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Sunday, March 11, 2012

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TIP: Traveling money

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While planning for our trip we considered how we were going to pay for stuff along the way.  We did not want to carry thousands of dollars of cash and we were going to be using 11 different currencies.  This post is relevant for travelers coming from N. America.
ATM We use the Fidelity Cash Management account ATM card which does not charge any fees itself and will refund fees the ATM banks will charge.  There was no limit to the number of transactions fee refunds in the cash management account.  Note that there is still  is a 1% currency exchange fee that all banks and currency exchanges charge so no way out of it.
This really took the ease off worrying about which ATMs to use and literally saved us hundreds of $s with many ATMs charging $5 per transaction.
Credit Card We use Capital One No Hassle credit card that charges a 1% foreign transaction fee but gives you 1% rebate basically making it a no fee transaction.  This is a zero annual fee card.  
In our travels through SE Asia many places charge a 3-4% fee for using a credit card making the trip to the ATM much more frequent.

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