20 bills or larger.  They can change larger US denominations into local currency easier than smaller bills.

 

It has been 17 years since we were in Cambodia, but then I'm pretty sure they took dollars.  I don't know what the situation is now.

 

In Thailand and Hong Kong, we have always used local currency, which we got from an ATM.  In October, since we had quite a bit of Chinese Yuan, we exchanged it for Hong Kong dollars even though the exchange rate at the port was not that good.

 

Enjoy your cruise.  That part of Asia is a fascinating area.

[FrankieSue]

We are very excited about this trip. Thank you

[bEwAbG]

I would recommend trying to use a credit card wherever you can.  The Washington Post had an article last week about top travel scams.  Here is the one that relates to currency:

 

The scam : The currency exchange booth gives you counterfeit money or obsolete notes . . . A cabdriver, restaurant or retailer claims you paid with fake money, switching your real notes for fake ones. Or you receive (not-so-) funny money as change.

 

How to avoid it : Familiarize yourself with the currency and exchange money only through legitimate sources, such as banks and hotels. Always check the amount of currency against the receipt, in case the employee swiped a few bills. Pay with smaller denominations and never rush the transaction: Count out the money as you pay and double-check the change. To avoid exchanging money altogether, use prepaid currency cards or ATMs. For the latter, inspect the machine for skimmers (devices that steal your password) and post a friend as a security guard during the withdrawal.

 

Sample destinations : Colombia, Vietnam, China, Turkey, Egypt, Argentina

[bEwAbG]

I had a friend who fell prey to the incorrect change one in Italy last year.  He bought a bottle of water at a shop near the train station, paid with a $50 bill, and got back change as if he'd paid with $10 (euros instead of dollars, of course).  He didn't realize what had happened until we were on the train and out of town, when it was too late to do anything about it.  Take the time to count your change!  

[Hawaiidan]

On 5/28/2019 at 5:46 AM, 3rdGenCunarder said:

 

That's a good point. I try to have some local currency for incidentals. I hate the USA-centric expectation that everyone everywhere will accept US dollars, especially considering how unwilling US merchants are to even consider foreign currency. But in some places you can use US cash. OP, ask on port of call boards about how much local cash people typically need in your ports and how/where they get it. 

 

 

What about interest rates? A lot of cash advances carry a very low interest rate that compounds daily and adds up quickly. It's many years since I've done a cash advance on a credit card, but I remember that it was hard to pay off because the interest kept accruing while the bill was in the mail and my payment was in the mail. I had to pay more than the amount on the bill in order to get ahead of the creeping interest.

 

Try 24%-27% it can become that interest for cash advance.... compounded daily.   till you pay off the loan.  And it is a  high interest loan.....    NEVER EVER, EVER,  use a Credit card for a ATM cash advance   use a debit card.....     You will pay dearly if you use a credit card.      

[3rdGenCunarder]

36 minutes ago, Hawaiidan said:

Try 24%-27% it can become that interest for cash advance.... compounded daily.   till you pay off the loan.  And it is a  high interest loan.....    NEVER EVER, EVER,  use a Credit card for a ATM cash advance   use a debit card.....     You will pay dearly if you use a credit card.      

 

And that's why I only did it once. We were in NYC buying tickets in advance for shows, and something we did required cash instead of a credit card. When we got to the Garden to get last-minute hockey tickets, they were only taking cash and we didn't have enough with us, so we went to a nearby bank and did a cash advance. (This was before debit cards and the internet--the dark ages!!) 

 

I mailed the check the day the bill arrived, but tick tick tick that interest kept compounding. And, because the total was more than the check, even after a few days, the bank paid off any credit charges first and the cash advance second, guaranteeing that it would continue to accrue interest. It's a trap that I hope I never need to use again. 

[Fouremco]

4 minutes ago, 3rdGenCunarder said:

And that's why I only did it once.

While I don't advocate the general use of credit cards for cash advances, in today's world it no longer poses quite the same problem. You can pay off the advance electronically within minutes of walking away from the ATM, adding enough to cover the interest. 

[Hawaiidan]

16 hours ago, Fouremco said:

While I don't advocate the general use of credit cards for cash advances, in today's world it no longer poses quite the same problem. You can pay off the advance electronically within minutes of walking away from the ATM, adding enough to cover the interest. 

However, most will not or can not.  As said, it  is just a bad idea to even contemplate unless its a dire  emergency.

..  Say your in a foreign port  or in one of the many regions  where you have no connections  or they do not work.   ( my friend just experienced this in Switzerland...last week  so don't assume)

[Hawaiidan]

On 5/28/2019 at 1:56 PM, bEwAbG said:

I had a friend who fell prey to the incorrect change one in Italy last year.  He bought a bottle of water at a shop near the train station, paid with a $50 bill, and got back change as if he'd paid with $10 (euros instead of dollars, of course).  He didn't realize what had happened until we were on the train and out of town, when it was too late to do anything about it.  Take the time to count your change!  

I just came back from Italy, France and Switzerland.... went to a lot of remote places, not big tourist spots, and in 10 days never ever needed cash.... everyone from mom and pop stores to taxi  , tolls,  even for a cup of coffee and a pastry... ALL took Visa CC.     I carried 100 euros at the start  and carried the same 100 euros back 10 days later.     In Europe today the credit card is your friend.... not cash.  many vendors actualy told me they prefer cc as it is a guarantee payment and safer.

[FrankieSue]

In all European countries that all use the £, it is simple.  However, in Asia, like during our Japan’s visit last year, vendors still prefer cash.. Japan would have been very difficult to visit without cash, or one of their preferred cash cards such as the prepaid Suisa card.  This is why I will not rely on credit card in Vietnam, Thailand or Cambodia.  Thank you all for your comments.. it helps to be well informed

[Fouremco]

5 hours ago, Hawaiidan said:

However, most will not or can not.  As said, it  is just a bad idea to even contemplate unless its a dire  emergency.

..  Say your in a foreign port  or in one of the many regions  where you have no connections  or they do not work.   ( my friend just experienced this in Switzerland...last week  so don't assume)

Thanks for the advice. Next time I take a HAL cruise to Switzerland, I'll bear that in mind. 

[AncientWanderer]

What we do:  I always order some local currency from my bank before departure.  The exchange rate isn't the best, but it's not the worst, either.  Each currency goes in its own envelope, with the exchange rate written on the envelope.  I  get enough for lunch, maybe trinkets from the local market.  I know my own habits, so usually come pretty close to spending what I have.  If there is a small bit left over, somebody gets a big tip or it gets  dropped in a charity box somewhere before I leave that country.  It always feels good doing this.

 

Rarely do we buy expensive items while traveling.  If that happens, it would be from a nice enough store where I would feel comfortable using a credit card.  (None of this applies to Western Europe, btw, where credit cards are used everywhere and I feel safe using them.)

 

I just won't use ATMs in foreign places.  I'm a coward that way.  Too many stories of weird things going on with those machines.

 

 

 

 

[ellieanne]

My bank offers pre-loaded cards with balances in up to 5 currencies. It's awesome. I used them the last time I went on a cruise. I loaded up US$, Canadian$, and Australian$ (the countries I'd be in.) You have to specify the amount in each currency, and any overages are deducted from the next listed currency at current exchange rates.

 

Because they are pre-loaded with a balance (exchange rates are charged at loading), there is no connection to your other accounts so even if they get stolen the amount they can access is limited. They work as MasterCard credit cards and debit cards, and since you've pre-loaded, there are no exchange rates at the time of purchase/cash advance from the ATM.

 

It's so easy. You can reload from the banking app or online from anywhere, like you can with pre-paid credit cards or gift cards. And they all have chips for tap-n-go payments.