Currency used while aboard ?

[pickpaul]

Originally Posted by yavorcik

Bitcoin!

Access to your phone or a computer will allow you to access all your funds. There are services that instantly convert your bitcoin to any currency you would need while traveling and is much safer than fiat.

Marty

Another Bitcoin person! Little doubt the global currency will become more and more useful for international cruisers over time. The fact it eliminates identity theft is a major plus v credit cards while travelling.

[NZGrant]

Problem with Bitcoin can be the number of confirmations needed. Not a problem for a large purchase but a pain in the arse for a small one.


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[Kenomac]

After reading most of the prior posts, I have to wonder if most of you have even visited a foreign country over the past ten years or if ever?

Safe ATM bank machines are everywhere and nearly 100% of businesses accept credit cards ( but not American Express). About the only item we pay for with cash is an ice cream cone, and no.... an American $100 bill won't work for that. The world has changed, and we actually have many fewer problems with ATM and vender fraud overseas than we do while living in he USA. My travel experience is limited to all of Europe, Mexico and the Caribbean. We live six months in the US.

So stop worrying about nothing, take your Visa or Mastercard and go. If you loose the card, you'll get another.

[Lambretta]

I would recommend using this new app ....... it really is disrupter (like Uber) of note!
check it out here
https://revolut.com/
In essence what this business does is convert one currency to another at the mid rate (that is the middle of the buy and sell rate of Forex) with no other charges at all ! ..... this is really unique and there is no size limit to the transaction ..... you can convert 1 USD !!! ..... So when you are travelling you use this App to convert your home currency (at this stage only USD, EURO and GBP I think) to one of these currencies and then draw it with your Revolut debit card at a local ATM at no cost! It will knock the socks of the exchange rates you currently receive from VISA, MC, Amex etc. ..... As you can drive a bus sideways through those margins

The only reason people use banks is because one has too!
I have yet to meet someone who jumps out of bed in the morning saying ..... yippee ........ I am going banking today

[Ted and Relinda]

Todd, Relinda and I have had the extreme privilege of traveling both Europe, Aust&NZ along with the S.Pacific Islands. Spent an amazing 17 days in China. Those along with Islands cruising. I can safley say we had no problems spending money. Most tourist areas would take US cash but give change in theirs. Ok if they were honest about it. Best way we found was Capital One. They had lousy interest rate but if paid off quickly worked the best. All purchases were at that days rate of exchange, no fees applied. Accepted anywhere we went. Really worked to our advantage when a hospital visit was required in NZ. ref the insurance company not doing conversions and they ate the 20% copay. Just be sure to let them know you will be traveling and where you might be. We did have a problem once when BOA cut off the card cause we didn't tell them we were out of country. Easy fix by phone but a PIA in a foreign store... Ted..

[MarkJ]

Originally Posted by Lambretta

I would recommend using this new app ....... it really is disrupter (like Uber) of note!
check it out here
https://revolut.com/
In essence what this business does is convert one currency to another at the mid rate (that is the middle of the buy and sell rate of Forex) with no other charges at all ! ..... this is really unique and there is no size limit to the transaction ..... you can convert 1 USD !!! ..... So when you are travelling you use this App to convert your home currency (at this stage only USD, EURO and GBP I think) to one of these currencies an:

I just had a look at Revolut.
You must be a legal citizen of an EU country or UK... No Aussies yet, nor Americans.
It really is only going to work well for those who have Euros or GBP converting it into USD or other currencies.

But its a great idea and i can only wait for it to be allowed for Australians. But knowing Ausie banking regulations... Years....

[TeddyDiver]

Debit and Credit card, no cash with me except small change what happens to be in my pocket. Exception is Africa and a couple of countries like Cuba. A lot of small bills there, $1 note is worthless but when you don't have one (or clip full of them)

[pickpaul]

Originally Posted by NZGrant

Problem with Bitcoin can be the number of confirmations needed. Not a problem for a large purchase but a pain in the arse for a small one.

The transaction is instant with Bitcoin, think of the 1-6 confirmations on the blockchain like settlement on a credit card that takes days before the retailer receives the money. Zero confirmations are fine for small items.

[mikereed100]

As others have said:

Carry at least 2 credit cards and inform the bank of where you will be traveling. If you are going to make a large purchase in another country, call the bank ahead of time to warn them or it may trigger an automatic freeze on your card. Another reason to have 2 accounts is that your credit card number may be sold to a 3rd party who will then print up a card and sell it on the black market. It can take time to get this straightened out. Hopefully, this will be harder to do with the new chip cards.

We usually get our cash from ATM's, but be careful to use only the ATM's attached to the bank if possible. Some have had problems with their accounts after using ATM's in stores, marinas etc. Talk to your bank before leaving and see if you can get your daily limit raised so that if you need a large wad of cash for a haulout or repair, you won't be stuck.

In the old days, you could usually get a better exchange rate from the dude on the street corner with a wad of cash and a calculator, but this is becoming less common.

[Hud3]

Make sure you get credit cards that don't charge a currency exchange fee. Most charge 3%, which can add up fast!

Capital One and Bank of America have cards with no exchange fees.

[zeehag]

as cards have no merit i=on water, unless you are a corporation, it is intelligent to make sure you have 50-100 usd in the currency of either all of the countries you plan on visiting, or 100 usd in the currency of the next cuntry planned. if you get all before you leave, you run risk of losing money due to exchange rate fluctuations.
when i eft usa peos in mexifo was 12 to 1 usd. ha ha ha ha ha
now it is 18.30 or so to one usd. wouldnt you rather have also waited?? !!!
pangeros donot take cards when you are in dire neeed of emergent assistance and you can pretty much forget towboat screwus and seatoad. no there is no organized towing in mexico. 500 pesos stillgets ye a good decent tow.

[weavis]

When carrying cash in the pocket.
Wrap a rubber band around the wad.
Difficult to withdraw from the pocket as it sticks to the lining.

As detailed by a Police officer who travels a lot in crime areas.