Prepping with Cash: Know Before You Go

Before venturing to another country, ensure you’re well-versed in the currency exchange policies of the regions you’ll be traversing. Some countries may only accept specific denominations or have preferences for the condition of bills, emphasizing the need to stay informed.

Pros:

  1. Independence from Infrastructure: Cash provides independence from electricity, banks, or urban centers. In rural areas or during unforeseen disasters, where card transactions or ATMs may be scarce, having cash ensures seamless functionality.
  2. Budget Adherence: For those on a tight budget, the tangible nature of cash helps in maintaining a clear awareness of spending limits.

Cons:

  1. Potential for Unexpected Expenses: Unforeseen circumstances can lead to needing more money than initially expected. Missed transport or underestimated costs upon arrival are common scenarios.
  2. Security Risks: Cash is susceptible to loss or theft without any tracking mechanism. Once gone, it’s unrecoverable.
  3. Likelihood of Spending It: Possessing the entirety of your spending money in cash may encourage discretionary spending, especially if you’ve exchanged currencies.
  4. Limited Acceptance: Not all places accept cash, particularly when making reservations or booking online, where credit/debit cards are often required.

Special Considerations:

  1. Different Pricing for Foreigners: Some establishments may charge higher prices for foreigners compared to locals. Researching costs and potential discrepancies in pricing is crucial.
  2. Foreigner Vulnerability: Carrying a significant amount of cash as a foreigner may attract unwanted attention, increasing the risk of theft.

To Exchange or Not to Exchange: Currency Strategies

Whether to obtain the local currency before arrival depends on the destination and its reliance on cash. Most airports have currency conversion kiosks, but their operational hours may be limited. Researching the availability of ATMs at the airport and local currency usage is advisable.

Currency Exchange Resources:

  • Airport Layouts: Check the online layout of the airport(s) you’ll be flying into to locate ATMs and currency conversion kiosks. Example Layout
  • Wells Fargo Foreign Transaction Policy: Wells Fargo offers competitive rates for both buying and selling currency for account holders. Wells Fargo
  • Bank of America Foreign Exchange Policy: Bank of America also provides a foreign exchange policy for currency exchange. Bank of America