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Your Money 
Money Matters
Money is the most important matter when you are in a trip. First of all,
without money you will not be able to go anywhere.If you run out of money or if you lose
your money while you are travleing, your trip may not be so much enjoyable. Your
money includes cash, ATM (Automated Teller Machine), credit cards and traveler's checks.
Each of these type of cash has advantages and disadvantages.
Cash
and ATM (Bank Cards)
You may think cash is easy to use and it is accepted everywhere but there is
one big problem-- once lost or stolen, it cannot be replaced. It is a total loss of your
hard cash. The advantage of ATM cards and traveler's checks over cash is they are
replaceable. If they are lost or stolen, they can be usually replaced within a short
period of time and with a minimal financial loss. It is a good idea to carry less money
and have your Travelers Checks, ATM, and credit cards with when travleing.
You should always have a some cash reserve on you for any occasion that may
arise. You may need some samll amount of cash for tip, paying for taxi or some
places does not accept anything but cash. It is very important to decide how you want to
cary your money or other type of funds safely. Here are some funds carrying tips for you
to use when travling to a foreign country or different cities:
- You should be able to keep your money,
cards and passport all together and secure on your body.
- Don't leave your wallet or passport or
any valuable unattendend.
- Put your money in few different
places, such as some in you wallet, some in your front pocket, and some in your side
pocket.
- Don't take out lots of money in public
when paying for something. Always find a private place to take money out from a secret
pocekt.
- Some countries would like to take it
is beneficial to carry some US currency. I found some things (like hostels) to cost less
if paying with US money on occasion. Plus, you can sometimes avoid paying the extremely
high (approximately 17%) tax that is on everything in many countries, including all of the
EEC (European Economic Community) or EU (European Union) countries.
- when traveling in some countries, look
into the VAT (value-added tax) rebate for foreigners, which can run as high as 25% in
some countries. If you keep all of your receipts, you can usually get all this tax
returned to you when you leave. In Europe, you can re-claim the VAT when leaving the last
EU (European Union) country you are traveling in.
- in some countries the VAT will be
waived if you pay in cash, depending on what you are paying for. It doesn't hurt to ask
about such deals if you know that you will be charged the VAT.
- make sure that you are not paying too
much money for not knowing the foreign currency very well.
- if you have managed to collect some
change of foreign currency, make sure to exchage those before you leave because it does
not have that much value when you are out of that country. Most of the foreign exchange
bank does not like to pay much for changes.
- please don't spend too much time
worrying about saving money. You may not come back this beautiful place in your life time
so enjoy as much as you can.
- don't accept any bills that are in bad
shape because you may find it difficult to use it.
Travelers checks
You should always carry travelers checks on your person for those periodic
cash needs or occasions when you can't use your credit card or obtain cash with your ATM
card. Before departing on the trip, write down the numbers of the checks you purchase, and
give them to a relative or friend for safekeeping, in addition to stashing a list on your
person. Then, if the checks are either lost or stolen, you simply phone a toll-free number
supplied by the travelers-check issuing company, and in 24 hours--sometimes less--your
checks are replaced.
Bank Cards (may not be available to people who
uses Bangladeshi banks):
- Make sure that your ATM card is part
of PLUS or CIRRUS program. You can find
out about it from your bank.
- Remember your PIN using numbers
because many international ATM machines only have numbers on the key pads.
- Try to change your PIN number with
only four digits. Some foreign country will accept only four digit. PIN with more than
four digits will not work.
- Try to carry more than one ATM card
with you. The magnetic stripes on them are surprisingly fragile.
Changing
Your Money
- compare rates when exchanging money,
as commissions vary greatly from place to place. Large hotels tend to have the worst
exchange rates, although you can almost always find an exchange depot there.
- before you enter another country find
out about the next country's currency exchange rate. If you arrive in a foreign country on
a holiday or at night, you will not be able to get money at a bank, currency exchange or
store. You will need the money for the hotel or for food, so make sure you have some US
dollar to pay for any immidiate cost.
- don't fall for unbelieveable exchange
rate because most of the time they may have high service charges to make up for the
difference.
- banks usually have the best exchange
rates and lowest fees Exchange booths at airports, borders and hotels usually have
the worst exchange rate.
- stay away from of black-market money
exchanges. You may find a great exchange rate but you may receive bills that are
counterfeit or out of circulation.
- changing larger amounts of money
will give you beter rate and you can save service change by not exchange money more
frequently. If you're in a group, pool your money and get it all changed together
for one fee.
- you may get a better deal by using
your ATM card to withdraw cash rather than pay high service charges at an exchange bureau.
Finance Links
Currency
Converter
Find currency exchange rates and convert money from one currency to another
Visa
Products, services, consumer tips and an ATM locator for Visa/Plus ATMs
MasterCard
Products, services, consumer tips and an ATM locator for MasterCard/Cirrus ATMs
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