Currency & Cash Mngmt

Pre-Purchase of Currency

Buying foreign currency before departure provides convenience for initial expenses like taxis, tips, or small purchases.

Personal Tip: Ordering currency through your bank and having it mailed to your address can be a secure and convenient option. Restrictions may apply depending on your institution. If you don’t use the currency, many banks allow you to redeposit it to the original payment account. Check with your banking institution for these services.

Always retain all documentation (originals not a photo) provided by the bank or exchange service, including receipts and confirmation slips. Security and customs officials may request proof of the source of funds, even for modest amounts. Keep these documents in your carry-on luggage.

True Story: We have carried 5 different currencies due to a multi-country trip agenda. I purchased clear resealable plastic money envelopes on-line. Similar to the same ones used on boats to safeguard personal items from sinking if dropped overboard. They work great. Light weight with room for documentation. Check out this link: Currency Organizer

Acquiring Currency Abroad

Currency can also be obtained in the host country at banks, exchange bureaus, or some hotels. Make sure you get some coins in order to gain access to public wash closets (bathrooms). This is easily acquired at the front desk. Very common overseas.

Note: Exchange rates, service fees, and transaction costs vary dramatically. Compare options ahead of time for the best balance of convenience and cost.

Research is Key

Review multiple sources before traveling to identify the most favorable and secure options for obtaining currency.

Consider combining a small amount of pre-purchased currency with cards offering no foreign transaction fees for safety and flexibility.