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Guest Kenny

How I Carry Money on the Road

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Guest Kenny

First up,I'm talking about Australia so you need to adjust my method to suit your base country.

Second, It's how I do it, and it's worked for me for many years, saved my hide a few times too.

 

Get two bank accounts that for preference have no monthly fees.

I use ANZ and NAB in Oz, neither charge a service fee.

Open two accounts with both banks and have them issue a Debit Visa card on the first of those accounts. (NAB actually give me 5% on the second account)

Organise internet banking for both banks and each account.

Just by the way, ring the banks before you leave an tell them you will be travelling and roughly where. Visas computer can shut an account down if your Melbourne Visa card suddenly shows up in Manilla.

 

OK, so, as an example, lets say you have $10,000

Put $500 in the first bank account 1 and $4,500 in first bank account 2

Do the same with the second bank.

Make sure you record securely the BSB and Account numbers of those accounts.

Not necessarily part of travel but I personally have one of my accounts linked to Pay Pal as there are more and more mail order deals popping up.

 

IMPORTANT: When wandering about a town keep your Visa cards separate.

Carry one and leave the other in the hotel for instance.

When travelling keep one in your wallet and the other in your bag.

 

The end result? If you lose a card, have it stolen or an ATM gobbles it up, you can fall back on the second card.

If your card and or password is somehow compromised, all they get is $500, which you should get back (eventually) from Visa.

As the $500 drops low you can jump on the internet and do a transfer.

Internet transfers can be between accounts and/or between banks.

When it's between your accounts, the transfer is immediate. Between banks, maybe 2 days.

So there you are, sounds complicated but in fact it's easy to set up and easy to work with.

 

Please feel free to add to these few ideas. Most of us have travelled around a bit and learned a few tricks so share them guys.

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RAM8

I always carry a backup card. I use 28 degrees card. No fees on international transactions (apart from the local bank charge) and their exchange rate when you withdraw is very close to the market rate. No annual fee, the only charge is the interest charge (21%). All you do is transfer money 3 days before you want to withdraw from your other account via the web in order to avoid the interest charge, making your closing balance zero. It beats travelex or any other CC I have found. It is backed by GE money. When in Thailand I use my Kasikorn account (visa debit) which I opened using my passport and the address of my hotel. Easy to wire money through to them using forex or other such companies (usually works out being $15 for the privilege). Another transfer option is Pennytel penny transfer although I haven't tried them yet. Fees for a month long stay or more can add up to hundreds of dollars - better in somebody elses pocket than the financial institutions if you can help it.

 

It would be interesting to know if foreigners can open a bank account in Cambodia? Maybe in association with your business visa?

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Guest Kenny

[quote name=RAM8' timestamp='1345021789' post='4521]

It would be interesting to know if foreigners can open a bank account in Cambodia? Maybe in association with your business visa?

 

Would you need to open an account seeing Cambodian banks will deal in dollars?

I don't have a Canada bank near me but I'm told there is no fee to withdraw from their ATMs.

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RAM8

It is just a fee minimizing exercise, but if Canada bank has no fees then this is perfect. $5 is a meal, so in effect they are taking food out of your mouth. It may seem petty to some, but this money is better in the publicans pocket IMO.

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Guest Kenny

I know what you mean

My buddy calls these little fees " nickel and dimeing you".

Example: I had 2 St George bank accounts, one business, the other to store gst untill I had to send it to the ATO.

Only $7.00 a month fees.

Each.

For 11 years.

$1,848 in fees.

 

Changed to NAB, no fees.

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Mindless

Kenny you travel in and out of Australia what happens if you stay in Cambodia and your cards expire do you have a plan for getting all of them sent to Cambodia?

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Guest Kenny

ANZ have sent me cards in Philippines and Thailand, don't know about Cambodia.

NAB I don't know because I haven't had the accounts long enough.

 

Hint: Nominate a business as your address in SEA.

In Cebu city all my important mail like banking goes to Kiwi Lodge for instance, a well known business.

In Phnom Penh I would use Pickled Parrot.

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TorJay

VISA DEBIT seems to be relatively new here in Canada (and to me). How widespread is their acceptance in Cambodia and other SEA nations?

Edited by TorJay

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Guest Kenny

Ask your bank but as far as I know Visa Debit is the same as Visa credit (only it's your own money)

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TorJay

My bank told me it is up to the individual merchants.

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