foreign currency

[ducklite]

1 hour ago, SRF said:

 

Why do you want to have a poor exchange rate for your currency exchange????

 

I keep an eye on the rates for several months in advance and buy low.  Most of the time it works in my favor or at par.

 

I once got off a plane with only USD thinking I'd use the ATM at the airport.  It was out of cash.  Cabs didn't take cards back then, (many still don't) and it was before Uber (which isn't everywhere anyhow) and I had to exchange money at the airport.  That was an expensive lesson learned.

[MicCanberra]

There has been progression in most countries around the world so what was the case in the past may not be necessary anymore.

[ducklite]

1 hour ago, MicCanberra said:

There has been progression in most countries around the world so what was the case in the past may not be necessary anymore.

It is my comfort level to arrive with cash.  My bank has favorable rates and no service fee.  I keep an eagle eye and buy low, and it's worked out for me all but once--and even then it was only a few dollars.  It also allows me to not use an ATM that might eat my card or in an area where I'm not comfortable with their level of security.  My money, my choice.

[CPT Trips]

 

Quote

And I understand that Sweden along with many Scandanavian countries is going increasingly cashless.

 

Ah! Thanks ABBA . . . redefining "Money, Money" from metal and paper to bytes.

[MicCanberra]

The winner takes it all, the loser takes a fall.

[SRF]

16 hours ago, ducklite said:

 

I keep an eye on the rates for several months in advance and buy low.  Most of the time it works in my favor or at par.

 

I once got off a plane with only USD thinking I'd use the ATM at the airport.  It was out of cash.  Cabs didn't take cards back then, (many still don't) and it was before Uber (which isn't everywhere anyhow) and I had to exchange money at the airport.  That was an expensive lesson learned.

 

The only major airport I have flown into, in the last 20 years, that did not have ATMs in the airport was Tokyo back in 2000.  Even in 3rd world countries, there are ATMs at the airport.  I have seen ones out of cash, but there has been another one.

 

But if not, I would change just enough money for the taxi to the hotel, not ALL the money I needed for the trip.

 

I travel over 40% of the time internationally.  To many places tourists seldom if ever go.  The only time I might have local currency, is if I have been there before, and had some left over (I try not to), AND I remembered to bring it.  But never had an issue hitting an ATM.  Heck, I have even asked the taxi driver to stop by an ATM for me. 😄

 

For getting rid of it, I apply it to my hotel bill when I check out.  I will keep out enough for some tips and taxi fare.  Although, in many places, you can ask, and the hotel will pay the taxi and put it on your bill.

 

I do not worry about Euros, Pounds Sterling, HK dollars, Thai Baht, and a few others.  I figure I will be back to those locations to spend it later. 😄

 

[ducklite]

20 minutes ago, SRF said:

 

The only major airport I have flown into, in the last 20 years, that did not have ATMs in the airport was Tokyo back in 2000.  Even in 3rd world countries, there are ATMs at the airport.  I have seen ones out of cash, but there has been another one.

 

But if not, I would change just enough money for the taxi to the hotel, not ALL the money I needed for the trip.

 

I travel over 40% of the time internationally.  To many places tourists seldom if ever go.  The only time I might have local currency, is if I have been there before, and had some left over (I try not to), AND I remembered to bring it.  But never had an issue hitting an ATM.  Heck, I have even asked the taxi driver to stop by an ATM for me. 😄

 

For getting rid of it, I apply it to my hotel bill when I check out.  I will keep out enough for some tips and taxi fare.  Although, in many places, you can ask, and the hotel will pay the taxi and put it on your bill.

 

I do not worry about Euros, Pounds Sterling, HK dollars, Thai Baht, and a few others.  I figure I will be back to those locations to spend it later. 😄

 

That assumes a major airport.  By the way, PPT only has one ATM.  Not that it's major, but ATM's are not all over the place in that part of the world.

I have used excess currency to pay my hotel bill as well in places I'm not likely to travel to again in years--or where I"m fairly certain the currency will be reissued or cease to exist before I return.

 

I typically don't take all the currency I need, I take what I need for the first few days in each country.  It's what I"m comfortable with and what works for me.  

[clo]

2 hours ago, ducklite said:

I take what I need for the first few days i

Oh, so you do use ATMs.  Makes sense.

[iancal]

It depends where you are and how much you need.  We only use bank ATM's, never the private ones that have scandalous rates.

 

In Thailand for example, it is very costly to use the ATM.  All of the banks charge a high fee ($6.50 USD) for any withdrawal.   Plus any changes from your home bank or premiums on the going FX rate. 

 

 Depending on how much you need you may be better to buy a little before leaving home or using an exchange bureau in town where there is some competition..  

 

When we travel next month we will have some euros but also some cash to buy currency in country plus use the ATM when our cash is exhausted.

Edited August 2, 2019 by iancal

[clo]

3 hours ago, iancal said:

All of the banks charge a high fee ($6.50 USD) for any withdrawal. 

As I've mentioned we have a checking account with USAA (husband former military) and they rebate us up to US$15/mo for any ATM fees.  I think I've read that there are other banks that do that.  That's  all we use that account for.  

[SRF]

5 hours ago, iancal said:

It depends where you are and how much you need.  We only use bank ATM's, never the private ones that have scandalous rates.

 

In Thailand for example, it is very costly to use the ATM.  All of the banks charge a high fee ($6.50 USD) for any withdrawal.   Plus any changes from your home bank or premiums on the going FX rate. 

 

 Depending on how much you need you may be better to buy a little before leaving home or using an exchange bureau in town where there is some competition..  

 

When we travel next month we will have some euros but also some cash to buy currency in country plus use the ATM when our cash is exhausted.

 

Hmm, never saw those fees in Thailand.

 

Most ATMs do not do the exchange, they charge your account in the local currency.

 

I did just run into some ATMs at Heathrow, that actually do the exchange, at a horrendous rate.

 

When I travel for work, I get money out of the ATM on my travel card.   Interesting, on a couple of recent trips, the receipt from the ATM shows a service charge, but my account was not charged that fee.

[wowzz]

On 8/2/2019 at 7:04 PM, iancal said:

In Thailand for example, it is very costly to use the ATM.  All of the banks charge a high fee ($6.50 USD) for any withdrawal

Not true. Used my debit card in various locations and was never charged.

[AlwaysReadyToSail]

As I've mentioned we have a checking account with USAA (husband former military) and they rebate us up to US$15/mo for any ATM fees.  I think I've read that there are other banks that do that.  That's  all we use that account for.  

Charles Schwab Investor Checking will also do that as well. Couldn't recommend it enough for traveling.

Sent from my Pixel 3 XL using Tapatalk

[CPT Trips]

Those machines with the horrendous exchange rates and exorbitant fees are not ATMs. The asrport ones are typically just a kiosk location of the exchange place in the airport, typicall (in Europe) TravelEx. I think their franchise agreement with LRH requires the real ATMs to be hidden.

[clo]

1 hour ago, AlwaysReadyToSail said:

Charles Schwab Investor Checking will also do that as well. Couldn't recommend it enough for traveling.

Sent from my Pixel 3 XL using Tapatalk
 

It's funny.  It was our young adult daughter who turned us on to this some years ago.  Gotta listen to these kiddos.