3 MUSTS before traveling outside the United States

Traveling is the thing I love to do.  Not sure if it was because I was born in the UK (the British can be found traveling all over the planet) or because I simply cant sit still.  Exploring the world for me has always been new and exciting.  A couple years ago I opened a foreign currency exchange, much like the ones you find at the airports except i provide my customers with extra tips on traveling.  Here are three things I have learned and wanted to share with first time travelers or experienced one.  Hope this helps.

 

Exchanging Money and Banking

So many times people tell me they want to exchange $1000+ for foreign currency before they leave the US.  My question is usually WHY? Why wander around with $1000 in your pocket, you wouldn’t do that in the US, why do it while traveling. If you have an ATM Card you should be in good shape.  Here are a couple extra tips on how to use it:

  • I realize many people are not big fans of the big banks but when you’re traveling, these cards are GOLD!
  • If you have a Chase, they are essentially JP Morgan and JPM has ATM all over the world. Before you leave check the CHASE website to see where the ATM is before you go there to save yourself time hunting for one. This will allow you to stay in network, have minimal transaction fees and a better exchange rate. Lastly, you can apply ONLINE and they will get you the card quickly.
  • Bank of America has “Partner Banks” all over the world and if you want to use your BofA card check this link  to find out WHO are their banking partners. This will allow you to stay in network.  Also, here are some additional tips from BofA .
  • If you don’t use one of these banks you can still take your ATM/DEBIT card just make sure you use the major banks in the country and NEVER use a 3rd party ATM. You wouldn’t walk into a Circle K in the United States and use an ATM, do the same when traveling, if it looks like a small ATM it probably is and you want to stay away from it as they charge heavy transaction fees and the rate is terrible.

 

Credit Cards

This is one thing I cannot emphasize enough, check your credit cards to see if you ALREADY have one that has NO FOREIGN TRANSACTION FEES.  This will be the best exchange rate you can get.  I want to repeat, THIS WILL BE THE BEST EXCHANGE RATE YOU CAN GET!  If you don’t have one get one, go online and find one either with the banks you already have a relationship with or simply search Google for “credit cards with no foreign transaction fees”.  You will find lots of options and the one you will see the most of is CAPITAL ONE.  Find one that works for you and use this card to purchase EVERYTHING.  Then pay it off when you get back.

Cell Phones

Before you leave contact your mobile phone carrier to see what they have regarding “Internationals Rate Plans”. You will want to get this taken care of BEFORE you leave so its in place when you land.  If you are like me its nice to have communication and maps at your finger tips so your spending time exploring that’s fun vs getting lost and frustrated.

  • ATT has “International Day Pass” and its good in 210 countries. In most cases its $10 a day.  https://www.att.com/international/day-pass/
  • Verizon has “Travel Passhttps://www.verizon.com/support/travelpass-faqs/ check out this link for more information
  • T-Mobile has a website where you can get more info at https://www.t-mobile.com/coverage/roaming
  • Check with other service providers for their rates
  • Rent a “WiFi HOT SPOT”.  There are lots of options, they work pretty well, you can use WiFi Calling on them (instead of Cellular Service which can be expensive if you don’t educate yourself before you leave) and you can have MULTIPLE devices connect to them.  You can get one before you leave the U.S. or in many cases you can pick up when you get to your destination. All the major mobile services can provide them and they are relatively inexpensive when you rent them for 30 days.  Google “International Mobile Hotspots” for a search of options.

Hope these tips help.  Travel safe, have fun, explore and enjoy.

Cheers,

Mark Parton

Scratch Exchange is a foreign currency exchange in Scottsdale, AZ. Visit us at www.ScratchExchange.com

 

Want lots for Foreign currency for next trip? Three reasons you don’t!

Traveling is back and after 2+ years of people staying put or staycationing they are ready to go.  Many of our customers and clients come to us looking for large sums of their destinations local currency.  Truth is its good to take a little so you have it when you land and get the rest at LARGE BANK ATMs as you need it. Here are three reasons you don’t need lots for Foreign currency for next trip.

It’s not safe! Normally you wouldn’t walk around with a lot of cash, same thing when your traveling but more so.  Realistically you’re a tourist, out of your element and chances are the locals (good guys and bad guys) can see and sense this.  If there was ever a target on you its then. A little in your pocket is good for markets and incidentals not a large amount.

Good, safe ATMs are plentiful and easy to use.  When you need cash in the US you go to your banks ATM.  When traveling, same thing but use large foreign banks. Large foreign banks have their name on the side of the building and should be recognizable as a bank. Don’t use small, stand alone ATMs like the ones you see at a gas station in the US, as they have poor exchange rates and large fees. They should take your bank card and pin but confirm with your bank before you travel.

If your bank doesn’t support foreign ATMs then get an account at one of the larger banks like BofA or Chase. Its easy to get an account and in some cases you can apply online.  These two banks have either partners or their own ATMs all over the world.

Use Travel Rewards CREDIT CARDS exclusively when possible.    Find yourself a good Travel Rewards Credit Card, as they have NO FOREIGN TRANSACTION FEES and you get the BEST exchange rates from credit cards vs exchanging cash.  All the big banks have them. Ask your bank about one and if they don’t have one click this link for some ones we found.

Dont over think it, bring a little cash and travel safe.  But most importantly see the world, meet new people and have fun!

Best Way to Get Cash When Traveling

For the last 20 years I have been traveling the world with my wife, and now my daughters and I am always amazed at how things change when it comes to getting cash when we are abroad.  Every few years it seems like there is something new, things get a little better and its easier to acquire cash when you get to a foreign country.  Here are our experiences with getting currency, how they have changed over time and the best way to get cash when your traveling. Continue reading “Best Way to Get Cash When Traveling”