Currency exchange while traveling: why do some still carry wads of cash? (page 10 of 28)

Generally speaking, I’d still side with Attila on traveling with my credit cards, mostly because I’m too absent-minded and can’t be bothered to dry bills after doing laundry...

I was wondering if there are still countries like Mauritania was about ten years ago, where I could finance a trip on top of the one I was already taking.

In Mauritania, there was the fake exchange rate at banks and the street exchange (in shops). There were two seasons when you could find the ouguiya (UM) around 270–300, and for the same euro, you’d get between 380 and 420. Since I often passed through the area either to sell or to go sell further away, I played the game a lot... Same with selling cars... It worked from 2005 to 2010. I’d stock up on the dollars I needed instead of paying fees to my bank.

I don’t do it anymore, but a few years ago, I also kept an eye on the dollar’s exchange rate... It’s less profitable now, but I’ve managed to score some nice deals by anticipating dollar purchases.

We just got back from Argentina with US dollars and euros. We also exchanged some for pesos because it’s better for small markets and artisans. Don’t forget tips—they’re happy with dollars or euros. Of course, credit cards work too.

In Laos...

Thanks for jogging my memory! 🙂

In Iran, it's now possible to get a local prepaid bank card so you don’t have to carry all your cash around:

https://fr.irandestination.com/carte-de-credit-en-iran/

https://rocketbike.org/mah-card-startup-iranienne-de-cartes-bancaires-prepayees/

I’m adding Burundi to the list of countries where, like Venezuela, the official exchange rate is terrible, making the black-market exchange preferable.

For those who only travel once a year, I don’t think it’s worth the hassle (or the cost!)

If you’ve read all the comments, you’ll see that most people aren’t motivated by the financial side but by the convenience.

So even for a single trip, those who find cards practical will use them.

Especially since they can be just as useful in daily life here as abroad—no need to open multiple accounts or deal with extra banks if you don’t want to.

I prefer having a real person to talk to rather than a machine.

Machines are often more reliable... Here and everywhere else.

Humans have moods. They can be corruptible. They can be incompetent.

As long as it hasn’t happened to you, life’s great with ATMs!

I’ve had issues with cards and debit/credit systems. Nothing that justifies the trauma of swearing them off.

The country that gave me the most problems? France...

Try buying something when your card’s been hacked and you don’t have it anymore. Cash? Your bank needs to be open... A check? Thanks to scammers who pay with bad checks, they’re rarely accepted now...

So it wasn’t the card I cursed—it was the merchants refusing checks...

than having my card stolen from the little box and having to chase people down, write emails left and right, and call around to get it back...

A card can be used at a bank during opening hours for those who are worried.

I’m not mocking those who have fears that aren’t mine.

Oh really? Do you always take things at face value? You never make fun of some VF members’ concerns, like in the *Travel & Health* section?

When you recommend gris-gris against malaria, is that serious?😮

This would be Tracfin’s orders.

Yes. Large money transfers are monitored to combat money laundering.

For the same reason, you can’t pay just any amount in cash. At a merchant, for example, the limit is 1000 €.

On the other hand, you can take out as much cash as you want...

Not without declaring it. The limit is 10 000 €.

You can use Revolut for currency exchange. It's free.

Without declaring it, no. 10,000 euros.

Still, be careful with 10,000 € when leaving France, because most of the time it’s only $10,000 when you arrive! (For example, it’s posted pretty much everywhere in Buenos Aires airports)

In Laos...

Thanks for jogging my memory! 🙂

I really liked the Cambodian ATMs.

😎

Oh really? Do you always write in earnest? You never mock the questions some VF members have, like in the "Travel and Health" section?

When you recommend gris-gris against malaria, is that serious?

It’s precisely because I take malaria seriously. When a VF member suggests essential oils or some herbal tea as an effective way to protect against malaria, I recommend gris-gris just as effectively to provoke a reaction. And besides, I often respond on this forum based on what I know or what I’ve learned from the person asking the question, you see. By the way, after what I recently learned from one of your posts, I’ll adjust some of my answers.

If you feel like making fun of people who believe in gris-gris, that’s your call.

Being honest enough to admit it would be a plus, but oh well...

If you feel like mocking people who believe in gris-gris, that’s your call.

Come on, Attila—I’m not mocking anyone at all. I actually think gris-gris works wonders for all sorts of everyday things, just not for curing cancer or protecting against malaria. Didn’t you make the same kind of jokes about the "pilgrims" on the Moses or Jesus Trail in Israel when you referenced *Life of Brian*? Don’t you think that comparison might also hurt some believers’ feelings?

the alternative of wiring money to yourself from France is often convenient...

I’m revisiting this point, which could be useful for me—and for future travelers heading to Argentina.

If I understood correctly, this involves transferring a sum via your bank card, bank account, or cash from France to Argentina through an agency like Western Union.

You pick up the amount in pesos at the chosen counter.

Do you know how long the money waits for you and how much time passes between requesting the transfer and being able to collect the cash?

It’s not exactly easy to organize if you’re not staying in the same place for several days, right?

Thanks

But I’ll gladly admit I’m being cheeky. That’s the whole difference. I’m not playing the innocent.

Do you know how long the money waits for you and how much time passes between requesting a transfer and being able to pick up the tickets?

I’m only speaking from my experience with Worlremit, which I’ve used several times, but there are plenty of other companies out there: Western Union, Transferwise, Azimo, etc.

I had my bank register their IBAN before leaving France, so I wouldn’t have to deal with SMS validation during the transfer—something that often doesn’t work well for me in Argentina.

Here’s how it works: - Make a SEPA transfer from your personal bank to their European account. - WorldRemit always confirms the transfer as soon as they receive the email from my bank, without waiting for the money to actually land in their account. - They then send a code by email for pickup at one of the Argentine networks. WorldRemit partners with More Money Transfer: just a heads-up, they aren’t everywhere in Argentina (especially not in the south), and some neighborhood branches don’t always have cash available.

For the first transfer, they asked me to send a scanned ID. From sending the SEPA transfer to having the cash in pesos, it took 3 hours (I just checked my emails).

For subsequent transfers, the whole process takes a maximum of 20 minutes (yes, I mean funds available in 20 minutes).

Currently, the maximum you can transfer to Argentina (this varies by country) in one go is around 1,400 € (1,500 USD), with a monthly limit of 10,000 USD.

The fee is 3.99 € per transfer. The exchange rate isn’t great: 64.17 pesos today, compared to 65.40 at Banco Nación.

Worth comparing with Western Union, for example (though I don’t know their terms), where the rate seems amazing right now!

Hi Alain,

Totally agree. Bank fees are painless but prohibitive. Personally, depending on the country, I carry euros and US dollars (the ideal currency in Central and South America) in cash. I book hotels with a credit card, but I let them know I’ll pay in cash when I arrive. Generally no problem. I’ve had issues with credit cards getting damaged by the imprinters used in some countries (including the US) or having data skimmed via a receipt kept under the counter... Since then, I’ve been careful and suspicious. As a rule, I never withdraw money from street ATMs at night or outside bank opening hours (which must be locally recognized). I’ve also had a card swallowed by an ATM. Total bad luck!!! Finally, I don’t give my bank or anyone else the right or the ability to know which country I’m visiting. That’s nobody’s business. In the age of intrusive and inquisitive social media and IT, I like to keep my freedom of movement. And I’m not the only one who operates this way! Contrary to what’s said and written here and there, the French aren’t ready to give up cash. Media and government propaganda. We’ll see that in neighboring European countries, people love cash and large bills: Germany, Austria, Belgium, Italy, Spain, Portugal.... False problem, then.

Moana

Bank fees are painless but prohibitive.

When you join a discussion, you read it in full. You could’ve learned that this common belief has become rather outdated.

On the other hand, exchange bureau fees *are* still painless (the "no commission" smokescreen) but often prohibitive (depends on the country and the exchanger’s honesty).

I’ve had credit cards crushed by the clamps used in some countries

Haven’t seen a clamp in ages…

Never had any issues with cash? Theft, dishonest exchangers, loss, forgetting it in the washing machine, a sudden gust of wind (yep, happened to me…)

Finally, I don’t give my bank—or anyone else—the right or the ability to know which country I’ve traveled to. That’s nobody’s business

Then what are you doing here?

I’m always surprised to read these conspiracy theories on forums.

Do you use workarounds so VoyageForum can’t see your real IP address?

Italy, Spain, Portugal…

Money-laundering paradises. You can add Greece to that list.

Some Nordic countries, often seen as virtuous, behave the opposite way.

The French aren’t ready to give up cash.

Old-school thinkers (not necessarily by age) and schemers.

Sure, suitcases of bills handed under the table by companies to secure public contracts—that’s *totally* the future…

I just booked a ferry ticket, here’s a little heads-up:

As the data communication is via satellite connection, we cannot guarantee that card payments will go through.

Cash won't be transferred via satellite link either...

This refers to onboard payments... meals, etc.