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Travel Tip Tuesday – Money Abroad

There always seems to be questions about money. Do I need to convert currency before I leave? Where can I get money exchanged when I arrive? Will ATMs work? Do they even have ATMs?

money series: different country money banknotes texture

I am from the USA and thankfully the almighty US Dollar is the universal currency. I have never been to a place that will not take a dead US President. If you do take US currency abroad make sure it is in good condition. Newer bills with no rips or missing pieces. Other countries will not take that stuff. If you do need to exchange it any gold or jewelry shop is a great place to start. They along with bigger banks will gladly exchange your currency and give you a fair rate with a small fee.

The Best way is to simply use an ATM in the country to pull out local currency. You will get the most accurate and up to date exchange rate. The ATM fees and Foreign transaction fees can really add up so before you leave it would benefit you to open an account with an online bank that reimburses these kind of fees. There are a few out there and easy to find. We personally use Aspiration Bank and have had no problem using our card in Southeast Asia and have gotten any and all transaction fees reimbursed. The Summit account can even earn interest.

In case of emergency it is always smart to carry some cash in a safe place like a money belt.

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