Friday, November 09, 2007

Bringing Money on Vacation

So I am about to go on vacation; plane leaves tomorrow. And since this is a blog about money, I thought that I would talk a little bit in this post about my plans for the vacation and how I plan to manage the money.

1. I plan to bring several hundred dollars of american money to convert to foreign currency in an airport exchange.
2. I plan to bring several hundred dollars of travellers cheques in american currency which I will likely exchange at the hotel or a bank during my stay.
3. I plan to use a credit card for major purchases and to pay for parking when I return.

Even though this vacation will be somewhat expensive, it will be quite fun since the money has been diligently saved up in order to really enjoy it. Furthermore I feel comfortable with my progress toward financial goals so this will be a real treat.

Of the options above, here's why I am doing each. First, I like to have some currency on hand. Second, I like to have additional currency that is available in the event of a stolen wallet etc that I should be able to get back quickly. Third, I like to avoid some of the fees that I will likely incur with the first two options. The third has some fees too as I read in this article.

But in the end I am comfortable with this three-prong strategy. What do you usually do when travelling abroad?

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