Finance and money forum

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.

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

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.

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.

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!

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.

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.

Hi Guys

I'm off to SEA in a months time, and judging by this article Nationwide is now charging to get at your own money. Anyone found an alternative? so far I have not.

take it easy.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/creditcards/4937527/Nationwide-to-impose-charges-on-debit-and-credit-cards-used-abroad.html

Posted from within Vietnam.

Skimonkey

On the UK topic, go see:

http://www.travelfish.org/board/post/financemoney/5676_curreny-and-which-cards-to-take-to-s-e-a---help-me--

cheers

Posted from within Vietnam.

Skimonkey

Adding to jareduk, according to some UK people I've talked to here in SEA, maestro/ cirrus apparently works OK in Thailand & Malaysia, but it doesn't work in Laos or Vietnam. I don't know about Indonesia or China.

Cheers

Skimonkey

I have to retract the comment about Maestro/cirrus in Vietnam.

I used ANZ bank in HaNoi because the limit is 20mill versus others at 7-9mill dong. I do this as there is a 20,000VN dong transaction fee to withdraw cash.

I'd heard that one could withdraw Donga Bank without the transaction fee (it didn't). I noticed that Donga Bank has the Maestro/cirrus logo on the ATM. I also noticed that Agricultural Bank also has the Maestro/cirrus logo's on their ATM's.

Cheers

US cash is the common currency in Cambodia -- so I'd be backing a suitcase full of greenbacks, not euros.

AX1 - yes that is correct. See this thread for more on it.

Hi, I have a bit of an unusual situation and am looking for some advice. I have a New Zealand Bank account, all my money is on my NZ mastercard. Currently I am in Europe so all the money I have access to is in Euros or Pounds I am planning on travelling Thailand, Cambodia and Laos for 1.5months so want to take some USD with me. Any idea what the best way to convert money from a NZ bank account into USD when in Europe or the UK without have to pay to convert to Euros/pounds then into USD??

ATM's in Thailand charge 150 baht per transaction + the fees you will pay from your bank at home. AEON ATM's are the only one's that don't, but there are none at the airport. You can save on ATM costs by bringing TC's in Thailand....(33 baht per cheque) but they are a lot harder to change outside TH. Border crossings will often request payment in $$$, or may charge a higher fee in baht. I Prefer getting my visa at the embassies if I have the time. Entry to Malaysia is a free 90 days, Cambodia $20-$25, Laos, it depends on your Nationality. I'd keep at least $100 in same bills available - sometimes ATM's are down or out of money. Cambodian ATM's dispense US $$. Taking out the MAX at an ATM will help you cut down on fees, make sure you arrange this from home first & advise your bank you are leaving the country so they don't put a freeze on your when they see it's being used in SEA.

I got rip off in Bali , Be careful, when you do money exchange in small counter (in official office) along the road in tourist area at Bali. They put the sign board in front of the shop with very good rate to lure you to get inside and then have a tricky when counting the money, its look like correct as what you could get but when you count by yourself its not correct. So they keep counting for you again and again make you get confuse. At the end you boring and tired you will except that money and walk out from the shop with short fall of the money. They will not give you any receipt for any evidence.

I have this bad experience at Legain beach, Kuta, Bali , I stay at Club Bali suites ,Hotel Jayakarta ,Bali, Indonesia, on March 1-8, 2013. After back to the hotel and count the money again i found that its not correct, then i went to ask someone at the front counter of the hotel tell them the story and ask them to help and go together with me to get the money back because its just 50 maters away in front of the hotel. When we arrived there its look like they know what happen and doing that on purpose, then we told them that will call the police so he just said that he get confuse and return the money back to me in US$, I also took his photos and said that I will come back with a police if that US$ are not real. Then i went back to the hotel with bad feeling with this bad people. I have talk with other tourist in the same hotel, she said that she also get this trick also, so bad then.

Another advise is don't let them hold your money in there hand , they are professional in the trick of counting and hiding the money and never give you back in the same amount. I just found out that i lost some of US$ in the next day, I try to re-think again on that situation when he pull all US$ money on my hand to count.

Good luck for the new comer to Bali.
Kaew