best way to carry currency for 8 week trip in south america?
May 11th, 2014, 02:16 AM
#1
Original Poster
Join Date: May 2014
Posts: 7
Likes: 0
Received 0 Likes
on
0 Posts
best way to carry currency for 8 week trip in south america?
HI guys,
Would appreciate any advice anyone can offer for the above!
Travelling from Australia around S America for 2 months.
It seems US dollars in cash would be a good idea, but I'm not keen to take too much cash. Thinking to take maybe $200 cash and for the rest use my credit card to pay or withdraw from ATMs with.
The other option is a cash passport. Has anyone used a cash passport in USD around S America? How widely is it accepted?
Thanks in advance for any replies!!
Would appreciate any advice anyone can offer for the above!
Travelling from Australia around S America for 2 months.
It seems US dollars in cash would be a good idea, but I'm not keen to take too much cash. Thinking to take maybe $200 cash and for the rest use my credit card to pay or withdraw from ATMs with.
The other option is a cash passport. Has anyone used a cash passport in USD around S America? How widely is it accepted?
Thanks in advance for any replies!!
May 11th, 2014, 05:00 AM
#3
Which countries? ATMs should work everywhere, but use those in banks in Brazil, and read the threads on exchange rates in Argentina where USD will save you money.
I think a cash passport is an Australian invention. I believe it works like an ATM card? In which case, no use for cash in Argentina, and in any case read the fine print carefully to understand the fees.
I think a cash passport is an Australian invention. I believe it works like an ATM card? In which case, no use for cash in Argentina, and in any case read the fine print carefully to understand the fees.
May 11th, 2014, 05:15 AM
#4
Join Date: May 2004
Posts: 9,369
Likes: 0
Received 0 Likes
on
0 Posts
By cash passport, I presume yo mean a pre loaded debit card as issued by Travelex? If so, I used both US $ and £ denominated card which were accepted in just the same way and same places a a "normal" debit card.
The primary reasons for using a card for me were that the fx rates I got were 5-10% better than both my main banks offered and the ATM charges were much lower (& zero if used to pay for goods and services). I could also top up the cards online as and when the fx rate looked attractive. Finally, security. The cards are not linked to your main account and so if they are stolen or cloned, you main account is not at risk.
Do check the charges for Australian cards as I do know that the Aussie banks have a reputation for high retail banking charges
Do not use you CC for cash withdrawals, the charges will be horrendous and you will be charged interest from the date of the withdrawal.
If you get one of these cards in MAY be worth getting a USD card as well as an Australian $ card, depending on which countries you are visiting. US$ is the currency of Ecuador and is often used to pay for tours etc. In some other countries.. USD may also be very handy if you are visiting Argentina as you can exchange using the advantageous "blue rate". You can withdraw USD from ATMs in Ecuador, Peru and Bolivia.
The primary reasons for using a card for me were that the fx rates I got were 5-10% better than both my main banks offered and the ATM charges were much lower (& zero if used to pay for goods and services). I could also top up the cards online as and when the fx rate looked attractive. Finally, security. The cards are not linked to your main account and so if they are stolen or cloned, you main account is not at risk.
Do check the charges for Australian cards as I do know that the Aussie banks have a reputation for high retail banking charges
Do not use you CC for cash withdrawals, the charges will be horrendous and you will be charged interest from the date of the withdrawal.
If you get one of these cards in MAY be worth getting a USD card as well as an Australian $ card, depending on which countries you are visiting. US$ is the currency of Ecuador and is often used to pay for tours etc. In some other countries.. USD may also be very handy if you are visiting Argentina as you can exchange using the advantageous "blue rate". You can withdraw USD from ATMs in Ecuador, Peru and Bolivia.
May 11th, 2014, 06:58 AM
#5
" fx rates I got were 5-10% better than both my main banks offered and the ATM charges were much lower"
Is that typical with UK banks? US banks will give you the interbank rate, but may add fees to that. My Capital One account charges no fees of any kind... My Credit Union account adds a 1% foreign conversion fee and gives me five free ATM withdrawals a month, then $1/per.
Is that typical with UK banks? US banks will give you the interbank rate, but may add fees to that. My Capital One account charges no fees of any kind... My Credit Union account adds a 1% foreign conversion fee and gives me five free ATM withdrawals a month, then $1/per.
May 11th, 2014, 08:43 AM
#6
Join Date: May 2004
Posts: 9,369
Likes: 0
Received 0 Likes
on
0 Posts
Well thursdaysd. Thank you so much for questioning my post!!
As a result of your comment, i checked with my bank and it seems that they have radically changed their policy since the last time i spoke with them. As a result their rates are much more competitive than they were just a year ago. They are still less competitive than my prepaid card £1 = $1.644 compared with $1.6665 (wholesale rate 1.6849).
Prepaid cards are very popular with UK travellers partly for the rate but also for the other reasons outlined above. seems like the major banks have finally decided to compete - not before time
As a result of your comment, i checked with my bank and it seems that they have radically changed their policy since the last time i spoke with them. As a result their rates are much more competitive than they were just a year ago. They are still less competitive than my prepaid card £1 = $1.644 compared with $1.6665 (wholesale rate 1.6849).
Prepaid cards are very popular with UK travellers partly for the rate but also for the other reasons outlined above. seems like the major banks have finally decided to compete - not before time
May 11th, 2014, 10:13 AM
#8
Join Date: Jan 2003
Posts: 74,699
Likes: 0
Received 0 Likes
on
0 Posts
Hey nish,
Using ATMs and your CC is a good idea. You don't need much cash in cities.
>use my credit card to pay or withdraw from ATMs with. <
NO!! You use an ATM card.
Taking money from an ATM with a credit card is considered a "cash advance" You will pay interest from the second you get the money.
Enjoy your adventure.
Using ATMs and your CC is a good idea. You don't need much cash in cities.
>use my credit card to pay or withdraw from ATMs with. <
NO!! You use an ATM card.
Taking money from an ATM with a credit card is considered a "cash advance" You will pay interest from the second you get the money.
Enjoy your adventure.
May 11th, 2014, 01:01 PM
#9
Join Date: Jul 2005
Posts: 3,360
Likes: 0
Received 0 Likes
on
0 Posts
The problem with Prepaid cards is that you have no cushion in case of an emergency (medical or ?). For foreign travel in general, I take 2-3 credit cards and use them or cash which I obtain in the local currency once there. avrooster is r4ight about cash in Argentina. If you are not staying in a big, corporately owned hotel, ask about possible discounts for paying in cash.
_____________________________________________
Vic's travels: http://my.flightmemory.com/vogilvie
_____________________________________________
Vic's travels: http://my.flightmemory.com/vogilvie
May 12th, 2014, 05:29 AM
#10
Original Poster
Join Date: May 2014
Posts: 7
Likes: 0
Received 0 Likes
on
0 Posts
wow thanks for all this guys! So helpful. I think the travelex card is the most competitive at the moment, and I'm a bit worried to take aussie dollars there. I'll probably load the card with US dollars and take some US dollars in cash. Plus a credit card as back up. I have my UK Halifax card which usually gives a surprisingly good rate of exchange.
Thank you for all taking the time to reply!
Thank you for all taking the time to reply!
May 18th, 2014, 01:58 AM
#14
Join Date: May 2004
Posts: 9,369
Likes: 0
Received 0 Likes
on
0 Posts
I am surprised that said "they would not do it for South America." Their website clearly states that the cards can be used at any MasterCard outlet see below
"The Cash Passport Card can be used anywhere the Debit MasterCard® is accepted, at over 2 million ATM machines and 35 million other locations."
"The Cash Passport Card can be used anywhere the Debit MasterCard® is accepted, at over 2 million ATM machines and 35 million other locations."
May 20th, 2014, 08:15 PM
#15
Join Date: Mar 2003
Posts: 2,032
Likes: 0
Received 0 Likes
on
0 Posts
One quick note on ATM cards. My bank, a fairly large one, does not isse "ATM" cards. Instead, it issues "check cards" which operate both as an ATM card and as an ordinary Visa/Mastercard debit card from the checking account. Big danger there in case of loss.
However, they allow customers to call in and put a block on all use as a debit card. Thus the card can only be used at ATMs. A very handy accommodation. I've had the block on for years and never a problem. (They will gladly issue a second card if one also wishes to have a true debit card on the account.)
However, they allow customers to call in and put a block on all use as a debit card. Thus the card can only be used at ATMs. A very handy accommodation. I've had the block on for years and never a problem. (They will gladly issue a second card if one also wishes to have a true debit card on the account.)
May 21st, 2014, 08:01 AM
#16
Join Date: Sep 2013
Posts: 112
Likes: 0
Received 0 Likes
on
0 Posts
on the travelex note that is says you can only load the five types of currencies. more to come. so yes accepted at all those locations. for those currencies. seems like they have a heck of a lot of fees though.
thanks for the last note I will be sure to ask about that.
thanks for the last note I will be sure to ask about that.
