Banking while travelling?
May 15, 2012 6:10 AM Subscribe
Traveling in Central America -- what do I do about money?
I'm going to Central America in a month or so. I've got my money in a small credit union now. I'd prefer not to use Bank of America or any other mega-bank if I can avoid it.
Will I have problems just using an ATM and visa from my credit union? Should I take travellers checks? If I shouldn't be using my credit union, does anyone have any recommendations for a bank I can use?
I'm going to Central America in a month or so. I've got my money in a small credit union now. I'd prefer not to use Bank of America or any other mega-bank if I can avoid it.
Will I have problems just using an ATM and visa from my credit union? Should I take travellers checks? If I shouldn't be using my credit union, does anyone have any recommendations for a bank I can use?
Every time that I have used traveler's cheques for the last ten years, I have ended up wishing that I didn't -- the fees and whatnot.
A traveler friend swears by Pre-paid Visa cards for emergencies. He leaves a bit of money on them, and then transfers to it from his bank account.
posted by nickrussell at 6:25 AM on May 15, 2012
A traveler friend swears by Pre-paid Visa cards for emergencies. He leaves a bit of money on them, and then transfers to it from his bank account.
posted by nickrussell at 6:25 AM on May 15, 2012
Seconding Ruthless Bunny's statements.
It's mostly about the network (Cirrus or Star), though I did notice that some banks would take my ATM card and others wouldn't. Once I was in Costa Rica, I spent a little time trying different bank machines until I found one that would. This was stress-free because I prepaid online for the first few days of my hostel stay.
posted by Mercaptan at 6:25 AM on May 15, 2012
It's mostly about the network (Cirrus or Star), though I did notice that some banks would take my ATM card and others wouldn't. Once I was in Costa Rica, I spent a little time trying different bank machines until I found one that would. This was stress-free because I prepaid online for the first few days of my hostel stay.
posted by Mercaptan at 6:25 AM on May 15, 2012
Response by poster: My atm card has both cirrus and star, so I guess I should be good?
How common are ATM machines if you're like somewhere like San Pedro on Lake Atitlan, rather than a big city?
posted by empath at 6:48 AM on May 15, 2012
How common are ATM machines if you're like somewhere like San Pedro on Lake Atitlan, rather than a big city?
posted by empath at 6:48 AM on May 15, 2012
Have a look at JourneyLatinAmerica's country by country guide to money. Their first advice - basically "look at how much cash your travel insurance policy will replace if lost and then carry this with you in dollars denominated in notes no greater than $20 - just in case" is the most universal.
posted by rongorongo at 6:53 AM on May 15, 2012
posted by rongorongo at 6:53 AM on May 15, 2012
Additional note about your card--you should talk to your credit union before you go and inform them that you will be out of the country. Bigger banks don't always notice but my credit union pays pretty close attention to the charges and I've had my card declined while travelling because their system interpreted the geography as fraudulent use and couldn't get ahold of me because I was not home. And this was domestic travel. So ask them about using it abroad and be sure to let them know what countries you will be in and when so they don't shut your card down mid-trip. It really sucked to find myself halfway across the country without quick access to cash.
posted by supercapitalist at 7:07 AM on May 15, 2012 [1 favorite]
posted by supercapitalist at 7:07 AM on May 15, 2012 [1 favorite]
It's been my experience that local bank employees are not very knowledgeable whether their ATM card will work in ATMs in a foreign country. "Of course it works everywhere" > "Card declined" in my experience, because--I think--my card does not have a chip in it. Or my PIN didn't have enough digits. The way I got around that was going into the (foreign) bank and basically getting a cash advance. It required a bit of planning re banking hours and some waiting around and filling out forms.
Also 2nding informing your local bank about your travel dates. It's not foolproof so I also carry cash and a couple of emergency travellers checks. Money changers--not sure if they have them in Central America--are open longer hours and will take them. Travellers checks are being phased out, my local bank requires advance notice if you want to buy them; they do not have a stock on hand.
posted by TWinbrook8 at 7:25 AM on May 15, 2012
Also 2nding informing your local bank about your travel dates. It's not foolproof so I also carry cash and a couple of emergency travellers checks. Money changers--not sure if they have them in Central America--are open longer hours and will take them. Travellers checks are being phased out, my local bank requires advance notice if you want to buy them; they do not have a stock on hand.
posted by TWinbrook8 at 7:25 AM on May 15, 2012
It's been my experience that local bank employees are not very knowledgeable whether their ATM card will work in ATMs in a foreign country. "Of course it works everywhere" > "Card declined" in my experience, because--I think--my card does not have a chip in it. Or my PIN didn't have enough digits.
This has been my experience too—most notably in Sweden and the Dominican Republic. I have no idea why.
Can you open a "temporary" Banco Popular account and dump a set sum in it, for the duration of your trip? Just as a backup?
posted by functionequalsform at 7:36 AM on May 15, 2012
This has been my experience too—most notably in Sweden and the Dominican Republic. I have no idea why.
Can you open a "temporary" Banco Popular account and dump a set sum in it, for the duration of your trip? Just as a backup?
posted by functionequalsform at 7:36 AM on May 15, 2012
N'thing getting cash from ATMs, and letting your credit union know in advance about your travel dates and destinations. When I traveled recently in Central America, I saw no evidence of traveler's cheques being used or accepted, anywhere. I was able to use my credit card twice in two weeks - everything else was cash. If you can, take two different cards to access cash, in case you have any problem with one. Before you leave a major city for a more remote destination, get all the cash you'll need while you're there. Unfortunately this sometimes means carrying an uncomfortable amount of cash, so hide it in multiple locations on your person (money belt, under the insoles of both shoes, pocket, daypack, bra, one of those belts that look like normal belts but have a stash pocket for money). I also keep some emergency cash in my big backpack, but you may be separated from that bag on a taxi or bus sometimes. Basically, don't keep all your eggs in one basket!
posted by TrixieRamble at 7:36 AM on May 15, 2012
posted by TrixieRamble at 7:36 AM on May 15, 2012
I traveled around Guatemala in 2009 and had no trouble using ATMs. I made sure my Visa card allowed cash advances and that I had a PIN for it, in case my ATM card decided not to work. It always worked, though. I had no trouble finding ATMs in the bigger towns, including Panajachel (Lake Atitlan). I went to San Pedro too but can't remember if there was an ATM. You will most likely pass through Panajachel and have to take a boat to San Pedro anyway, so that gives you a chance to stock up.
One irritation was that ATMs spit out huge bills and street vendors are unlikely to have change. So on more than one occasion I got money out, then stepped inside the bank it was attached to and asked them to change the money into smaller bills.
Some people claim that PINs longer than 4 digits don't work in so to be on the safe side I would suggest changing your PIN to be 4 digits. It might be an urban legend but why take the chance?
posted by cabingirl at 7:37 AM on May 15, 2012 [1 favorite]
One irritation was that ATMs spit out huge bills and street vendors are unlikely to have change. So on more than one occasion I got money out, then stepped inside the bank it was attached to and asked them to change the money into smaller bills.
Some people claim that PINs longer than 4 digits don't work in
posted by cabingirl at 7:37 AM on May 15, 2012 [1 favorite]
Oops, nevermind. It looks like Banco Popular doesn't have many branches in C.A. Tons in Mexico, though.
posted by functionequalsform at 7:47 AM on May 15, 2012
posted by functionequalsform at 7:47 AM on May 15, 2012
Last summer I spent a month in argentina and chile, and just ended up taking cash (I got about $300 in each set of pesos converted for the month- giving me a budget of $600USD for the month- it was plenty). I converted my cash in the US- I basically had my bank (HSBC) take the equivalent out of my account in the correct currency, it took about 2 days through their foreign exchange service- your credit union might be able to do something like that with a similar turn around time.
I also notified the bank/ my credit card about my travels (almost mandatory these days, since trying to unfreeze your account from a foreign country is extremely annoying), but didn't end up using my cards at all.
In my experiance, no one takes travellers checks anymore.
posted by larthegreat at 9:02 AM on May 15, 2012
I also notified the bank/ my credit card about my travels (almost mandatory these days, since trying to unfreeze your account from a foreign country is extremely annoying), but didn't end up using my cards at all.
In my experiance, no one takes travellers checks anymore.
posted by larthegreat at 9:02 AM on May 15, 2012
Call the credit union before you go to tell them what countries you'll be traveling in. Bring their number with you so you can call them over Skype if they accidentally block your cards.
Also bring an emergency supply of US cash to tide you over in case you run into some strange problem and have to wait for a bank to open to manually pull money out of your US account. My emergency stash is about $300 and is well hidden.
For specific info about each country's ATMs, you might ask at the Lonely Planet Thorntree forums. You might also ask which bank's ATMs give you small-denomination bills. For example, in my area of Mexico it's best to use Santander ATMs. The other banks' machines spit out big bills that can be hard to use.
For what it's worth: I live in Mexico. Some of my money lives in a small credit union in the US. I've had zero problems using the debit and credit cards from the credit union in Mexico, including in small towns.
My cards use the STAR and PLUS networks, and my ING Direct debit card also works, which uses the Allpoint network. Of course, Mexico isn't Central America and your experience could be very different.
posted by ceiba at 9:39 AM on May 15, 2012
Also bring an emergency supply of US cash to tide you over in case you run into some strange problem and have to wait for a bank to open to manually pull money out of your US account. My emergency stash is about $300 and is well hidden.
For specific info about each country's ATMs, you might ask at the Lonely Planet Thorntree forums. You might also ask which bank's ATMs give you small-denomination bills. For example, in my area of Mexico it's best to use Santander ATMs. The other banks' machines spit out big bills that can be hard to use.
For what it's worth: I live in Mexico. Some of my money lives in a small credit union in the US. I've had zero problems using the debit and credit cards from the credit union in Mexico, including in small towns.
My cards use the STAR and PLUS networks, and my ING Direct debit card also works, which uses the Allpoint network. Of course, Mexico isn't Central America and your experience could be very different.
posted by ceiba at 9:39 AM on May 15, 2012
How common are ATM machines if you're like somewhere like San Pedro on Lake Atitlan, rather than a big city?
I was at Lago de Atitlan just last month. I can't remember which town I withdrew money at (must've been San Pedro or Panajachel) , but I had no problems finding ATMs. And most places took my credit card just fine...though of course requiring a chip/PIN system.
posted by wutangclan at 11:21 AM on May 15, 2012
I was at Lago de Atitlan just last month. I can't remember which town I withdrew money at (must've been San Pedro or Panajachel) , but I had no problems finding ATMs. And most places took my credit card just fine...though of course requiring a chip/PIN system.
posted by wutangclan at 11:21 AM on May 15, 2012
I think AmEx offers aprepaid debit card that you can load up before your trip. It should be compatible with most ATMs.
posted by elizeh at 8:20 PM on May 15, 2012
posted by elizeh at 8:20 PM on May 15, 2012
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Travellers checks are a PITA, I found that when I travelled that I'd pay for the checks, then I'd pay to exchange them into local currency and the only place that I could reasonably expect to use them was the Amercian Express office in each city I visited. Even in Paris I had problems using them just like cash.
I do recommend getting an American Express card, and bring your checkbook. If push comes to shove, you can cash a check at the American Express office every day if you need to.
posted by Ruthless Bunny at 6:14 AM on May 15, 2012