5 money lessons to learn while travelling
London, Amsterdam, Thailand, America. You name it, in the many years I’ve spent globetrotting I’ve pretty much seen it all. And if there’s one thing I’ve learnt from my lastminute currency exchange panics and market-bartering battles, it’s that every dollar saved means another adventure/cuisine/city to experience.
While scrimping and saving does play a part, so does making sure you don’t throw your money down the drain on the back of a stupid decision, or lack of precaution (guilty on both counts!). Here are a few key, if not embarrassing, travel fiascos I’ve learnt from, which ensured I had enough cash in the bank for a gobsmacking balloon ride over Cappadocia and a cruise up the coast of Norway to see the Northern Lights. Both were most DEFINITELY worth the journey.When I was in London…
No matter how tempting it is to exchange money at an airport – don’t. When I first visited London three years ago, I made a panic dash at Heathrow Airport to the first money exchange I could find, thinking it was a good deal. Therein lies my rookie mistake. It wasn’t until I hopped into a little black cab to the city and saw the exchange rates drop lower and lower the further away from the airport I went that I literally hit myself.
What have I done?
Happened again when I arrived home to a bank statement littered with exchange rate, conversion rate, and general bank fees. You hear it all the time, but it’s true: always do your research to find the best possible conversion rate. Oh, and never panic exchange.
When my friend came to Australia…
Be smart with your personal details. Shortly after arriving in Sydney, my friend received a call from his bank advising him that his “personal loan” was maxed out. Problem was he didn’t have a personal loan.
At least Sydney’s NYE fireworks are free
The warning bells sounded and the panic buttons were pushed. Many phone calls later, he discovered that someone had stolen his identity from a carelessly discarded boarding pass stub. How the thieves managed to gain so much information from it is still beyond both his and my comprehension, but since then I’ve been tearing those things up without fail.
When I was in Bangkok…
I learnt the true power of the credit card. After a night out with friends, I noticed some unusual transactions. Looking back, I do recall the waitstaff clustering around the till, although at the time I obviously thought nothing of it. My immediate reaction after seeing the bill was to call my bank, who, to my relief, removed the charges immediately. They told me if I’d used a debit card, it may have been a long slog to get my money back, as it would have been my personal funds they’d have had to account for. Since then, I’ve been converted to using a money travel card, which works like a debit credit card and limits the amount of money those scammers can get out of me.
Safe, but for how long…?
When I was mugged in Amsterdam…
Everyone has a mugger story that they’ve either experienced personally or have heard through a friend. I, unfortunately, was on the receiving end while in Amsterdam. By some miracle, I managed to play my cards right and came out pretty much unscathed. On my previous trip, a fellow backpacker had given me a wealth of survival tips, including distributing my cash around pockets and wallets, as well as sewing pouches into my travel clothes for passports, IDs, and credit cards. So when I was in the City of Windmills and a thief shoved me to the side and demanded my wallet, all he got was a 20 Euro note. He didn’t even ask me for my credit cards. That was HIS rookie mistake.
Amsterdam’s pretty laid-back, but it helps to know a few tricks
When I was bartering in South-East Asia…
Cash is king when bartering your way around market stalls. Do your research and you may even score yourself a sweeter bargain, as some countries (hint: Philippines) prefer US dollars to their local currency and the conversion rate could work in your favour.
Sometimes it really is all about the Benjamins
I went for a travel money card in South-East Asia, as it saved me from withdrawal fees and allowed me to use most local ATMs instead of having to search for a branch that would take my Australian debit card. The travel money card also scored me free travel insurance, which was a great relief after what happened in Amsterdam. But you should never put all your money on one card, and I always keep a credit card on me in case I need extra funds for an unexpected souvenir find. And when shopping in Asia, that’s more likely than not. Oops.
Asia – so many markets, so little time
My final piece of advice? While money is the last thing you want to worry about when travelling, it’s usually at the forefront of most travellers’ minds. Sort out your travel money before you leave so that you can focus on your travels.
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