somtam2000
admin
mahout
Posts: 2712

Located in:
Indonesia

#1 Posted: 3/11/2007 - 23:26


We've just added a new feature story with some pointers (2,400 words of pointers unfortunately!) titled How to manage your money while travelling in Asia.

If you've got any tips of advice about this, please post them here.

Thanks!

exacto
som tam seller
Posts: 683

#2 Posted: 4/11/2007 - 06:48


Greetings,

I have a few tips to add too. Since I usually travel to southeast Asia from the states, many of these tips will be most useful for others with US bank accounts.

I typically try to manage my money by putting 80 percent of my travel budget into my checking account here in the states. Then I use that money as my primary source of cash while I'm on the road, withdrawing the cash from ATMs wherever I happen to be.

The rest of the money I divide up as 10 percent in travelers checks and 10 percent in US cash. If I'm going to Laos, however, I tend to take a higher percentage in travelers checks and cash, since the ATM network isn't as developed as other places.

On our last trip, we noticed that when we used our credit card in Laos, the charges cleared via a bank in Vietnam. Best of all, they cleared in US dollars rather than in kip or baht or dong or anything else, which meant that we didn't have to pay that little extra due to a foreign exchange transaction fee.

When we were in Cambodia, we withdrew US dollars from the ANZ Royal Bank mentioned in the feature story. We didn't have to pay the $2 fee mentioned in the article however, and I wonder if that is because the funds were drawn from a US dollar-denominated account. It could also be that the fee is new, so I'd be interested to hear if anyone else from the states (or with a US bank account) had to pay this fee recently or not.

For Cambodia, we also took a bunch of crisp new bills to spend, since the US cash in Cambodia can be pretty ratty. Our bank sold us what they called padded $1s, which was 100 US $1 bills in a pad like a pad of paper. It was convenient to carry with us until we arrived in Siem Reap and nice to have all those $1s on hand to spend.

One last tip that has always worked for me wherever I travel is to carry a few $10 and $20 bills in case I need to get just a little more local cash wherever I am. That way I don't have to make an ATM withdrawal or cash one of my large-denomination travelers checks but can still get that last little bit of local cash I need for whatever.

This was particularly useful when we were transiting Narita airport on the trip to Bangkok and then on the way back home. We cashed a $10 bill at the exchange booth, which was enough yen for the internet kiosk and massage chairs in the terminal and for a quick snack too while waiting for our flights.

I hope that helps. Cheers.

somtam2000
admin
mahout
Posts: 2712

Located in:
Indonesia

#3 Posted: 4/11/2007 - 10:01


Thanks for the post exacto.

Something else that should be taken into consideration is the length of your trip -- this should have gone into the main feature, but given it was already 2,400 words, we had to stop somewhere!

If I'm travelling on a short trip, say under two weeks, then I take just cash and keep a credit card in case of emergency. If the trip is longer, especially once it stretches into months, I get travellers cheques to supplement my cash and credit cards.

There's two reasons for the TCs -- a) in many parts of Cambodia and Laos you won't find an ATM and b) I tend to lose money occasionally so the added security of TCs makes it worthwhile.

It's also worth mentioning that some of the Travelfish researchers open local bank accounts and manage their money that way. While you'd need to be in the country for at least a few months for this to be worthhile, it is straightforward to open a Vietnamese Bank account, and not too difficult in Thailand either (depending on the bank and where you try).

The advantage of having a local account is that then it's just one charge to shift your money over and then you've got a local ATM card to access the money when you need it -- often with no fees at all. A downside of local bank accounts is that they often pay no interest.

AX1
newbie
Posts: 3

#4 Posted: 7/11/2007 - 10:53


Currency fluctuations

With the plummeting US dollar, a strong Euro and a daily strengthening Canadian dollar, I would appreciate advice/comments for my upcoming winter trip to Thailand and Laos.

I've travelled for decades in Latin America and SEAsia (usually for several months at a time) and fully subscribe to the multi-medium approach, i.e., cash, travellers cheques (TCs), bank ATM card and credit cards (ATM ready).

In the past, many currency exchangers didn't seem to know the current value of the Canadian dollar, so before setting off I usually buy some large denomination TCs in US$ (minimizing bulk as well as 'per cheque' transaction fees), and carry a variety of cash (i.e., a variety of denominations of US$ bills, a variety of denominations of strong regional currency (i.e., Thai baht in SE Asia) and the national currency (for example, Lao kip) -- the last two bought in their respective countries.

So.....my question is

Given that I almost always change TCs and large bills at either banks or Currency Exchange kiosks, should I forego the US currency and TCs? And, if so, should I replace them with Euro TCs and bills? Or take a chance that the Cdn dollar will be both recognized and continue to appreciate?

I know there's no guarantees when it comes to this stuff but I'd appreciate opinions -- esp those of residents or those currently on a prolonged tour in SE Asia...

Phop gan mai

exacto
som tam seller
Posts: 683

#5 Posted: 7/11/2007 - 13:06


Hey AX1,

When I was living in Turkey I had a similar issue with the then wildly swinging value of the Turkish Lira from day to day. In the end, I just decided not to worry about it too much and just buy lira as I needed it.

Since you'll be travelling only in Thailand and Laos, you could just pull a bunch of Thai baht out of an ATM when you arrive and use that as your cash reserve, since the baht is accepted in both countries (plus you can buy kip with baht in Laos). If you are worried about the Canadian dollar being recognized, particularly in more remote areas, then I might carry a small emergency stash of a different currency with me too, like the US dollar or the Euro. I guess I'd plan on getting 80 percent of my cash from an ATM, which is what I usually do, and just be sure to get a bunch of baht before I crossed into Laos. I'd probably still keep most of my reserve in Canadian, since that's an appreciating currency right now, and then a small portion (maybe 5% of my total budget?) in US dollars or Euro. You'll probably loose a little in the exchange that way, but it is a small price to pay for the insurance.

Does that help? I'm glad that someone's currency is appreciating right now, because we're dying down here.
Regards.

Phuud Thai dai ruu? Chook dii duay khrab!

joderin
newbie
Posts: 2

#6 Posted: 22/11/2007 - 05:10


Hi everyone,

I am flying into Malaysia on Jan 17th and flying out of Bangkok on Feb 12th. With that being said i will spend a few days in Kuala Lumpur and work my way up the west coast as it seems that the east is fairly off limits during that time period due to weather conditions. I have been to thailand before, but the furthest south i got was Koh Phi Phi which i plan on attending again but was curious if there are any islands south of there that are worth checking out as i will be coming from north west malaysia.

Any insight would be greatly appreciated.

Thanks.

carolyns
longtail driver
Posts: 8

#7 Posted: 29/11/2007 - 04:15


Do Canadian ATM cards work in Vietnam?

We have Scotiabank and TD (with all the symbols on the back)... but found that we had trouble at some ATMs in Europe.

Thanks!

exacto
som tam seller
Posts: 683

#8 Posted: 29/11/2007 - 11:47


hey c,

check with your bank to see which networks they are on and in which countries and with which banks their cards are valid. they might need to look up the info, but they should be able to find out for you.

also, make sure you have a 4-digit pin code for your atm card, as other length pin codes (6-digit, etc.) won't work with most atms in asia.

finally, give the how to manage your money while traveling in asia article in the features section a good read. it has solid tips that will help make your trip easier. regards.

ade7
longtail driver
Posts: 10

#9 Posted: 9/5/2008 - 04:44


Hi,
Just thought Id let UK travellers know about a new credit card to rival, if not better the nationwide cards. Its the Abbey Zero Credit Card, and, like the nationwide credit card, it offers free foreign exchange, but, unlike the nationwide card, it doesnt charge a cash advance fee either. This means that it is effectively free to use abroad, which is also the case of the Nationwide DEBIT card. However, since credit cards offer more security than debit, and since, in order to get a debit card with nationwide you have to set up a bank account with them first, I would say that the Abbey card is now the best option for UK travellers abroad.

The only other factor to weigh in is that the Abbey card is a mastercard, whilst the nationwide cards are visa cards. I have read on this forum that perhaps visas are accepted at slightly more places in asia than mastercards are. This was however only one person's opinion, so, not sure how much validity there is in that.

michmich11
backpacker
Posts: 19

#10 Posted: 30/5/2008 - 03:24


Exacto--Can I ask where you got the padded $1 bills? All the banks I've tried in New York (Citibank, Commerce, Chase) have had no idea what I'm talking about. Thanks!

sputnik0
longtail driver
Posts: 10

Located in:
United States

#11 Posted: 8/6/2008 - 04:57


Exacto,
I am also in the U.S., Los Angeles to be exact. What bank did you use when you traveled to SEAsia? And yes, where did you get those "padded $1 bills"? Wells Fargo charges a fee for converting when withdrawing from international ATMs.

exacto
som tam seller
Posts: 683

#12 Posted: 8/6/2008 - 07:35


mich, sorry and i just discovered your question. i got the padded $1s from Zions Bank in Utah. it was the bank teller who initially suggested it to me when i mentioned it was for a trip to Cambodia. i had assumed that they were a common thing but maybe not. sorry about that.

sputnik, i typically use USAA when i travel overseas, although they have also just very recently added a conversion fee for withdrawls from international atms. even so, the rates are still competitive with what i get for traveller's checks and ATMs are much more convenient and flexible. hope that helps. cheers.

michmich11
backpacker
Posts: 19

#13 Posted: 8/6/2008 - 08:28


Sputnik, Commerce bank (not sure if they have branches in LA) does not charge a conversion fee for international transactions.

gmarx
newbie
Posts: 3

#14 Posted: 7/8/2008 - 17:43


I posted this in the other thread, but am re-posting here. I am from the US with a Citibank ATM card. Will these definitely work in the AZM banks? I want to make sure i can use my ATM card and don't have to get a cash advance on my CC--while people here are discussing a 3% advance fee, my CCs all charge insane interest rates.