How To Bring Money To A Foreign Country

How To Bring Money To A Foreign Country

Traveler's Checks

It is​ wise not to​ carry large amounts of​ cash. You should take most of​ your money in​ traveler's checks and remember to​ record the​ serial number,​ denomination and the​ date and location of​ the​ issuing bank or​ agency. Keep this information in​ a​ safe and separate place so,​ if​ you lose your traveler's checks,​ you can quickly get replacements.

Exchanging traveler’s checks at​ your hotel will cost you. Do this only as​ a​ last resort as​ the​ exchange rate will be the​ worst in​ the​ country. it​ is​ better to​ walk to​ a​ nearby bank or​ currency exchange to​ cash your traveler’s checks.

If your financial institution charges a​ fee for traveler’s checks,​ tell them “No thanks”. it​ is​ easier to​ use a​ debit card at​ an​ ATM machine. Use traveler’s checks as​ a​ back up currency.

Credit & Debit Cards

Most credit cards can be used worldwide,​ even for cash advances. Keep track of​ your credit card purchases so that you do not exceed your limit. Travelers have been arrested overseas for mistakenly exceeding their credit limit! Leave all unnecessary credit cards at​ home. Record the​ numbers of​ the​ credit cards that you do bring,​ and keep the​ list separately from the​ cards.

You should immediately report the​ loss or​ theft of​ your credit cards or​ traveler's checks to​ the​ credit card companies and to​ the​ local police. if​ you plan to​ stay in​ one place for some time,​ you might consider opening an​ account for check cashing and other transactions at​ a​ U.S. bank that has an​ overseas affiliate. U.S. embassies and consulates cannot cash checks for you.

Before leaving on​ your trip,​ you may wish to​ check with your bank to​ see if​ the​ country or​ countries that you plan to​ visit have Automated Teller Machine (ATM) service. the​ bank should be able to​ tell you if​ you can use your ATM card during your trip abroad.

Using an​ ATM with a​ DEBIT card is​ a​ smarter alternative to​ using a​ CREDIT card. Credit cards can be skimmed at​ the​ most expensive hotels,​ restaurants and stores.

Ensure that you secure your credit and debit cards in​ your hotel safe if​ you are going out and will not be using them. Only carry an​ amount of​ cash that you can afford to​ lose. And don’t forget to​ inform your bank that you will be using your plastic in​ a​ foreign country.

Prepare for Emergency Funds

It is​ a​ good idea to​ keep the​ telephone number for your bank in​ the​ United States with you,​ in​ case you run out of​ cash and need to​ transfer money. in​ some countries,​ major banks and certain travel agencies can help arrange a​ transfer of​ funds from your account to​ a​ foreign bank. if​ you do not have a​ bank account from which you can obtain emergency funds,​ you should make arrangements in​ advance with a​ relative or​ friend to​ send you emergency funds should it​ become necessary. if​ you find yourself destitute,​ contact the​ nearest U.S. embassy or​ consulate for assistance in​ arranging a​ money wire transfer from a​ relative or​ friend in​ the​ United States.

Foreign Currency

Before departing,​ you may wish to​ purchase small amounts of​ foreign currency to​ use for buses,​ taxis,​ phones,​ or​ tips when you first arrive. Foreign exchange facilities at​ airports may be closed when your flight arrives. You can purchase foreign currency at​ some U.S. banks,​ at​ foreign exchange firms,​ at​ foreign exchange windows,​ or​ even at​ vending machines in​ many international airports in​ the​ United States. Don’t exchange much currency as​ it​ is​ fairly easy to​ exchange currency at​ the​ arriving airport or​ accessing an​ ATM at​ the​ airport.

Some countries regulate the​ amount of​ local currency that you can bring into or​ take out of​ the​ country; others require that you exchange a​ minimum amount of​ currency. For currency regulations,​ check with a​ bank,​ a​ foreign exchange firm,​ your travel agent,​ or​ the​ embassy or​ consulate of​ the​ countries that you plan to​ visit.

If you leave or​ enter the​ United States with more than $10,​000 in​ monetary instruments of​ any kind,​ you must file a​ report,​ Customs Form 4790,​ with U.S. Customs at​ the​ time. Failure to​ comply can result in​ civil and criminal proceedings.

How To Bring Money To A Foreign Country

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