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Money question...


nephthys431
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I'm going on my first cruise in November. I've seen people say to bring extra cash because atm fees are outrageous. But... What do I do for money in ports? Not like at the touristy gift shops and all; I know they'll take my card. But what about little local vendors? Do I need to exchange somewhere for local currency?

 

Thanks for a the help so far!!!

 

Sent from my SM-G930V using Forums mobile app

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I'm going on my first cruise in November. I've seen people say to bring extra cash because atm fees are outrageous. But... What do I do for money in ports? Not like at the touristy gift shops and all; I know they'll take my card. But what about little local vendors? Do I need to exchange somewhere for local currency?

 

Thanks for a the help so far!!!

 

Sent from my SM-G930V using Forums mobile app

 

depends on the ports. many take US cash happily

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Not sure I understand what you mean by Costa Maya in port being cashless? We have been there twice and have purchased items in the stores in town by the pier and have paid US$ in cash for the items.
Not sure what was a reason, but last two times this year none of restaurants in CM was accepting cash. Only Credit Cards. There were signs everywhere.
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Not sure I understand what you mean by Costa Maya in port being cashless? We have been there twice and have purchased items in the stores in town by the pier and have paid US$ in cash for the items.

 

I don't understand either. In Costa Maya we have always needed cash ... the US Dollar works for us.

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Not sure what was a reason, but last two times this year none of restaurants in CM was accepting cash. Only Credit Cards. There were signs everywhere.

 

We were there in March and didn't notice that. But, with the exception of one small store, didn't spend much time near the pier area and was just coming and going from the ship to Maya Chan.

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I'm going on my first cruise in November. I've seen people say to bring extra cash because atm fees are outrageous. But... What do I do for money in ports? Not like at the touristy gift shops and all; I know they'll take my card. But what about little local vendors? Do I need to exchange somewhere for local currency?

 

Thanks for a the help so far!!!

 

Sent from my SM-G930V using Forums mobile app

 

 

 

Best exchange rates are usually bank ATMs. Use your own bank ATM card (NEVER a credit card) with the same logos on back as on the machine. At home, use banks that rebate ATM fees of other banks. In Northern California, we use Mechanics Bank.

Be careful of lookalike currency exchange "ATMs" (e.g., Travelex) - NOT a bank.

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I'm going on my first cruise in November. I've seen people say to bring extra cash because atm fees are outrageous. But... What do I do for money in ports? Not like at the touristy gift shops and all; I know they'll take my card. But what about little local vendors? Do I need to exchange somewhere for local currency?

 

Thanks for a the help so far!!!

 

Sent from my SM-G930V using Forums mobile app

 

Believe you are going to the Caribbean, so we would take some US $ and also get about the equivalent of CAN $20 in the local currency of each port we visit. We purchase, before leaving, from our local bank, which tends to give better exchange rates.

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I'm going on my first cruise in November. I've seen people say to bring extra cash because atm fees are outrageous. ...

Sent from my SM-G930V using Forums mobile app

 

 

I would start by checking with someone who knows what your ATM fees are. That would probably be someone at your bank. Tell them where you will be, how much you might try to withdraw in dollars or local currency’s. Then you decide if you think the fees are reasonable or outrageous.

 

I usually try to estimate how much I will spend and take that with me in cash. Pretty much anyplace, I can spend $US. But if I am going to be in Europe then it is cheaper to plan on an ATM withdrawal rather than a currency exchange. If/when I do an ATM withdrawal, I note that there is often a flat fee. If I need to pay $3 to withdraw $10, no way Jose! Instead I’ll withdraw $200-300 so that the flat fee amounts to a relatively small percentage. And I will make a mental note to start with more cash the next time.

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We never use ATM's whether at home or on a trip. We bring the cash we might need...and our credit card takes care of the rest. I refuse to pay a fee to access my own freaking money!

 

 

 

While you may have a credit card with "no foreign transaction fee," you are subject to exchange rate differentials (buy vs sell the foreign "currency") when your credit card company posts the debit. Same goes for foreign ATMs. Your bank may waive foreign (or domestic) ATM use fees from other banks. But, you will always be subject to the exchange cost. And, of course, NEVER use a credit card in any ATM (interest starts accruing immediately).

When in a country where USD paper currency not readily acceptable, best bet is getting local cash from a bank ATM associated with your own provider network. Make the right choice of home bank (and its ATM card) and you'll have the lowest exchange rate and no ATM nor foreign transaction fees.

Thinking US cash is the best way to go doesn't account for what you lose when the vendor makes up their own exchange rate "on the go."

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While you may have a credit card with "no foreign transaction fee," you are subject to exchange rate differentials (buy vs sell the foreign "currency") when your credit card company posts the debit. Same goes for foreign ATMs. Your bank may waive foreign (or domestic) ATM use fees from other banks. But, you will always be subject to the exchange cost. And, of course, NEVER use a credit card in any ATM (interest starts accruing immediately).

When in a country where USD paper currency not readily acceptable, best bet is getting local cash from a bank ATM associated with your own provider network. Make the right choice of home bank (and its ATM card) and you'll have the lowest exchange rate and no ATM nor foreign transaction fees.

Thinking US cash is the best way to go doesn't account for what you lose when the vendor makes up their own exchange rate "on the go."

(y)Well said

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We never use ATM's whether at home or on a trip. We bring the cash we might need...and our credit card takes care of the rest. I refuse to pay a fee to access my own freaking money!

 

I find that most foreign ATMs do not charge any fees.

 

And the exchange rate is at the published currency trading rates.

 

If you are not using an ATM, you hare paying large fees to change currencies.

 

And has been said, there are ATM cards that refund any out of network ATM fees. And also do not charge any foreign transaction fees. Maybe you need a new bank for travel.

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While you may have a credit card with "no foreign transaction fee," you are subject to exchange rate differentials (buy vs sell the foreign "currency") when your credit card company posts the debit. Same goes for foreign ATMs. Your bank may waive foreign (or domestic) ATM use fees from other banks. But, you will always be subject to the exchange cost. And, of course, NEVER use a credit card in any ATM (interest starts accruing immediately).

When in a country where USD paper currency not readily acceptable, best bet is getting local cash from a bank ATM associated with your own provider network. Make the right choice of home bank (and its ATM card) and you'll have the lowest exchange rate and no ATM nor foreign transaction fees.

Thinking US cash is the best way to go doesn't account for what you lose when the vendor makes up their own exchange rate "on the go."

 

The difference in exchange fees between buy and sell for ATM transactions is VERY small. You are combining your transaction with ALL the international transactions by the large banks.

 

If you take US cash and exchange it, you will be hit with very large buy/sell differential. Basically you will lose money both ways.

 

Or, if you take $100 and change it to local and then change it back to US, you will get maybe $90 back from many money changers.

 

My experience (25 years of travel to over 140 countries), the bank exchange rate for ATM and credir card transactions are the best an individual will ever see.

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Geez.

 

I like to keep it simple.

 

I take a lot of USA cash.

 

Lots of small bills, lots of hundreds.

 

No ATMS, no credit cards, no debit cards.

 

And when I get home, I always have a couple of thousand in cash.

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Geez.

 

I like to keep it simple.

 

I take a lot of USA cash.

 

Lots of small bills, lots of hundreds.

 

No ATMS, no credit cards, no debit cards.

 

And when I get home, I always have a couple of thousand in cash.

 

It seems you only go to the Caribbean. Your plan will not work to Asia or Europe or South America or many other parts of the world.

 

Unless you want to use money changers, and then you are paying a LOT to convert your US dollars to local currency.

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It seems you only go to the Caribbean. Your plan will not work to Asia or Europe or South America or many other parts of the world.

 

Unless you want to use money changers, and then you are paying a LOT to convert your US dollars to local currency.

We travel a lot all over Europe and mostly use cash, unless we book before (hotels, cars).

We had situations when banks didn't let transactions to go through even though we called before and let them know about our travels.

Don't want to risk it.

We are ok with exchange fees. We do learn about better exchange locations.

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It seems you only go to the Caribbean. Your plan will not work to Asia or Europe or South America or many other parts of the world.

 

 

 

Unless you want to use money changers, and then you are paying a LOT to convert your US dollars to local currency.

 

 

 

Plus 1

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