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