My wife and i rented an apartment in Madrid.Will be staying for 2 months in that city.Since we cant open an account in a bank, i will like to know how to keep emergency cash safe during our stay.Should we hide it in our apartment? Should we give it to a friend? Any ideas?
If I had emergency cash, I would just stash it in the apartment somewhere. It's not like a hotel, where housekeeping would be in every day. But I generally just get money as I need it from an ATM.
I'm your friend. Give to me.
How much are you talking about? Our emergency cash is only $200 and we just keep it in our money belt that we wear nearly all the time. Bank owned ATMs are you cheapest and most convenient source for cash always.
Split the cash you have up - some with you, some with her, some hidden. Really, though you don't need a ton of emergency CASH. A few hundred euro emergency-only fund should be fine, plus whatever you use on a day-to-day basis.
What you need is emergency funds in a bank account that is ATM linked. I'd split mine between 2 accounts. That and a credit card or two should suffice. My backup plan is a family member at home who has access to money at home and trusts me enough to wire money if there is some sort of crazy situation. Never needed this.
Keep the cash on your person. Wear a neck-style money belt (available thru the Rick Steves' travel store), then alter one so you can wear it holster style under your arm (for your really deep storage of larger amounts), and then wear one around your waist.
I would not leave it in your apartment, if anyone else has a key and I would not hide it, least you forget where you put it. I was just chatting with an elderly friend across the street from me the other day, and she was telling me how they found stashes of cash (on the top of the kitchen cabinets or behind the curtains, etc.) when their Florida rental condo was being cleaned. No one ever thinks they will forget, but they do!!
If it is truly your emergency cash, don't let it off your person.
Neckpouch and waist pouch for both of u in case u get separated for time to time.