Money Matters

Money Matters

• Prior to departure be sure you call your credit/debit card companies to advise that you will be traveling outside the US. Check the expiration dates on your card(s) to ensure it is valid at least one month beyond your travel dates. This is a good time to ask about foreign transaction and ATM withdrawal fees (explained in the next two points).

• There may be an international transaction fee (1-4%) charged for some credit/debit card purchases made outside the US. A few of the cards that don’t charge fees are Capital One, Hyatt Visa, British Airways Visa Signature, Chase Sapphire Preferred, Marriott Rewards Premier, Priority Club Select Visa, Continental Presidential Plus, American Express Platinum and Centurion cards.

• When you use a foreign ATM you may be charged a withdrawal fee, but you will get the bank exchange rate. Cash will be in the local currency. Ask your local bank if they have a “corresponding” bank partner abroad that will not charge fees for ATM withdrawals. Also, inquire about any daily withdrawal limits.

• To use ATMs abroad you may need an international PIN number. Check with your bank prior to traveling.

• In Europe, most automatic machines (i.e. parking meters, highway tolls, ticket kiosks, etc.) no longer accept US credit/debit cards unless they’re imbedded with a chip. The same is true for some smaller merchants and restaurants, and the list continues to expand. For these transactions, and similar situations, it is recommended that you have euros on hand.

• The best location for exchanging US currency into foreign currency is at a local bank.

• Cash advances against a credit card result in higher (and immediate) interest rate charges. We recommend using your debit card or a pre-paid Visa travel money card.

• Think about starting your trip off with some local currency in hand. Many US banks allow you to order currency online and have it shipped via FedEx.

• Travelers checks in foreign or US currency are not recommended as they are not widely accepted and difficult to cash.

• Mexico is no longer as lenient in accepting US dollars. When using dollars south of the border, one is limited to $100 in purchases at stores and can exchange no more than $1500 a month. Credit/debit card purchases are not affected.

• Uganda only excepts USD money of the latest series 2000 and above (no small pictures bills). $100 bills will get the best exchange rate. Exchange your money at a local bank and use the Ugandan shilling for purchases, taxis, cabs, and hotels.