Using Cash & Credit Cards

I have a longstanding set of priorities after arriving in a country.  After clearing customs and retrieving my luggage, my next stop is a place where I can exchange dollars for local currency.  ATM machines often have the best exchange rates but be sure before using one.  A good way to check exchange rates is through an app called Currency.  Also, decline a request to convert to your home currency because you’ll be charged a conversion fee.  In the absence of an ATM, your only option is an airport currency exchange booth.  It’s been my experience that airports don’t offer favorable exchange rates.  Since I want some local currency to cover the cab ride to my hotel, I typically exchange no more than $100 at an airport booth. 

In some developing countries (notably in Africa), you may not have the option of exchanging money at the airport.  In those situations, I ask my cab driver to take me to a place where someone will exchange U.S. dollars for local currency.  Another option is to ask at your hotel if there is a nearby bank that will exchange foreign currency.  A final note about exchanging money is to obtain newer, large denomination bills (i.e., U.S. $50s or $100s) from your bank before you leave because clerks at some exchange booths won’t accept older, wrinkled bills. 

You shouldn’t have trouble using a credit card for meals and lodging in the developed world.  The developing world can be a different story so be sure to check with hotels in advance about paying with a credit card.  When you use a credit card, you may be asked if you want to pay in the local currency or convert to your home currency.  Always select the local currency to avoid being charged a conversion fee.   

I travel with two credit cards and an ATM card.  I call credit card providers and my bank before departing to let them know about my plans.  Another issue is credit card security.  I keep one card in my wallet and the other in my backpack.  In the event one card is lost, I have another.  I also keep a copy of the customer service phone number (found on the back of the card) in my checked baggage.  Be aware that some credit card providers charge a fee for using cards outside the home country.