Best way to carry money

Keep it in your home bank account and use your debit/ATM card to withdraw cash overseas....it's the easiest way to go. Charge stuff that's too big to handle with cash then pay that when you get home. Forget travellers' cheques. They're difficult to cash these days...take some only if you want to keep some backup $$ around. If you have two accounts, leave a signed cheque on your primary account with a responsible person back home and take both ATM/debit cards. If the card for your primary account gets lost/stolen/broken, call home and have the cheque for that account deposited in the other....then use the second ATM/Debit card.

By all means set up an online payment system for your credit card so that you can pay the bill each month. If you don't already have one you should also get a card that does not charge a foreign transaction fee.

Alex,

Norm provided some excellent tips on methods you might use to handle money while travelling. I definitely agree with his advice on Traveller's Cheques - like Rick I've probably cashed my last Traveller's Cheque!

I normally travel with at least two ATM Cards on different accounts as well as at least one Credit Card. That way if one of the ATM cards is stolen or otherwise compromised, I have a "backup". Note that funds must be in a chequing account with a four number PIN.

I'd suggest taking a small amount of Euro's with you for expenses, and then use ATM withdrawals once you arrive in Europe. It's a good idea to notify your Bank that you'll be travelling, and also review your daily withdrawal limit (since this will have to include foreign currency conversions). Be sure to also find out what the "service charges" will be for ATM withdrawals in Europe. Some people prefer to withdraw a larger amount each time, in order to minimize the charges.

I normally "program" my financial accounts to automatically pay bills when I'm travelling, since I know the approximate due dates and amounts of most bills. In the case of credit cards, I pay an estimated amount which is always greater than the minimum payment, and then finish paying it when I get home. I'm not comfortable with accessing my bank accounts from Net Cafes, so prefer to set up as much as possible prior to travelling. I always travel with a Cell Phone, so can call my Bank if necessary, as they have a Call Centre (or use Telephone Banking).

Don't forget to pack your Money Belt!

Happy travels!

I have to strongly disagree with the advice Ron got from the hotel manager in Paris. If you use a credit card to get cash, it is treated as a cash advance rather than a simple withdrawal. You will be charged interest starting from the day you make the transaction--and at a high rate. There is no 25-day grace period for cash advances. Use a credit card for major purchases and use a debit card linked to your checking account to get cash from ATMs.

Read this helpful article by Rick Steves.

I used PayPal, connected to a credit card, to make a deposit on an apartment. The credit card company (Chase) treated this expense as a purchase and not as a cash advance. I plan to use an ATM card connected to my bank checking account for cash in Europe. I use a CapitolOne credit card occasionally.

After 20 years of using a neck pouch I can recommend one in lieu of a money belt. It is far easier to draw up from inside your shirt. And easier to return also.

I always carry my foreign currency, passport, ATM card and $50 in U S currency in mine. Never a problem.

Norm is right about using the ATM machines. They are very easy to find and to use. Be sure to call your bank to tell them that you will be using your card in a foreign country.

For the women: I kept my cash in a baggie in my bra. Sounds silly but it was easier than the money belt. Just a quick step round the corner and i had access and no one else is gonna grab it. I kept all my pounds that way when I was in London and never worried, even when my purse did get unzippedin Piccadilly amidst a crowd. They took nothing and got.. nothing. Kept credit cards and ID in the money belt.

For cash use an ATM. They are everywhere.

Keep the big bills and credit cards in your money belt (or equivalent). Daily cash can go in your front pocket (I don't use a wallet and money belt).

When we travel. My wife and I take seperate debit cards from unique accouts. We're both signers on both accounts (at the same bank) so we can have the money transferred from one to the other if needed. To date we have not had a debit card lost, stolen, eaten or demagnetized on a trip but it's good to have a back-up. We use cash for most of our eating and sleeping because we eat and sleep primarily at smaller establishments.

Watch your daily withdrawel limit and plan ahead if you will need a large amount of cash at any point. A limit of $500 US every 24 hours is common (which won't convert to 500 Euro or Pounds).

We also take two distinct credit cards that we use for major purchases (train tickets, car rentals, flights, big hotels or fancy restaurants).

To offer a bit of a counter to Tim's comment regarding Cash Advances on Credit Cards. Depending on the card you have, the fee's associated with Cash advances can sometimes actually be less than a typical purchase, but generally about the same. Interest does start at the time of the withdrawal, but if you have a credit card that allows withdrawals at an ATM AND you have an online account, you can go online and pay that amount from your Checking account immediately. This offers the ability to get that large sum for an Apartment deposit/payment, without the need to convert lots of cash at an unfavorable exchange rate.

Alex - All suggestions are very good. I'll add, let your bank know you will be going to Europe. Also see about getting your daily ATM withdrawl limit raised.