Forking over cash to pay for your vacation is often just the first of many times you will be dipping into your wallet for your family trip. If you are traveling domestically, but especially if you are traveling internationally, there are some tips you should consider employing to help ensure that you don’t get ripped off.
Here are a few:
· Educate yourself. Spend some time learning about the currency of the region in which you are visiting. In most cases, it’s really not that different from American currency—typically there’s one “big” denomination made up of 100 smaller denominations. If you look closely you’ll be able to tell what is similar to a quarter, a dime, and so on.
· Stay Alert. Pay attention when you are getting change back from a retailer or waiter. If the store or restaurant is crowded and others around you are impatient you may not take a good look at the change returned to you… and you might get shortchanged in the process.
· Look for and use automatic teller machines (ATMs). They frequently have the best exchange rates and they are also very convenient. The problem: many travelers know this. Beware: if you are traveling to Mexico or the Caribbean ATMs can be cleaned out by mid-day from frequent use. Try to use them early in the day.
· Carry cash. Regardless of where you are American dollars are always useful. But, don’t stash your cash in one place; rather put a variety of bills in different places — a little in your pocket, some in your money belt, a few bills in your toiletries kit, etc. That way, if your wallet gets stolen or you accidentally leave it somewhere, you’ll still have some cash somewhere.
· Use the local currency as much as possible–even if a store accepts American dollars. You will be paying a higher exchange rate by using American currency.
· Credit Cards. Consider bringing two credit cards with you on vacation. If something goes wrong with one (e.g. it gets demagnetized or destroyed), you have a back up.
· Use up all your foreign coins before returning home. The coins of any country are generally worthless outside of it. For more information on what to do with leftover foreign currency click here.
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