| Holiday in Asia, probably your flights are | | | | for your currency, at some of the bigger |
| booked, guide books bought, and even the | | | | banks' internet sites for your |
| packing has started, you are almost ready for | | | | destination(s). |
| that well deserved few weeks, or even months | | | | |
| holiday in Asia. | | | | Once you are in Asia, the best and safest way |
| | | | of changing money is to visit one of the |
| Staying at a one of those gorgeous Bali | | | | local banks. It is worth noting that, in Asia |
| villas, or a beach side hut in Koh Samui, or | | | | banking office hours will vary substantially |
| even diving in Cebu? | | | | from country to country. For example, in |
| | | | Bali, most banks will open at around 9 am, |
| What is probably outstanding is your Travel | | | | where as in Singapore, some bank branches |
| Money Strategy. No, I don't mean how much | | | | will not open their doors till 11 am. If your |
| money you expect to spend in Singapore versus | | | | need is time sensitive, it will pay to plan |
| Bangkok, but how are you going to have access | | | | ahead the day before. The good news is, most |
| to the right amount of money, in the right | | | | banks in Asia will accept many different |
| currency, at the right time and place. Of | | | | currencies, and often offer fair rates, and |
| course, without having to carry it all on | | | | provide official receipts. (Of course, some |
| your person! | | | | currencies such as the US Dollar, the Euro, |
| | | | and the Japanese Yen, are more readily |
| Here are some insider tips to money matters | | | | accepted by more banks than currencies from |
| for those who will travel in Asia, beyond the | | | | some other countries.) |
| metropolises like Singapore and Hong Kong. | | | | |
| | | | If however, you wanted to squeeze a little |
| Travelers Cheques | | | | more from your money, or you have no other |
| | | | choice, you may be tempted to use an Exchange |
| Whilst these are the regular staple for | | | | Services/Kiosks, found throughout Asia. |
| travels to Europe, in Asia, they are somewhat | | | | Typically, these should offer slightly better |
| less convenient. As a rule of thumb, they are | | | | rates than banks. |
| not as widely accepted in Asia (outside of | | | | |
| larger cities), as they would be elsewhere in | | | | If you are going to use this option, here are |
| the world. | | | | a few tips and tricks. |
| | | | |
| If you are taking any travelers cheques with | | | | You will probably get a fair rate, and be |
| you, plan to change these at bigger cities | | | | treated fairly in cities like Singapore, |
| like Hong Kong, Singapore, Kuala Lumpur and | | | | where local laws and enforcement will help |
| Bangkok. | | | | protect you. |
| | | | |
| Of course, the rate you will get for changing | | | | However, in some other cities/resorts you do |
| travelers cheques will be less than hard | | | | need to take care, and be on the guard. |
| cash. | | | | |
| | | | In many countries, most of these exchange |
| Also, once you are off the beaten track, | | | | kiosks are no more authorised than the |
| expect people to look at you as if your are | | | | handwritten (or nowadays printed) |
| offering them Monopoly Money, when you put | | | | authorization sign they carry! |
| your travelers cheques forward. | | | | |
| | | | Some are blatantly unscrupulous, and will |
| ATMs/Cash Machines | | | | successfully short change even the most |
| | | | worldly-wise of travelers. |
| These are increasingly available across Asia, | | | | |
| and now a days have penetrated well beyond | | | | If you decide to use an exchange kiosk, here |
| the big cities, into second/third tier | | | | are some best practice tips: |
| cities, as well as most of the main Asian | | | | |
| holiday resort destinations, such as the Bali | | | | Never change money on your own - don't be |
| Island, Phuket, and Langkawi. | | | | alarmed, in most places there is usually no |
| | | | risk involved to the individual, but you are |
| Whilst in bigger cities, you will spot ATMs | | | | better off with 2-3 pairs of eyes than just |
| with ease, at many other destinations you | | | | your own |
| will have to actually go looking for them. | | | | |
| In Bali, for example, many cash machines are | | | | Change small amounts at a time - reduces your |
| located at Circle K outlets (convenience | | | | exposure and their greed! |
| store chain), or petrol/gas stations. In | | | | |
| other more remote places, you will need to | | | | Agree on the rate, and the amount you are |
| try your luck at the local mini-market and | | | | going to change before taking out your money |
| even the chemists! | | | | - unless of course you want to see your real |
| | | | $100 bill change into a recently printed fake |
| However, ATMs are by far one of the most | | | | in front of your very eyes! |
| convenient ways of accessing cash easily in | | | | |
| Asia, without having to carry huge amounts in | | | | Count the money given to you, and then when |
| person. | | | | you are finished - hand it over to your |
| | | | partner to count again. (You should never |
| However, again, similar to travelers cheques, | | | | count at the same time together, as you need |
| you will have to pay for the convenience | | | | that 2nd pair of eyes to observe the |
| service in an incremental way. Banks and | | | | transaction |
| credit card companies will make money from | | | | |
| you in two ways. | | | | If at any point you are in doubt - just smile |
| | | | and walk-away |
| Firstly, because you are withdrawing at a | | | | |
| foreign currency, there are exchange rates | | | | In a Nut Shell |
| involved. For ATM withdrawals you will almost | | | | |
| certainly end up getting a poorer exchange | | | | 1 - Make a Travel Money Strategy before you |
| rate than if you were changing cash. | | | | leave home |
| | | | |
| The second area of payment, is in the form of | | | | 2 - Ensure that you have sufficient funds |
| foreign currency withdrawal charge that will | | | | credit on your cards |
| be imposed on your transaction. Given that | | | | |
| this charge is often a flat fee, you are | | | | 3 - Do take some travelers cheques with you, |
| better off making fewer withdrawals of bigger | | | | just in case |
| amounts of money, than many withdrawals, each | | | | |
| of which resulting in a separate charge. | | | | 4 - Take some cash with you, even if a small |
| | | | amount |
| Money Belts | | | | |
| | | | 5 - Decide where and how you want to use you |
| There is no two ways about it, keeping your | | | | money belt |
| cash and valuables in a money belt is a safer | | | | |
| way than carrying a big wallet, or a handbag | | | | 6 - Do use reputable hotel safes |
| which may be snatched with ease. | | | | |
| | | | 7 - When exchanging money, try to stick to |
| However, keep in mind that, unless you are | | | | official banks |
| traveling to Beijing or Seoul in the winter, | | | | |
| your Asian travels will inevitably take you | | | | 8 - If changing money elsewhere, try to make |
| to hot tropical destinations. | | | | sure there is more than just you overseeing |
| | | | the transaction |
| As those who have had to carry money belts in | | | | |
| the tropics will attest, they can very | | | | 9 - Make sure you never loose sight of your |
| quickly become very uncomfortable (and wet!). | | | | money at exchange kiosks |
| Also, when at more humid environments, a | | | | |
| money belt easily becomes very visible when | | | | 10 - If you feel uncomfortable during a |
| perspiration sticks your clothing onto your | | | | transaction, just smile and walk away |
| body, or you remove your top for a swim. All | | | | |
| of a sudden, what once was a discrete | | | | As they say, prevention is better than the |
| security measure becomes a bill-board | | | | cure. If you decide to use these tips, please |
| advertising that you are carrying valuables | | | | also observe your environment, and apply |
| on you, in the process pinpointing the | | | | common sense. Just don't forget, in many of |
| location too! | | | | the Asian destinations you will be traveling |
| | | | to, what you pay for a hamburger or a |
| So, as they say, horses-for-courses. You will | | | | Skinny-Late is probably almost equal to |
| need to decide on the best method of carrying | | | | someone's local wage. Always carry the |
| your valuables depending on the environment. | | | | minimum amount of money with you, and apply |
| Or even better, if you feel like you are in a | | | | caution when at remote parts of the |
| high risk situation, it is probably best to | | | | developing world. |
| leave most of your valuables under the | | | | |
| protection of a reputable hotel safety box. | | | | Having said all this. Asia has been my second |
| | | | home for more than 20 years now, and I have |
| Money Exchange | | | | taken many holidays in Asia. May be I have |
| | | | been lucky, but in these 20 years I have had |
| As a general rule of thumb, you will get a | | | | the most wonderful time of my life, and never |
| better exchange rate for your money at your | | | | really been cheated changing money. Well, |
| Asian destination, than back home, regardless | | | | almost never, there was that time when I was |
| of where you change your money. Of course | | | | a backpacker when... |
| with the exception of larger international | | | | |
| hotels, where the exchange rates on offer | | | | Enjoy your Asian holiday. |
| match the nightly room rates! So, it is well | | | | |
| worth doing your homework before your leave | | | | Many happy returns... |
| home, and check the prevailing exchange rates | | | | |