Which Currencies Travel Best?

[lee-gold]

I'm in a quandary . . . .

 

We're leaving for Rio de Janeiro on March 1, and sailing on March 4 for Argentina, Uruguay, Falkland Islands and Chile. We'll be away for a total of 22 days.

 

How much money will we need, and in which currency(ies)? Will anyone accept US funds?

 

We'll use VISA wherever possible. May we exchange Am. Express travellers cheques? Can we use ATM? Can we exchange US funds for local currency onboard ship?

[2bout2c]

I'm in a quandary . . . .

 

We're leaving for Rio de Janeiro on March 1, and sailing on March 4 for Argentina, Uruguay, Falkland Islands and Chile. We'll be away for a total of 22 days.

 

How much money will we need, and in which currency(ies)? Will anyone accept US funds?

 

We'll use VISA wherever possible. May we exchange Am. Express travellers cheques? Can we use ATM? Can we exchange US funds for local currency onboard ship?

Yes, you can get $$ for travelllers cheques on board. They also have an exchage for Us $$ to local $$ on board. No ATM machines on board Holland America. You will be able to charge on VISA most places.

[jtl513]

Can we use ATM? Can we exchange US funds for local currency onboard ship?

I'll answer these parts: yes, you can exchange money at the front desk.

 

I would check with your bank about using an ATM card. One of my two banks will no longer accept transactions from outside the country because of high fraud losses. And I always notify my Visa card banks that I will/may be using their card in {list countries}. :)

[jtl513]

bump reply count off zero, hopefully

[Grumpy1]

The US dollar is widely accepted around the world. the Euro is also widely accepted. We've often seen prices quoted in the local currency and in dollars and Euros. The port information sheet that you get the night before usually has an approximate exchange rate. The front desk, or on some ships an exchange desk, can change your dollars into some of the more common currencies, but not all of them. They charge a 3% fee for the conversion. They won't buy back coins at the end of the day, but will buy back bills, again charging a conversion fee.

 

Whether you will need local currencies depends on your plans in port. If you will be using local bus transportation, local currency is a must. Many cabbies take dollars, but some won't. We usually get some local currency from a local ATM machine to use for buses and to purchase snacks and such. We use a credit card for most other purchases. We use dollars if we can and the shopkeeper is offering a decent exchange rate. Most of the time when you are quoted a price in the local currency and you ask for a price in dollars, the shopkeeper will whip out a calculator, input the price, hit divide or multiply by memory, and Voila! price in dollars pops up. When the shopkeepers know a ship will be in port they make sure they know what the exchange rates are because they expect to be offered dollars or Euros.

[dakrewser]

We generally check with our bank to see which correspondent banks they use for ATM transactions in the countries we're visiting then check ATM locations for the ports. Bigger ports aren't a problem, but the Falklands could be. For your itinerary we'd check beforehand for ATM's in the Rio airport and, if there weren't any, take a few Reias with us ($100 worth) for taxi, a drink, etc. on arrival. Then we'd get $50-100 in Pounds for the Falklands and pick up other currencies in port at ATMs...

[jtl513]

We've often seen prices quoted in the local currency and in dollars and Euros.

While many shops will accept $US, almost all will give you change back in the local currency ... which is another good way to get a small amount of local currency if you can't find an ATM handy. Conversely, if you don't want local currency back, pay with the smallest $US bill possible.

 

In one handicraft tent set up on a dock in Denmark, all items were marked in $US, GB Pounds, Euros, and Kroners. They had four cash boxes, and you paid and received change in the currency of your choice!

[COLGATE]

We have found that American Express Travelers Checks are sometimes very difficult to use in Latin America. You're much better off using a Visa or Mastercard for your purchases wherever possible - in addition to the convenience, you get the best rate of exchange. One cautionary note - speak to your credit card company before you travel and let them know you will be making purchases outside the country - otherwise, they may block any transaction you try to do from a foreign country.

[jtl513]

We have found that American Express Travelers Checks are sometimes very difficult to use in Latin America. You're much better off using a Visa or Mastercard for your purchases wherever possible - in addition to the convenience, you get the best rate of exchange.

Travelers check of all brands are becoming difficult to use all over the world. In Belgium our hotel didn't even know what they were! (It was a fairly new hotel.) In France a hotel would only accept one if it could be made out for the exact amount of the bill, which it could not, of course.

 

If you do not want to use credit cards, buy a "Travel Money Card" with a Visa logo, preloaded with with whatever amount to expect to spend. If you don't use it all you can use the balance at home more easily than leftover traveler's checks.

[whogo]

If you do not want to use credit cards, buy a "Travel Money Card" with a Visa logo, preloaded with with whatever amount to expect to spend. If you don't use it all you can use the balance at home more easily than leftover traveler's checks.

The AAA Visa Travel Money card had the worst exchange rates of anything I checked. "The exchange rate used is the wholesale money market or the government-mandated rate increased by 7% (including the VISA handling charge of 1%)." This is in addition to the $4.95 activation fee and the $2.00 ATM withdrawal fee. I discovered the 7% after reading about all the other fees and finding the "click here" button for even more fees!

 

I recommend this link to learn about foreign exchange for travelers: http://www.ricksteves.com/plan/tips/moneytip.htm

[jtl513]

The Travel Money card had the worst exchange rates of anything I checked.

I didn't realize that, because I've only gotten them free as a booking promo. :o But I stand by my premise that traveler's checks are no longer a good way to go, because to cash them you often have to find the right kind of bank and go during business hours. As the Rick Steves' article you posted the link to said, "I changed my last traveler's check"!

[whogo]

I have used ATM's exclusively since 2000 for foreign currency. I charge hotel rooms on my Mastercard. I carry no fee travelers checks as emergency backup. I have not needed the travelers checks. I have never had an ATM decline my request for cash.

[jtl513]

I carry no fee travelers checks as emergency backup. I have not needed the travelers checks.

That's a good idea. Whenever I put my ATM card in a machine in a foreign country I fear that it may "eat" the card! :eek: