Tips on Traveling Money

Some countries regulate the amount of local currency you can bring in and take out of the country; others require that you exchange a minimum amount of currency. If you leave the U.S. with more than $10,000 you must file customs form 4790 at the time of entry or departure. For current information, check with a bank, foreign exchange firm, the embassy or consulate of the countries you plan to visit, or a travel agent before you leave.

TRAVELER'S CHECKS
Take most of your money in traveler's checks. Do not carry large amounts of cash. These are safer than cash since you're the only person who can use them and because you can get a refund or replacement if they're lost or stolen.

To save money, buy traveler's checks where you don't pay a fee. They are available in denominations of $20, $50, $100, $500, and $1,000 checks. The smaller ones are easier to cash. For safety, sign the checks on the signature line as soon as you buy them. When you want to cash a check you will countersign (sign it again) in the presence of one who is cashing it. Don't countersign the check until you know it will be accepted. Always bring adequate identification with you. If you're out of the U.S. a passport is all you need; otherwise be prepared to show a driver's license and credit cards.

To minimize your potential of total loss keep some of your traveler's checks in your luggage, purse, wallet, or handbag. If traveling with a friend, split the checks between yourselves.

Keep a record, at home as well as with you, of traveler's check serial numbers, denominations, the date and location of the issuing bank or agency where you purchased them. Do the same with credit card numbers and keep this information in a safe place separate from your traveler's checks so you can quickly get a replacement. Have the phone number to call in case of lost checks.

When you return home, cash in your unused traveler's checks as soon as you can. You can hold them indefinitely but you lose interest on your money tied up in these checks.

CREDIT CARDS
Carry at least two major credit cards in case you have seriously underestimated the cost of your trip. Visa, MasterCard, Diners Club, and American Express have many bank cash machines (ATM's) and allow you to charge merchandise and travel expenses all over the world. Acceptance of certain cards can vary from country to country. Check with your issuing bank for the countries where the card is accepted. Don't take with you any unnecessary credit cards.

Check the expiration date to make sure it will be valid the whole time of your trip. Also make sure you know how much credit you have available. To avoid having your credit unexpectedly cut off, keep a running total of your charges. Travelers have been arrested overseas for mistakenly exceeding their credit limit. If you are going away for more than a few weeks make arrangements with your card issuer for payment.

Most hotels require a credit card to guarantee the payment of the bill, even though you plan on paying with traveler's checks. This also "freezes" a certain amount of your credit limit that you need to plan for. Be sure your credit card is returned to you after each transaction.

In case of lost or stolen cards, have the telephone numbers to call to get a replacement.

CREDIT CARD ADVANTAGES
Credit card benefits change SO ask in advance what the latest offerings are! In the past: The Discover card (issued by Sears) gives a 5% rebate on all eligible travel arrangements . Visa will replace lost or stolen airline tickets purchased with their card. Diners Club members can book a suite at the Hilton for about the price of a single room and can be picked up at the airport. MasterCard holders can get pretrip information, emergency cash, and message transmissions all over the world.

American Express's Global Assist offers cardholders a 24-hour medical and legal referral service around the world. They will also send a prescription to people at no cost if they forgot their's. Many provide automatic travel accident insurance for personal accidents, some up to $1 million plus coverage for lost or stolen luggage. Some of the gold cards assume responsibility for loss or damage when you use their cards to rent a car. Many gold cards offer many benefits that you may not know exist--check them out.

Credit cards can also be used to obtain cash advances or additional traveler's checks in case you run out of money--up to your credit limit. Some credit cards can be used at selected ATM's (automatic teller machines) in many places around the world for cash advances. Before you can use a credit card at an ATM you must have a specific PIN (personal identification number) given to you by your bank. Keep the PIN separate from your credit cards.

If your credit card is lost or stolen, report the loss immediately. Until you report the loss you may be liable for each unauthorized transaction up to $50.

More Traveling Money Tips

• Keep careful tabs on your travel tickets--they're as good as cash. Carry them in an inside pocket, not protruding from a jacket or bag.

• Deal only with authorized agents when you exchange money, or buy tickets.

• Never exchange more money than you're sure you'll be able to use. If you don't use the money you will be paying for two exchange premiums.

• Don't rely on having money wired from home if you run out. It can take days. Instead, bring your checkbook; some hotels will let you cash $50 or $100 at the front desk if you are a guest. In the U.S. someone can send you money using Western Union, Citicorp, or American Express.