How to Handle Money Overseas
|
| |
| |
By Cathy Severson, MS
Dealing with money during senior travel abroad can often feel frustrating. These days, travel has become an overwhelming endeavor for the elderly. Learning where to exchange money, how to make purchases and get the best rates are just some of the areas where people struggle. The following travel money tips will help to ease the stress of embarking on an overseas venture.
Before you leave on your trip, contact your credit card company and tell them of your travels. Give them your itinerary, what countries you will be in and how long you will be there. Try to take a credit card that is widely accepted at your destination. For example, American Express is accepted less in Europe than Visa or MasterCard.
Many people, including new seniors, feel more comfortable with traveler’s checks. However, they are not used as widely and may be more difficult to cash. Few merchants will accept them. There may be additional fees attached to using traveler’s checks. Nonetheless, they are more secure than cash and can usually be replaced within 24 hours if lost or stolen, which is an ideal asset for the senior population.
Find out the tipping customs for the country you’ll be visiting. Some countries don’t have tipping at all, and many tip at a much lower rate than the United States.
Make sure you have small denominations for tipping and purchasing small items. We have found in larger cities, using ATM’s was the easiest way of managing money. The exchange rate with an ATM was better than at a bank counter. Check with your bank to see if your ATM card will be accepted at your travel destination. Also, confirm you will be able to use your PIN at foreign ATM’s. Many car rental agencies will not let you reserve a car with a Debit or ATM card. They will however, let you pay with these cards.
Many restaurants and stores will not accept either credit or ATM cards, so you will need cash for many of your daily senior activities.
Make sure you carry a small calculator for converting money. You can also purchase a currency converter or you can make a simple chart that you carry in your wallet. (The example below is based on exchange rate at the time of publication.)
|
1.00 USD |
.68 Euro |
|
5.00 USD |
3.42 Euro |
|
10.00 USD |
6.85 Euro |
|
15.00 USD |
10.27 Euro |
|
20.00 USD |
13.69 Euro |
|
|
|
|
1 Euro |
1.46 USD |
|
5 Euro |
7.30 USD |
|
10 Euro |
14.6 USD |
|
15 Euro |
21.9 USD |
|
20 Euro |
29.20 USD |
Find a safe place to keep your money on your body. If your hotel or cruise room has a room safe, store the majority of your money there. Only carry enough cash for the day with you.
The best time to think about your money is before you leave home. Think about where you are traveling to and what you’ll be doing. Retiring to overseas travel is a popular activity, but you need to keep track of your finances. Retirement in financial stability is a crucial milestone. You want to get the most out of your money while you’re away.
|
|
| |
|
|
|
| |
