Joe Louis climbs the Petronas Towers
Water resistant adhesive bandage. Or maybe the adhesive bandage with disinfectant gel. Or possibly the extra-sized wound bandage.
I look at the price of each item on the shelf, then I look at the small pile of coins in my hand. Not much of a choice. I grab the small, generic bandage box and leave the last of my Indonesian Rupiahs at the counter. Exact amount.
Earlier that day on the way to the airport shuttle van in Ubud, the rain started to pour down in a typical Indonesian afternoon deluge. Not wanting to get too wet and not wanting to be too late, I sprinted up the flooding street. I was within twenty feet of my destination when I slipped and scraped my knee. I then proceeded to wait an extra hour and a half for the shuttle that was late.
It may seem lucky that I had just enough money to buy Band-Aids at the airport pharmacy, but it was more a result of careful planning than luck. I monitor my cash flow and expenses while traveling, but am especially conscience during the last few days before leaving. I hate paying ATM fees and it would be painful to have to take out money a day before leaving. So I set aside money for known expenses such as transportation and lodging, and pace the remainder. It’s always good to have $5-10 for the airport in case of delays or munchies. Or scraped knees.
<strong><em>Ubud, Indonesia</em></strong>
<strong>Plastics are the future</strong>
Many developing countries don’t even take credit, but for the places like Europe that do, you’ll want the right card. Most cards charge a transaction fee of about 3% on every purchase. That adds up. For every $1000 spent that’s a $30 contribution to the bank’s coffers. Better to spend that money on Hagen Daz.
Get a card with <em>no transaction fees</em> as well as one with a good rewards program – this can turn into a long distance flight pretty quickly.
I recommend looking into Capital One and the Chase Visa Sapphire cards.
<strong>Bank fee; not in your favor</strong>
The fees for withdrawing cash are even more damaging than those for credit cards. Banks may charge a $5 ATM fee, then 3% of the transaction, plus the local bank’s ATM fee. That could be 10% every time you take out a couple of week’s worth of cash. And to think, we taxpayers have to bail these banks out after all they do to us. At least muggers don’t come back and ask for a car loan. There aren’t many banks that are fee free, but some are better than others for international access. Look into Capital One 360 accounts and small credit local credit unions.
<strong>Cash rules everything around me</strong>
Have some USD. It’s a universal currency accepted by money exchangers in almost every country. If you only need $20 until you fly out to the next location, it may be worth it to just exchange cash, commission free.
<strong>Monitor your money</strong>
Every few days check how your cash on hand situation is. Always set a mental checkpoint 3-4 days before an international flight to anticipate an upcoming ATM run. If your bank does charge large fees, look into overseas partner banks that may be in your network and scout them out during ATM visits.
