How Can I Protect My Money When Traveling?

One cannot travel without money these days. Obviously, to carry much cash is very risky, and in some countries your home currency may not be easy to exchange.

One safe way is to carry traveller's checks. The type of currency you use depends largely on where you are going and what is happening in the money world. Your bank or travel agent can advise you. Traveller's checks can be cashed in banks, hotels and many retail establishments anywhere in the world.

Surprisingly, you may not get the same exchange rate for your traveller's checks in the same country. Hotels usually offer lower rates of exchange, while some retail shops offer higher exchange rates to obtain your business. So it pays to make inquiries and compare exchange rates.

It is also advisable to cash a check only when it is necessary. If you obtain too much local currency and do not spend it, you can lose money when exchanging it into another currency. Keep your exchange vouchers and receipts, but separate from your checks, since details of when and where you cashed your traveller's checks are required if you lose any and wish to make a claim. If lost or stolen, they can usually be replaced without delay, or, at least without too much difficulty.

An internationally acceptable credit card can also be convenient to have, although this is not as flexible as traveller's checks.

Many find it wise, too, to take out travel insurance, which can cover loss or theft of possessions and expenses incurred due to sickness, accident, or even delay caused by strikes.

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