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Tips for traveling with money

by Maria Downey
Wednesday, July 11, 2007

ANCHORAGE, Alaska -- If you're planning to head out of the country this summer, consumer advocates have issued warnings about how to avoid a financial nightmare and the do's and don'ts of overseas travel.

Oh, the places to go -- so many possibilities and adventures await -- but if you do not properly prepare, there are just as many potential problems.

At the Wells Fargo Bank on Fifth Avenue, which is the only place in town that exchanges currency, bankers see what happens when customers don't heed warnings to avoid financial emergencies while overseas.

Foreign currency teller Sarah Berdahl recommends travelers carry an ATM/debit card, at least one credit card and more than one form of currency to last them the first few days.

"I would suggest bringing foreign cash and an ATM/debit card and then leaving the debit card in the hotel, so if you leave the hotel and get pick-pocketed and lose all your cash, you can go back to hotel and get your card and get more money. It's the safest and most convenient way," Berdahl said.

Other tips include making a list of credit card and traveler's checks account numbers you plan to use. Include the emergency numbers to call if they're lost or stolen and make sure you have a copy, along with a traveling companion, and someone back at home to make sure you have a backup if your wallet is lost or stolen.

Travelgram's Scott McMurren knows travel. He knows what can happen if something goes wrong thousands of miles from home if you don't have a backup plan to speed up the process.

"If you're out of money, things come to a grinding holt. Nobody speaks your language then," McMurren said. "I also made a copy of a front page of my passport. I left all one at home, two in a place, not in my baggage that I could access that would be safe, not with my money or other valuables and the third I kept with the keeper of the keys, my wife," McMurren said.

Other precautions include:

-- divide your money and travelers checks with a companion. That way if some are lost or stolen, the other has a backup.

-- never have a pin number written down in a wallet or purse

-- carry only the funds you need for each day's outing

-- replenish using ATM's when available

"I really recommend ATM and credit cards because you really do get a better rate. That way, you'll get closer to what we call the spot rate or wholesale rate, which is much better than what you get when you come to the counter here at Wells Fargo," Berdahl said.

McMurren said ATM cards offer the best options.

"The ATM is still the way to go -- you've got to do it. But there's cost associated with that. It's about five bucks to use an ATM every time and there is a conversion fee about 3 percent, but it's still cheaper than changing money at the stand," McMurren said.

Contact Maria Downey at mdowney@ktuu.com