I LEAVE HOME WITHOUT IT
Dec 02 '00 (Updated Jan 28 '01)
The Bottom Line WELCOME TO THE 21ST CENTURY
The young couple at the money exchange counter had a problem. They had pulled out and signed the travellers, cheques in front of the girl behind the plexiglass. Now , she was informing them that they couldn't cash them without a Passport or other identification.
As they were heading off on a jungle tour for the day, they'd left their Passports back at their hotel. Having signed the second part of the traveller's cheques, they were now useless.
Because they didn't speak Spanish and the girl behind the counter didn't know any English aside from basic pleasantries, I offered to intervene. The money exchange girl promised that if they returned the next day with ID, she would honour the signed cheques.
That seemed reasonable, and besides in that sleepy town she'd easily remember them. There weren't many tourists in the immediate area anyway. The couple had enough cash on them for the day, barely, so a small disaster was averted.
When I was young, all or most of my travelling was only done via television. I remember watching Karl Malden always advise us not to leave home without it. It being American Express Travellers Cheques. The commercials always showed some poor slob who didn't head his advice and had all his cash stolen or lost thereby ruining his vacation.
Years later, when I was shipped overseas, my Father handed me a pile of American Express Travellers Cheques in US Dollars, "just in case." They actually came in handy my last weekend before coming home, when my pay was delayed and I was looking forward to spending my last weekend in Europe sitting in my room watching paint dry, but that's another story.
You can take cash and/or travellers cheques with you if you wish and then spend a large part of your valuable time trying to exchange them for local currency. Banks offer the best rates, naturally, but banking in many developing countries, as any seasoned traveller knows, is not the same as a quick run into your local bank on your lunch hour.
Long line ups, numerous forms, windows open at only certain times, are the norm in exchanging your dollars or cheques for the local Dirhams, Pesos or whatever. Also count on a language barrier unless you happen to be multi lingual. Finally as noted earlier, you'll probably need your ID, which if you were on your way to the beach for the day, is another inconvenience.
There are of course money exchange places, and/or hotel front desks who offer to handle all this for you with a lot less time and hassle. The price there is that the exchange rate will not be in your favour, especially for travellers cheques. They often have a service fee attached to them.
You can of course buy all your local currency before you go on your trip. Again the rate you'll get back home from your local bank will probably be much worse than what you can get in country.There are two other problems associated with doing it this way.
The first is you may often over estimate the amount of local currency you need and at the end of your trip find yourself with a wallet full of money that you won't need. When you try and change it back, presuming you can, you'll get ripped off at the exchange rate. Fortunately airport departure lounges, and their overpriced duty free shops, will assist you in getting rid of all those colourful but now worthless bank notes.
The other issue, at least with cash, is security and theft. I hate to say it but in some countries, you've got a big sign painted on you the minute you step off the plane, and guess what kind it is. There are also everyday accidents, and brief moments of carelessness which help to separate you from your wallet, purse, or whatever.
Now at least this isn't a problem with traveller's cheques, or so we're told. If I remember those old commercials, you make a call and retire to the beach to enjoy one of those umbrella drinks that people only drink on vacation. Within a few minutes a smiling young man will appear with your replacement cheques. That is if of course if you paid attention to Karl Malden and bought the right type.
The point was that they were a good idea, at least at the time. Now though like many other things technology has made them just a little obsolete. I'll be honest, I never take travellers cheques when I travel, and very rarely take large amounts of cash either. There's no need anymore, because there is a much easier and more practical solution, ATMs (automatic teller machines), or ABMs (automatic banking machines).
There are ATM's just about everywhere in the world now. The only country that I've visited so far that doesn't have them is Cuba. Technically they do, six at last count, but they're just not working yet. Some ATMs, depending on where you're from and where you're visiting will even allow you to access your chequing and savings account, just like you do on your lunch break back home.
For the most part though, you'll probably be restricted to your credit card, but that's not too bad. Immediately pay off the balance of the cash advances you took on your trip when you get home. The amount of interest, and any service charge will be minor.
They'll usually be less than what you would have lost on the local exchange rate, anywhere aside from a bank. That's the best part of the deal. You'll be getting your local currency at the bank rate of exchange as of the day the transaction is credited to your account/bank.
A couple of quick tips for using ATMs abroad. First finding them, not that hard, as I've said they're almost anywhere these days. I've even found them in tiny Mexican fishing villages and at Moroccan road side rest stops. I use the following web site to locate mine, www.visa.com.
You just punch in the country/city you're visiting and it will give you a list of the ATMs including if you can access them 24 hours a day, and what type of systems they're on, Cirrus, Plus etc. (the symbols on the backs of your cards). This site only lists Visa compatible machines, but Master Card also has a site too.
Some countries and machines will only accept a 4 digit PIN, not six. Therefore it might be wise to have your cards changed if you use six digits prior to going. As with anywhere else, and more so in developing countries, some ATMs may only operate on one system.
For that reason I always bring two cards. I change which two of the three I use depending on country (Amex is useless in Cuba). Therefore at least one should work in the ATMs at my destination, especially as I did my homework before going.
My normal procedures is to try both cards at the airport machines to pick up a little cash. I also have some on me bought back home just in case. Just enough for a taxi.
After that I access the machines as I need them on a daily basis, taking out just what I need for the next day or two. I usually carry one card with me, with the spare in the hotel safe with my tickets etc. for security. Lose one, call the emergency number and switch to the backup, and trip continues with minimal hassle.
Three times in the last three years I've been abroad just before Christmas, and decided to buy my gifts for family and friends there. Most of the little stalls in Colombia, Morocco and this year Mexico, don't take plastic (although some do). It was simple matter to top up the supply of bills in my money belt as needed after a hard day of haggling.
Sure sometimes the machines are always down, or you can't find one. As I said though, I have a small supply of cash for that. They're usually up in a short time.
The longest I've been without, was in Morocco. All the ones around me were out for a couple of hours. I went and grabbed a cup of tea and came back after an hour and no problem.
Oh what was I doing at that little Mexican money exchange counter in the fist place. Watching my travelling companion change her dollars. She actually got a better rate there than posted in Cancun or Cozumel. It wasn't as good as I got across the street at the ATM though.
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