relatedUse currencyPlease refer toShoppingAnd destination guideBuypart. This entry also contains general information about many convenient destinations.
There are many ways to obtain currency of other countries/regions to travel. In any case, you need to evaluate your costs, risks and convenience. Unfortunately, some organizations and other criminals have planned many ways to defraud you of money. If illegal use is restricted by law, then you must bear the risk of credit card consumption. Prepaid cards and debit cards also have other risks/benefits. If there is an accident, please contact the local police and the bank where the card is located in time.
This entry discusses how to use these, the risks of these, and how to obtain currency or cash.
Withdrawal, debit and prepaid cards
Debit cards, prepaid cards and credit cards can all beATM（ATM machine) To withdraw money. Moreover, even if you don't withdraw money, you can directly swipe your card to spend in hotels, shops, restaurants and other places (if conditions permit, most of them can do it).
Sometimes debit cards need to be verified because they need to confirm whether the transaction is legal.
Spend with debit and credit cards
The acceptance level of debit and credit cards varies from country to country. The acceptance level is usually more common in more developed countries, and is close to non-existent in developing countries. Please read the country guidelines for details of credit card acceptance.
So far, the most popular cards in the world are VISA and MasterCard. American Express and Diners Club cards have a global network, but the acceptance level varies by country and merchant. Discover, JCB, China UnionPay, NYCE, Star, MAC, and Shazam are all regional, not global, and are rarely accepted outside the release region.
Use debit and credit cards at ATM
MasterCard, VISA, Cirrus and Plus can be used on almost all ATM machines in the world. According to the prompts during use, after you insert the card and read its data, enter a personal identification number (PIN), you can automatically "identify" yourself to the service bank and your account. Because it can do this, don't put your personal identification code close to or write on the card it activates.
Some developing countries either do not have ATMs, or ATMs are very limited, or are not connected to international networks. This includesSoutheast AsiaofMyanmaras well asAfricaParts of the country.
existJapan, Most bank ATMs cannot use international cards (these cards are even incompatible sizes), so you need to look for the 7/11 post office or Citibank ATM.
existChina, UnionPay is the preferred type of credit card, although it is not difficult to find stores or ATMs that accept more global types, such as Visa or Mastercard.
In some countries, not every ATM accepts foreign credit or debit cards. Do the necessary research to make sure you have enough cash during the trip.
In an unfamiliar place, if you have any choice, please use ATM in the bank lobby or public place. This helps prevent criminals from secretly installing scanners/cameras, and can greatly reduce the risk of you being robbed shortly after withdrawal.
Debit card, credit card
The debit card is directly linked to the bank account, and the amount of the purchase or refund of the card is deducted immediately. A credit card is a card that is not linked to an account with funds in it, but charges fees through a credit line, which must be repaid later. If the fee is charged before the end of the grace period (unscheduled 0-25 days), the interest will be charged...maybe every day.
Only ATM cards (also known as ATM cards) (usually without Visa or MasterCard logo) can be used to withdraw money at ATMs.
When using an ATM to withdraw cash, in addition to foreign exchange and other transaction fees, your bank may charge a cash advance fee of about 3%. In addition, unless you have a balance in your account, most card issuers will start charging interest on your cash advances on the day you exit the ATM (they will not give you a grace period). In addition, the interest rate of the cash advance may be higher than the interest rate of the purchase. In some cases, the cash advance is limited to less than your overall credit limit. Sometimes these problems can be solved by paying to your credit card, because this has a credit balance and you can withdraw cash without incurring interest. However, the bank’s liability in the event of loss may be limited to your credit limit, so if your credit card is lost and abused, your credit balance may be lost and you may risk it. This risk can also be minimized by simply transferring the funds to your credit account before using the ATM to withdraw money.
Although you or the merchant paid the fee, when making a point-of-sale purchase, a credit card is usually used instead of a debit card. If your credit card is stolen, your liability may be restricted by law (for Bank of America, all subsequent abuse is $50), you can easily dispute the charges on the credit card, and a stolen debit card may A lot of extra troubles are required to cause overdraft of bank accounts.
As mentioned above, if you charge more than what you agreed to pay, if you paid certain fees and never received the fee, or if your card was "copied" without knowing, the credit card company will To provide you with protection from fraud and not being stolen. If you "let the merchant collect the amount in the local currency", you will usually receive a better exchange rate. That way, you receive the bank's exchange rate...usually much better than the exchange rate provided by the merchant.
Credit cards may also include other benefits such as flight cancellation insurance (usually only in the case of serious illness), merchandise theft or loss insurance (usually only when stolen within 90 days of purchase and when an appropriate police report is submitted), collision taxi insurance , And emergency medical insurance under certain circumstances during travel.
Credit cards may offer reward programs that provide you with free flights or cash back after you spend a certain amount of money. These cards may be associated with frequent flyer programs. If you have an American Express card, in case the card is lost or stolen, you can easily obtain prepaid cash and a replacement card by visiting the American Express office.
However, merchants (especially hotels and rental car companies) abuse the privileges of credit card customers. For example, a taxi company may try to rent a vehicle from you, such as a damaged windshield or a small dent, and then accuse you of the damage long after you return the vehicle. Then charge your card for repairs at suspicious or inflated prices. If you are simply overcharging (or there are hidden fees on your bill), instead of being more explicit, it may be more difficult for a non-cooperative bank to process the chargeback-for example, the product itself will not be purchased at the time of purchase. does not exist.
Debit and credit card travel
Your bank and experienced travelers often advise you to:
- Let your card-issuing bank know about any travel. It/they can set certain "flags" on your account to identify, and perhaps prevent abuse.
- You may have to obtain international ATM support specifically activated for your debit or credit card.
- Necessary and effective transactions do not automatically pass through its fraudulent part unnecessarily.
- If there is a problem with your primary card, please use a primary debit or credit card and a backup card from another card issuer to travel. Clear your wallet for extra credit or debit cards, if your wallet is lost or out of control, these will only make you more headache. In addition, it is best to only carry the cards you normally use and keep the backup card in a safe place, such as where you live.
- Make sure you know the personal identification number (PIN) of each debit and credit card in an emergency. Many people cannot use their cards to access cash because they have forgotten the PIN code. but,Never write down any PIN or store it near the card it activates; Due to your negligence, the bank will question its responsibility, so you may clear your account. The length of the PIN varies by country/region, but any location on the Plus/Cirrus network usually accepts up to six digits. If you have a six-digit PIN and the six-digit number does not work, try entering only the first four digits of the PIN, or find another ATM. If the ATM requires 6 digits and your PIN code has only 4 digits, please try to enter 00 as the last two digits. If your PIN is "word-based", please know its number equivalent. Many ATMs outside the United States do not have letters corresponding to these numbers. (For example: "CASH" = 2274) If it makes your PIN number easier to remember, please change your PIN code before departure.
- In most countries, you are not responsible for any charges on your debit and credit cards after you report a loss or theft. Make sure youReport any losses or suspicious compromises immediately. Keep your bank phone number and debit/credit card number in a safe place, such as a room safe or hotel safe.
- Due to the high potential for fraudulent abuse, it is not recommended to use credit and debit cards in a few countries, such as:Nigeria. Your bank should be able to advise you.
existWestern EuropeMany credit cards issued have oneChip and PINThe system, in which the credit card has a built-in chip, you have to enter your PIN code in the reader instead of signing a receipt.
- All stores that display the VISA, MasterCard, or American Express logo must also accept the signed and swiped version of the credit card; however, some people may initially refuse to do so (persistent and ask the manager if necessary). However, for self-service providers, such as gas pumps and automatic ticket machines, you may fail.
- The chip on some of these cards includes radio frequency identification (RFID). Unfortunately,Many RFID chips have insufficient security, For example, allowing nearby wireless scanners to "read" the data held by the card; this may include personal and financial information (this has created a sub-sector of RFID-protected wallets for cards and passports). Learn about the security of your cards from each issuer, and carry and protect them accordingly.
Many Visa or Mastercard debit cards (mostly issued by Asian banks) have no embossment (no raised letters/numbers), so they are marked as "for electronic use only". This means that they cannot be used for transactions that require a physical imprint on the merchant's bill and/or manual authorization. Even with sufficient funds, there is no guarantee that these "electronic use only" debit cards will be accepted for online shopping, and clarification may be required with the issuing bank. Consult the issuing bank to learn how to use it effectively.
Some hotels and car rental companies "reserve" on your credit card a much larger amount than the amount you charge. A $100 car rental can make a card with a $3,000 credit limit unusable if the car rental company suspends it for an additional amount of more than $3,000. Keep track of these amounts and try to ensure that your credit limit far exceeds the amount you intend to spend.
Even though it may take several weeks for the unnecessary authorization to terminate on its own, the hotel usually refuses to delete the "pause" long after the customer has checked out. Hotels that refuse cash, traveler’s checks or any payment medium other than credit cards should be treated with caution; these do make you unable to accept hidden fees and unnecessarily limit your available limit. Even if a smaller amount of fuel is required, the Cardlock (pay on pump) fuel pump will try to authorize at least $75-100; this can be avoided by owning this.
Debit and ATM cards: risks/tradeoffs
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The risks of debit cards and ATM cards are slightly different and sometimes even higher. Some experts suggest that people who travel frequently, and those who have to use ATMs in less than ideal places, should consider buying and using ATM cards instead of debit cards. The basic principle is:
- If yourATM card or data is lost but its PIN is not compromised, It has no value to other searchers/users... it cannot be used for withdrawals or purchases.
- If yourThe ATM card and its password were leaked(For example, through hidden card scanners and cameras), the total daily withdrawal amount is limited to the amount set by your bank or an amount arranged in advance by you, for example, certain amounts, locations, dates, or frequencies.
- If you know or suspect that they have been compromised, the bank that informs you will stop all further withdrawals.
- if there is not,Withdrawal can continue, but only in you or your bank settingsWithin the parameter range.
- if youLostWith VISA or MasterCard logodebit card, As long as each is below a certainTrigger level, The finder can use it to make bulk purchases without a PIN...usually $100. Over this amount or after you notify the bank, any unattended use can be generated for the bank and the merchantbanner,andpossiblePurchases are not allowed. Criminals know this and use the card accordingly, for example, using fast and professionally produced false identifications to quicklymanyBuy in moderation.
- If yourDebit card and password were compromised, Criminal withdrawals are limited to the current and recent balances of the bank/checking account they use. If the account is also associated with other wealth or personal identities, criminals will use the account in any possible way. Thousands of bank accounts and other accounts were cleared within a few hours after the unknown compromise, usually with withdrawals or identity theft far away from where the card/key was leaked.
As mentioned above, you can and need to avoid trouble by notifying your bank in advance of your travel and your intention to withdraw money only in certain amounts at certain destinations on certain dates.
Card usage fee
Transaction fees can be effected by merchants, ATM owners, the bank that issued the card, and through unfavorable exchange rates.
- Most debit and credit card issuers will charge a foreign transaction fee of up to 4% of the transaction amount every time they make a purchase or cash withdrawal abroad. However, in the United States, several issuers including Capital One, First Republic, Marshall & Isley, PNC Bank, Webster Bank and many credit unions provide debit and/or credit cards without foreign transaction fees. It may be worthwhile to apply for a card with no or low foreign transaction fees before traveling. Please note that after opening your account, it may take up to 3 weeks to receive your card.
- In many cases, foreign transaction costs are included in the exchange rate or purchase or withdrawal amount. They are hidden, but they are actually accused. You should understand the spot or interbank interest rate as the basis for comparison.
- The exchange rate applicable to the transaction is usually the exchange rate on the transaction posting date, which can be up to 10 days after the actual transaction date. Therefore, unless the currency price is fixed, it is impossible to determine exactly what exchange rate will be charged until the transaction is posted to your account. Generally speaking, in addition to foreign transaction fees, American Express also charges an exchange rate that is 0.0% to 0.5% lower than that charged by VISA and Mastercard, while the rate charged by Visa and Mastercard is 0.0% to 0.5%. Interbank interest rates reported on most currency conversion websites. The exchange rate used by Visa on a specific date can beHereturn up.
- If you stay in a country for a long time, you can save money by opening a local bank account and obtaining a local ATM card. You usually need a local mailing address and a valid residence permit.
- When making point-of-sale purchases, most US-issued VISA/MasterCard debit cards can only be used in "credit" mode (swipe and signature, not PIN-based "debit" mode). In addition, if you encounter a situation that requires a PIN (e.g.EuropeSome unmanned train ticketing kiosks in), it is definitely better to use a debit card instead of a credit card, because PIN-based transactions using a US credit card may generate cash advance (except for any foreign exchange fees).
- If the merchant uses a foreign bank, even if the transaction is conducted in your home currency, foreign currency transaction fees may also be charged. For example, when making an online purchase on the webpage of a foreign airline, even if the purchase is made in your home currency, you may be required to pay a foreign transaction fee. For all transactions that may be conducted through foreign banks, regardless of currency, it is best to use your low foreign transaction fee credit card. Certain airline pages may provide "local" sites for each country. This may just be a "skin" on its standard webpage, and the transaction can still be processed as a foreign transaction.
- In lieu of surcharges, merchants may require a minimum purchase amount of up to $10 to use a credit or debit card. This is to pay for each transaction fee charged to the merchant by the owner of the credit card terminal. These minimums are more common in smaller stores.
Dynamic currency conversion
- When you pay with a credit card, some merchants will provide services that automatically convert your transactions into your home currency...also known as Dynamic Currency Conversion (DCC). If it provides this kind of service, you should refuse it because it may charge an exorbitant exchange rate. So be sure to check your receipt, and if you find any content involving your national currency in a country that does not use that currency, please ask the merchant to redo the transaction in the local currency. If the merchant insists that the conversion is automatic, please report the transaction to your credit card issuer. VISA requires merchants to disclose fees and must provide consumers with the option of obtaining bills in the customer’s home currency or local currency. Merchants may try to convince you that paying in your home currency will avoid foreign exchange transaction fees, but these fees are usually levied in foreign transactions, regardless of the currency used. Some credit card terminals will show you the amount in your home currency and ask you to accept or decline the amount. Decrease in the local currency option will process the transaction in the local currency.
- ATM machines are also known to use dynamic currency conversion, and just like credit cards at the point of sale, they should also be rejected. The machine will ask you if you want to use the national currency or the amount in the local currency; even if you will always receive the local currency. If you refuse (cancel), some ATM opportunities are programmed to automatically cancel transactions, which means that the bank forces you to accept dynamic currency conversion. Your best chance is to find another ATM that does not use dynamic currency conversion.
Prepaid cards
You may get a VISA, Mastercard or American Express brand prepaid card. This prepaid card works similarly to a VISA/Mastercard debit card, but is not technically a bank account. Since it has nothing to do with your bank account, your maximum exposure amount is limited to the amount transferred to the card.
According to the issuer's policy, the prepaid card may or may not be recharged. In the latter case, this means that once the balance is completely depleted, the card can no longer be used and must be discarded. However, for cards that may be recharged, it can be done at the issuing bank or online. You do not need to have a bank account in the bank that issued the prepaid card, but having a bank account makes it easier to choose a recharge card (for example, online, ATM). There is usually no minimum denominated amount for top-ups. In this way, you can only recharge a certain number of transactions.
Availability varies from country to country. Countries like the United States have prepaid VISA, Mastercard, and American Express at the counter of pharmacies or grocery stores; they only need to activate at the point of purchase. Others will allow you to obtain them from well-known foreign exchange trading stations (such as Thomas Cook, Travelex). But some people can only obtain these cards directly from participating banks.
Generally, these prepaid cards can be used worldwide, unless otherwise stated (most notably, universal VISA, MasterCard and AMEX gift cards issued in the United States). However, the use of prepaid cards online depends on the issuer.
Charges can be levied when purchasing a card, topping up, withdrawing money, not using it, and closing it. The exchange rate used when converting to a different currency on the card is not the standard VISA or Mastercard rate and is determined by the issuer. These middlemen can easily reach 10%.
Prepaid cards may or may not allow withdrawals from ATMs (depending on the issuer), and those can evaluate additional fees on top of the usual fees for withdrawing with debit cards, because prepaid cards should encourage electronic POS transactions.
It is usually cheaper to obtain and use a low-extra country transaction fee debit card than using a prepaid card for foreign currency transactions. The only drawback is that your exchange rate will be affected by fluctuations, because your debit card only stores your local currency.
EC card
If you have a European European bank account, you will get a V Pay card. This can be used as a debit card in shops and restaurants in other European countries at no additional cost. It can also be used in ATM machines in Europe (but not globally).
Cheque
travel check
A traveler’s check is a fixed amount check in a specific currency that you use your funds to purchase in advance. Please make sure to use the currency of the country you are traveling to, or (if not possible) use the best exchange rate among them. Traveler’s checks are only available in major currencies. For example, if you travel to the United States, you can purchase 10 US$100 traveller’s cheques before you travel and use them on arrival. You sign each check at the time of purchase and redeem it again on the same check.
The main advantage of traveler's checks is that they are completely prevented from being lost or stolen. Once you report them as missing, the issuing company will replace them.You must also record the check number you have used. Most traveler's cheque issuers have arranged to replace them all over the world in a short period of time, so you won't be out of cash. If you are not sure which checks have been cashed and which checks have been lost, your refund may be delayed until the card issuer can determine which checks have been cashed.
Travellers’ cheques can be exchanged for cash at most banks. Exchanges usually also cash out, and hotels may sometimes provide this service to guests. American Express traveler's checks can also be redeemed at the American Express Travel Center. The cost of cashing traveler's checks varies by destination and institution. Some banks will cash some brands of checks for free. If American Express is denominated in local currency, they will cash the check at the travel center for free. Generally, fees apply, and sliding ratios or fixed fees may only apply above a certain threshold. If you convert a traveler’s check into a different currency of its denomination, the fee may also be included in the exchange rate.
Traveller’s checks are particularly useful in the United States and Canada because banks will issue cash checks to cash checks from major issuers (such as American Express), which are issued free of charge in the local currency. Therefore, almost all supermarkets, shops and travel companies will accept them like cash. If you can buy a check at a reasonable price, this may be the best way to send money to the U.S. and Canada.
Traveler’s checks are sometimes used for point-of-sale purchases, but they are not as widespread as credit cards. Generally speaking, only the largest shops and hotels will accept traveler’s checks for payment.
You will pay for the purchase of traveler's checks. If they are denominated in a foreign currency, the fee can be included in the exchange rate. If you purchase traveler’s checks in a foreign currency, the exchange rate will be locked on the day you purchase the check. Buying traveler’s checks in small increments before traveling may sometimes affect the exchange rate you get, and you don’t have the risk of keeping foreign currency cash for a long time.
If you haveTravel insurance, You may need to compare the benefits under the policy. Credit card companies usually provide 48-hour emergency replacement or cash advance services, but these costs may already be included in your insurance policy.
When you visit developed countries where credit or debit cards work, these electronic payment methods are almost always better than traveler’s checks. You don’t have to find a bank or merchant that accepts checks (bankers’ working hours are usually inconvenient), and you don’t have to guess in advance how much money you need. This can avoid unnecessary costs if you guess too high and if you guess too low you will have no money.
Foreign currency in traveler’s checks may allow you to lock in exchange rates without the risk of cash or the fees associated with prepaid cards. If you travel from Germany to the United States and know that you spend $1,100 at a New York hotel that accepts traveler’s checks, you can purchase that value in advance without the risk of exchange meetings.
Use personal checks
A less widely accepted check for travel is a personal check issued by your bank. If your bank has a current account, a check will be provided. If your check runs out, you need to pay to reorder a new checkbook. Acceptance is usually limited to the traveler’s home country and national currency. Another consideration is that you need to ensure that the relevant account has sufficient funds, otherwise it will result in high service fees, not to mention that the company may decide to accept your blacklist of checks. In other words, the main advantage of using personal checks is security. As long as you don't add "cash" to the payline, you don't have to worry about whether the check is misplaced on either side; you can contact the bank to cancel the check, and the person holding the absent check cannot cash it by himself. If you wish to use a check, make sure to send it to the correct person or company (i.e. use their full name if possible).
Manager (or cashier) checks are checks issued and purchased directly from the bank. You need to fill out some paperwork, and you need to pay for each request. You must provide your name, contact information, and the name of the person or company that will receive your payment. However, unlike a personal check, the manager's check always has sufficient funds because you have already paid in cash at the issuing bank. In many ways, these are similar to the use of postal money orders.
cash
Cash is the most versatile method. Except for some car rentals, airlines (on ships) and some gas stations, almost everyone needs cash.
In some countries, you may get full access to the U.S. dollar or other major currencies, such as the euro. However, because the exchange rate provided by merchants and hotels may be unfavorable, this often brings additional costs. Merchants in border communities can accept currencies of neighboring countries. E.g,AmericaThe northern border region may accept the same coin as the corresponding U.S. coinCanadaCoins are not Canadian dollars, and in the southern United States, Canadian currency is usually worthless locally.MacaoIn fact, the Hong Kong dollar is accepted at a ratio of 1:1, and the difference in small transactions is not obvious. However, even inHongkong, The price of converting Macau into Hong Kong dollars outside of Macau is very expensive, if not impossible. Another example isMalaysiawithSingapore, Malaysia’s cross-border transportation related costs are accepted in any currency at a ratio of 1:1, so it is very unfavorable to use Singapore dollars instead of Malaysian ringgits when buying train tickets or paying. For tolls.
For long-distance travel, be sure to extract notes from your own currency, only the latest redesign (unless it is new). Banks in your destination cannot easily or cheaply exchange worn-out currencies into their own currencies. Old paper money may depreciate if it is accepted. Even in good condition, previous currency designs may not be accepted due to counterfeiting issues. If possible, go to the bank earlier in the day and before the departure date and ask for the "new" currency.
The biggest disadvantage of cash is risk. If you lose it, you cannot get it back, and if someone finds out that you have a lot of cash, you will become a potential trademark. The pickpocket article discusses some defensive measures, but there is no complete defensive measure-carrying cash always brings risks. Travel insurance may steal cash to a certain value.
When you use local currency, please be familiar with the basic banknote design and its security features (watermarks, holograms, etc.), and pay attention to counterfeit and outdated currencies. Banks and money changers (operating outside the office, rather than flashing piles of cash from a coat pocket) are almost always safe, but taxi drivers and small merchants may want to pull out useless bills. If in doubt, please reject unfamiliar banknotes. In addition, pay special attention to large-denomination banknotes, as they are usually counterfeit.
Where to get or exchange for cash
In many developed countries, the best option (considering convenience and generally good exchange rates) is to use an ATM in the destination country instead of bringing in large amounts of cash for exchange. The fee is moderate, each transaction is fixed, and the other is a percentage of the amount charged. A fixed fee means that you should withdraw a large amount of money for a few days in the area where the currency is used. Sometimes, ATMs offer multiple currencies, usually driven by their location and customer base. ATMs in developed countries may provide multiple languages for use, depending on the customer base.
- You may need to pay to check your balance from a foreign ATM (this fee is levied by the issuing bank). However, sometimes your balance will be printed out on the cash withdrawal receipt for free. Due to various exchange rates and fees, the amount displayed on the screen may not be accurate. Therefore, the best way to check your balance is to implement a secure online banking service with a local bank before traveling, which is provided for free. When viewing your account activity online, your ATM withdrawals and purchases will be converted to your home currency. Your bank may also provide its own app for your smartphone to access your account anytime, anywhere, so please contact them.
- If you travel a lot, consider opening a bank account with a bank with global operations, such as HSBC and Citibank. They provide accounts denominated in major currencies. If you have a foreign currency account at these banks and withdraw from ATMs abroad, you may face no or reduced withdrawal/inquiry fees. In addition, if you deposit a large amount of money, you can get advanced personalized assistance abroad by walking into their branch, just like your branch in your home country.
On the contrary, there are usually larger fees and/or poor currency exchange rates associated with currency conversion (described below). You should not exchange more than you need. The basis of currency exchange work is to sell foreign currency at one interest rate and buy it in another situation. Before leaving home, make sure you knowCurrent interbank exchange rate. If competition is more intense, interest rates may be better.
The most convenient location (such as an airport, shopping mall or major hotel) may be the worst transaction price. If possible, check the difference (or price difference) between "we sell" and "we buy". When this exceeds 10%, you will definitely be ripped off. The best exchange can be as low as 2%. In addition, check whether there is any additional commission for each transaction and its amount. Transaction counters such as those associated with jewelry stores or pawn shops usually have fairly reasonable prices. You can usually exchange foreign currencies directly with banks, but some banks will only entertain you when you have a large amount of money. In addition, some banks will require you to fill in some documents and/or show a valid ID. Another disadvantage is that most of their working hours are limited, so on weekends and holidays, you are out of luck.
In some cases, it is better to exchange funds before leaving, while in other cases, it is better to exchange funds at the destination. As a general rule, lesser-known currencies in the world have lower exchange rates abroad. In fact, they may first be converted to a well-known currency like the U.S. dollar and then converted back to the main currency at an unfavorable interest rate. If this is the case, please convert your home currency to the main currency (usually USD) before leaving, and then convert the main currency to the host currency on arrival.
Today, most major currencies can be counterfeited. Study the notes of a foreign currency to familiarize yourself with its look and feel. Almost all currencies use anti-counterfeiting technology, including color-changing inks, watermarks, special lines, rainbow-colored inks, raised printing, holograms and other features. Get familiar with them so that you can quickly check them when you get new notes, whether it's a change or currency exchange. If you are not sure, don't be afraid to say that you would rather get a different note, or that you would rather get two smaller notes to change. (For example, if you get an appearance change 10 that you don't like, then request two 5s). If you end up with a counterfeit product, you will not be able to get compensation after you leave, and you may eventually need to explain to the police.
Convertible currency
Convertible currencyIt is a currency that can be easily converted into another country's currency. Instead, aNon-convertible currencyIt is theoretically worthless outside its country of origin. Some countries, such asCuba, Still issuing a convertible currency for tourists and a non-convertible currency for locals. existTunisiawithIndiaIn some countries, importing or exporting (non-convertible) dinars and rupees is technically a crime, although such regulations are rarely enforced. Still, find out the laws beforehand and follow them.
Convertibility is set by law and is not always fully reflected in reality: certain currencies such asIndiaThe rupee is not convertible in theory, but it is fairly easy to trade in practice, while others likeSwazilandIt is completely convertible in theory but almost impossible to sell or buy in most parts of the world.
Despite the name, unreliable currencies can often be "buy" at discounts outside the country of origin, because the person holding the goods wants to get rid of them. It's harder to find people to "buy" them. Please also note that state-run stores in some countries will also insist that tourists show "proof of exchange" to prove that their money is obtained from legal sources such as local banks with official (usually poor) exchange rates. If you want to change your country Any funds that are not needed usually require such certificates.
If you travel to a country where the currency is not convertible or where you actually buy and sell in your country, you should convert all your funds to major international currencies before leaving that country. Generally speaking, the following currencies can be exchanged at banks anywhere in the world: US dollars, Euros, British pounds, Japanese yen, Swiss francs, Australian dollars and Canadian dollars.
hard currency
In many poorer countries with inflationary, unstable and/or non-convertible currencies, foreign hard currency may be more useful than local currencies. Although its value fluctuates, the currency’sGold standardis stillDollar. It may be directly accepted by the locals, but it is not necessarily a good exchange rate. In fact,Caribbean, America andSoutheast AsiaSeveral countries use it asIn factevenOfficial currency。EURIt is also increasingly accepted, at least in areas with many European tourists, and small neighboring countries with economic strength may also accept regional hard currency: for exampleThailandThai Baht [[Laos] andCambodia、AustraliaDollars, or sometimesnew ZealandDollarOceaniathe most part of.
If your domicile or destination country/region does not use world-renowned currencies, you should use the most frequently exchanged hard currency at your destination. For example, people traveling from Singapore to Mexico should take U.S. dollars. Although this involves a double conversion, it almost always proves to be cheaper than a single conversion (ie, the Singapore dollar exchange rate for Mexico can be bad).
You can also use hard currency when bargaining with locals by offering coins instead of local currency. Use the conversion rate to your advantage and provide a quote in hard currency. It may help to show a few dollars during this process, but be sure to show only what you are willing to pay. Also, if you plan to bargain, be sure to provide a small note so that you don’t need to make too many changes, especially if you are just bargaining. You don’t want to give suppliers 50 for goods worth 5; you will invite suppliers to try to sell you more, or worse, let nearby pickpockets know how much you have.
It is wise to separate hard currency in emergency storage from all other items and valuables. Some companies dealing with many foreign tourists may also accept foreign currencies, but they almost always bear the inconvenience at a lower exchange rate.
Black market exchange
In some countries, the official exchange rate is fixed at a totally unreasonable or unrealistic exchange rate. In these countries,black marketIt will provide a more realistic assessment of the value of the currency, which is actually inevitable. For example, in 2007, the official exchange rate against the US dollar was 250Zimbabwean Dollar, And the black market exchange rate reached 600,000.
In other words,Black market trading is very risky. First, black market transactions are "illegal." If arrested, both buyers and sellers may face severe sanctions: the seller may even (or cooperate with) a policeman exit the trap. Secondly,FraudThe risk is high: you may receive obsolete banknotes, counterfeit banknotes, less than the promised amount, or nothing at all. Think carefully about whether you need to exchange, because companies in countries with a basket of currencies are usually more willing to accept hard currency directly (although this is usually illegal), and you may get all the local currencies you need as changes.
Change only a little in one place, and change the rest in other places, so that if you are cheated, there is no loss.
The key indicator of successful black market trading is receipt of money "before you hand it over." Calculate the notes, check the notes carefully, compare them with existing notes, and "the only way" to give your own money to the supplier.do not wantAllow them to take back the money they gave you, because this is a place where you can use all kinds of tricks to replace the legal binding with something completely different.
In countries with reasonable foreign exchange rates, it is best to avoid the black market altogether: you can only gain a small amount at most and lose all your funds.
NepalwithIndiaThere may be exceptions in other countries, where legal transactions at the bank may waste an hour or more, but most hotels will exchange money for you immediately and safely. The speed may not be much better, but it is convenient.
small change
Once you leave a country, you cannot exchange coins. Exchange them before you leave, put them in a charity box, or commemorate them. Familiarize yourself with the coins and currencies of the target country. Do not mix coins or coins from various countries in your pocket. This will save you from collecting too many coins before setting off. To avoid accumulating too many coins, please try to use them to pay during cash transactions (not paper money). Some countries have relatively high value of coins (such as 5 Swiss francs, 2 Canadian dollars or 5 Bosnian convertible marks). It is recommended to spend money first.
In the US, you can find Coinstar machines in many supermarkets. This will require some small changes and be converted into eCertificate for some stores or used as a coupon for consumption in your store. There is a 10% charge for store vouchers, but this is better than carrying a lot of coins.
Exchange rate
Foreign currency exchange is similar to the stock market; however, large daily changes are not common. It is very important to know whether a given exchange rate is the number of foreign units in your home currency, and vice versa. Letting it go backwards can be a very expensive mistake. If the values of the two currencies differ by two to three times, this error is most likely to occur.
The best way to avoid any confusion is to find out if a currency unit of the destination is more or less than your home currency. For example, the value of the pound sterling is more than one dollar, while the value of the yen is much less than one dollar. Higher-value currencies should have an interest rate greater than 1-use this multiplier. Conversely, currencies with lower value should start with a decimal (for example: 0.2345), and multipliers can also be used. If you only have the velocity in the other direction, the reciprocal or reverse key (usually 1/X) on the calculator will change it. For example, if your exchange rate is 4.264, but you know that its value is lower than your home currency, the countdown key will again (approximately) switch it to 0.2345. As an error check, the two forms of rate multiplication should be closely equal (1:0.9999...or 1.0001...or similar).
Both forms of exchange rates are useful. Using the previous example, upon arrival, you will receive 4.264 units of foreign currency per unit of domestic currency (minus fees). When you leave, you will receive 0.2345 units of your national currency for each remaining foreign currency unit (again, minus fees). Similarly, multiply by 0.2345 to convert foreign prices into national currency.
At the exchange counter, the "buy" and "sell" prices in your home currency will be displayed. The closer they are (called "spread"), the better the transaction. The less common currency exchanges may have large spreads, so buying and selling is quite expensive.
Carry cash across the border
Countries will strictly track large capital flows across national borders. This is mainly to prevent money laundering and transfer of cash to underworld organizations. If you transfer money between international bank accounts, this is done automatically, but if you carry a large amount of money (usually more than 10,000 US dollars, Euros or similar hard currencies), you need to declare. Don’t forget that currency instruments such as traveler’s checks are also included. Payment of taxes is not exempt from these legal restrictions.
The rules regarding personal and commercial inspections can be confusing. If you bring a check to pay to yourself or a tour group, the amount of the check exceeds the threshold, then you need to declare. Normally, there is no need to report a check from a foreign country and a check on a bank in the same country as the recipient. The important thing is if the funds come from overseas funds of the payee-not where you are at the time. You can control your foreign funds without reporting, but you cannot import/export them.
Some countries (mainly the third world) have such low import/export restrictions in their national currencies (but not the US dollar, euro, etc.), and these restrictions may represent a fractional change. Normally, this is because local laws have not been updated for hyperinflation. However, in this case, the currency is usually not convertible abroad, and/or the rules are not always strictly enforced.
Some countries, such asIndiawithNorth Korea, Does not allow the country’s domestic currency to import or export. This means that you must remit all the funds you need in U.S. dollars (or euros) and convert them into local currency on your arrival. Similarly, you must convert all local currencies to U.S. dollars before leaving.
Get money urgently
American Express credit card holders can obtain emergency cash in the form of traveler’s checks at foreign American Express offices and designated affiliates (usually travel agencies or banks). If the location is not a bank, you must go to a foreign currency exchange office or cash the check. Be sure to bring a blank check to your checking account at home, or at least know the account number (the number printed on the bottom of each check). The fee for issuing traveler’s checks is 1%, and the total amount is not a cash advance for American Express. However, if the cashing of the check is delayed, they will cash your credit card in advance without your further permission. Keep an eye on your checking account and make sure it is cleared within a few days. In addition, you are not required to be in a state of poverty, as the service is available for any reason.
If you have someone willing to give you money, there are several ways to get money quickly. These include:
- Your embassy may be able to provide short-term emergency loans. However, this cannot replacetravel insurance. In many cases, the embassy may only provide assistance in obtaining loans from third parties.
- Ask someone to go home and deposit directly into your bank account. Then, you use ATM to withdraw money. If you have a PayPal account, you can do it online through your computer. The money will take a few days to transfer from your PayPal account to your bank account (weekends and bank holidays are longer), and "don't forget to activate it on the PayPal website as soon as possible" is possible. However, if you have a PayPal debit card (MasterCard / Cirrus), the funds will usually be available immediately. (Do not make the above transfer in this case.) There is no charge for funds sent directly from family and friends' bank accounts (ie non-commercial transactions), but credit/debit card and foreign exchange fees apply. Generally, these costs are similar to or slightly lower than other costs. Although PayPal provides many foreign currencies for remittance,The funds must be in the same currency as your bank account. Only when you rely on a trusted friend abroad, can you send funds in foreign currencies.
- MoneygramIt is a private money transfer company with many franchise stores around the world. Someone can pay in an office, give the recipient's name, and give a reference number. If you have a reference number and some form of identification, you can get cash anywhere in the world within an hour. The fee is higher than inter-bank transfer, but it has an advantage that you don't need an account in the sending or receiving country. There are some specialMoneygramStores, but in most countries, agents are in small supermarkets (usually providing services for foreigners), newspaper dealers/tobacco merchants and some banks, usually in areas with large immigrant populations. In the UK, the post office is an agent.
- pass throughWestern UnionWait for the wire transfer service to get funds from friends. (Similar to MoneyGram). If you know your credit card number, you can use it to pay yourself some money. However, this is very expensive because it will be treated as a "cash advance", in addition to the high Western Union fee.
- Send some paper money by overnight express service (this is reliable, but some express companies expressly do not allow money to be sent in the terms of service.)
- you cansellPersonal belongings, such as cameras or sports watches.