traveling, money

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paperclip

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hi, i'll be traveling for a year next year.

what's the best way to manage my money.... here's what i thought, does this sound ok.......

estimated spending money. €18,000

have 4,000 cash in a current account, for atm transers.

€2000 in travelers cheques

€2000 on a credit card.

€10,000 in a good saving account, rabo or the like, and transfer this to current account and credit card when needs be..........

does that sound ok?
 
Why do you want traveller cheques. I always find them expensive and cumbersome to use these days
 
yeah i';d second that about travellers cheques.. always found them too much hassle and unneccesary...always found travelling with visa, cash and online banking to transfer money the best bet
 
A lot depends on where you're travelling to, doesn't it? I am only surmising, but most people who travel for a year tend to visit at least some out-of-the-way places that mightn't necessarily be awash with ATMs or even banks or outlets that accept credit cards etc. And there might be security concerns about cash etc. In order to give a definitive answer on the best methods to use, you have the take the destination(s) into account.
 
Flymask said:
A lot depends on where you're travelling to, doesn't it? I am only surmising, but most people who travel for a year tend to visit at least some out-of-the-way places that mightn't necessarily be awash with ATMs or even banks or outlets that accept credit cards etc. And there might be security concerns about cash etc. In order to give a definitive answer on the best methods to use, you have the take the destination(s) into account.
Click to expand...

exactly, laos for example, supposed to be feck all atm's, maybe 2k travelers cheques a bit too much....
 
paperclip said:
maybe 2k travelers cheques a bit too much....
Click to expand...

Again it depends on how long you're going to be spending in the more remote places. At least travellers' cheques are secure (as long as you've remembered to keep the numbers separately in case of loss or theft!). I have found in many parts of Asia (particularly away from bigger towns/cities) that TCs are the most 'familiar' form of foreign currency. And although there's no knowing how the exchange rate will go, given the very favourable rate at the moment you might want to consider buying US$ TCs as opposed to Euro TCs.
 
Well if you are to buy them, make sure you shop around. There can be big differences in commission and exchange rate used. I would still advise carry enough cash for the leg of the trip where you think you won't have access to ATM's etc. Thats what I did in Asia and it worked. Also make sure the name on your passport matches the name on the travellers cheques extactly i.e. Not Tom if your name is Tommy. My friend had this problem and had awful problems.

Oh and buy USD cheques and not EUR. I think EUR ones are more expensive to buy even here (don't know why) and most places in Asia offer better rates for USD
 
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