As the world becomes a smaller place, traveling gets easier in a lot of ways. Sure, some places aren’t as untouched as they once were, and it gets harder and harder to find a way off the beaten path year after year. But some aspects of travel that were once difficult or inconvenient have become much better. One issue facing travelers that has become much more convenient in recent years has to do with money.
Even just a few years ago, if you wanted to travel abroad, you probably would have picked up some travelers checks before boarding your flight. They were, and still can be, a good option for travelers. As long as you write down your check numbers in a safe place, your money is safe from being lost or stolen until you cash your checks. But with the advent of ATMs and online banking, travelers checks aren’t as handy as they once were. It’s a challenge to get them cashed in some places, leaving you better off with an ATM card and some reserves of cold, hard cash.
It’s a good idea to travel with several hundred dollars worth of emergency funds. Keep it spread out throughout your pack, and don’t touch it unless you really need it. ATMs are all over the place in most countries, but it is still possible to find yourself a long way from a working machine. Make sure you have the necessary cash to get you through those times. Check your guidebook or ask around to find out if there are ATMs where you are heading. If in doubt, bring cash.
How do you carry all that cash around safely? I recommend a money belt. They can be annoying to wear at first, but once you get used to it, it will feel strange to not have it on. Keep some money in your wallet, most of it in your money belt, and some of it spread throughout your pack. This way if you were to get robbed, or have your luggage lost or stolen, you won’t have all of your eggs in one basket. It can be a little daunting to walk around with thousands of dollars in cash sometimes, but as long as you’re smart about it, you should be fine.
When you leave your hotel room, make sure you bring all of your cash with you. If you have a secure way to lock up your pack, then you can leave it with your luggage. Just remember that hotels usually make it a point to tell you they are not responsible for belongings left inside your room. If anything goes missing, particularly cash, you won’t have much recourse.
If you still want to bring some travelers checks, just in case, that might be a good idea. Just don’t bring all of your money in travelers checks, because you may have to pay a fee every time you cash them. When you withdraw money in local currency from the ATM, the bank gives you a favorable exchange rate. The only thing you have to worry about then is the ATM fee. If you withdraw large sums of money at a time, you lower the per dollar cost. Or you could find a way to avoid the fees. More on that later.