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Getting Cash Abroad | Best Way to Exchange Currency When Visiting Another Country - YouTube
Channel: Trip Astute
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Hi there, it's Ernest from Trip Astute.
Today's topic: getting cash abroad.
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(light chiming music)
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Most people know that I prefer using credit
cards when traveling, especially
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internationally. However, there are times
when cash is the only option, and in
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those cases, getting cash when you
arrive in the country makes a lot of
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sense. You've probably seen the
currency exchange booths at the airport.
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They look pretty convenient. You walk down
the terminal and you see a little booths
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with a bunch of exchange rates and you
think, "wow that's an easy way to exchange
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cash." Well, there's a catch. The exchange
rates and fees of those booths are
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generally pretty unfavorable. That's why
I avoid them at all costs. A better way
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to get cash when you're traveling abroad
is to use the ATM. Even if the ATM
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charges you a transaction fee, it's
generally less than what the exchange
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boosts will charge you. Plus you're
getting a much better exchange rate when
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using the ATMs. Still you may want to
check with your bank to see what the
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fees are. I've included a link below that
shows some of the fees for the major US
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banks. If you're really savvy, I would suggest
finding a debit card that doesn't charge
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you a fee, or that reimburses you for any
overseas fees. One such product is the
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Charles Schwab High Interest Checking
Account, which includes a debit card that
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reimburses all ATM fees, both domestic
and international. it's a great card to
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carry, and I usually load it up before my
trips overseas. What I usually do is
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actually carry my normal banking
debit card and leave it in the hotel
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safe, so I still have it in case I need it.
But my general everyday debit card when
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traveling overseas is my Schwab debit
card. And what I like about it is that it
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adds a little extra buffer between my
normal checking and what I need for my
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trip. So if my card gets stolen or if I
misplace it, I'm not as concerned about
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it as I would be if I lost my primary
debit card.
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Before your next trip though, here are
some tips to keep in mind when getting
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money from the ATM. Number one: research
how much money you plan to withdraw
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from the ATM. I can't tell you how many
times I've been to the ATM and try to
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withdraw money, only to be completely
confused at how much the exchange rate
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is. I'll see things listed in the local
currency and wonder how much is it to
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withdraw the equivalent of forty dollars
or maybe twenty dollars. You can save
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yourself the trouble by looking it up in
advance on an app or on a board. The
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bottom line is just have an idea of how
much the exchange rate is. It'll save you
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a little bit of trouble when you
actually withdraw money. Number two: look
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for ATMs with official logos. In general,
I find that the larger banks have more
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reliable ATMs. I've been in situations
where I've tried to withdraw money from
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a convenience store or gas station, only
to have the ATM freeze or completely
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reject my transaction. I've even been in
airports where I've used a smaller bank
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and my transaction has completely failed.
So my general rule of thumb is try to
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stick to larger banks. You'll probably
have a better chance of getting a
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successful ATM withdrawal. Number three:
use ATMs in more high traffic areas. In
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general, you're less likely to get mugged
in a place where there's a lot of people.
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That being said, I've heard stories of
people being mugged in airports and in
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other locations where there's a lot of
tourists, so just keep your your wits
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about you. You never know who may be
around the corner or who may be scoping out
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the ATM, so always have your guard up
whenever you're getting cash from the
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ATM. Number four: look for any tampering on
the ATM itself. Make sure that the ATM
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hasn't been altered in any way. One of
the most common scams is for thieves to
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install a swiper in the card reader. Just
make sure to take a look at your ATM and
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make sure that there aren't any visible
signs of tampering or alterations to the
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machine. And lastly, number five: notify the
banks of any travel plans that you might
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have, especially if you're going
international.
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The last thing you want to do is to
travel abroad, go to the ATM, and have all
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your accounts shut down or put on hold
because you didn't notify the banks that
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you are traveling. Take the extra second.
You can usually do it online, or if you
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can't do it online, just call the bank or
your credit union and let them know your
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travel plans. It'll save you a huge
headache when you travel. Anyway, those
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are some quick tips on getting cash when
abroad. I've included some helpful links
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below, especially one to the Charles
Schwab High Interest Checking Account, in
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case you're interested in applying. Also,
if you have any tips or any questions,
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please add them to the comment section
below. As always, if you like this video,
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please click the button below and hit
subscribe as well. Until next time, travel
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safe and travel smart.
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