If you are traveling to a foreign country there are certain precautions you should take to keep your money safe. This includes a combination of cash, traveler's checks, and personal checks.

It is advised that you take along two major credit cards in case you have grossly underestimated the cost of the trip. Before you leave the United States, it might be wise to purchase foreign currency, in small amounts, for buses, taxis, tips, etc. when you arrive at your destination.

It is important to note that some countries regulate the amount of local currency you can bring in and out of the country. Some require that you exchange a minimum amount. If you leave the U.S. with more than 10 thousand dollars, you must file a customs form #4790 when you enter or leave.

If you are not familiar with these details, check with your local bank, the embassy or consulate of the country you plan to visit. You may also check with your travel agent for more information.

TRAVELER'S CHECKS

DO NOT carry large sums of cash. Traveler's checks are safer since you are the only person who can use them and you will also get reimbursed or replacement checks issued if they are lost or stolen.

Traveler's checks can be purchased in denominations of $20, $50, $100, $500, and $1,000 checks. Consider the smaller dollar amounts since they will be easier to cash when you reach your destination. Immediately after you purchase your checks, be sure to sign them on the signature line. When you present your check you will have to sign it again in the presents of the one who is cashing it.

Remember to bring proper identification. If you are out of the country, your passport may be all you need. You may also be required to show a valid driver's license or State issued identification card, and/or a credit card.

Before you leave home, make a note of the serial numbers, the dollar amount, the date and location of the agency or issuing bank where they were purchased. You should also make a note of your credit card numbers. Keep this information in two separate places. Make sure you have a phone number to call in case your checks get lost or stolen. Upon returning home, cash in any unused traveler's checks.

CREDIT CARDS

Many travel experts suggest carrying two major credit cards in case you have unexpected expenses. Many of the major credit card companies will allow you to charge merchandise as well as withdraw cash from your card all over the world. Make sure your card will be accepted before you leave and carefully review the fees for using international ATM machines to withdraw cash. Make sure the expiration date of the card is valid throughout the length of your stay. Travelers have been known to be arrested overseas for mistakenly exceeding their credit limit. Make sure your payments are current.

You may already know that most hotels and rental car companies require a credit card to guarantee your room or a vehicle, but keep in mind that a certain amount is frozen on your credit card even if you are paying with traveler's checks or by other means.

CREDIT CARD ADVANTAGES

Certain credit cards offer benefits like rebates on travel arrangements; replacement of stolen airline tickets, and even discounts on hotel rooms. Other benefits can include automatic travel insurance, 24-hour medical and legal referral service around the world and some will even send a prescription to you at no cost if you've lost or forgotten yours at home.

Credit cards can also be used to obtain additional traveler's checks or cash advances through a local ATM machine. If you use your credit card at an ATM machine to withdraw cash, you must remember the PIN (personal identification number) that you received with the card, so make sure you have the PIN number.
These benefits vary according to the credit card company, but it would be worth making a call to find out what advantages they might have to offer.

Important Traveling Money Tips

Your travel tickets are as good as cash. Keep them safe.
When purchasing tickets deal only with authorized agents, especially if traveling out of the country.
Exchange only the amount of money you think you are going to use. You will avoid paying two exchange premiums of it have to exchange it back to U.S. currency.
Bring your checkbook or one or two checks with you. If you should happen to run out of money, some hotels will let you cash up to $100 at the front desk, if you are a guest. Having money wired could take days, so do not depend on that as an option.

Keeping these helpful money tips in mind will ensure that your next trip abroad is a fun-filled and safe one.

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