Currency exchange while traveling: why do some still carry wads of cash? (page 9 of 28)

Has anyone on this forum ever traveled with just one suitcase full of cash? If so, that’s interesting.

I haven’t traveled with one, but once I ended up with almost a suitcase full of cash while I was there. After selling my car in Niger or Togo, I had an impressive amount of cash in West African CFA francs! Then I went to Ghana, where exchanging on the black market (just a small portion) gave me 2 to 3 times the official rate for a currency that was basically worthless! (Unheard of!) There were no ATMs in Ghana back then😏. You can’t imagine how much cash I hauled around in my bag until the next border! When I crossed into Côte d’Ivoire through some random border post, the customs officer searched my bag, started counting every single bill one by one, and incredibly, didn’t ask for a single one!

Haha, didn't see that one coming... 😉 Well, I'm waiting for the traveler who set off with... just one suitcase of cash—even if it's all small bills.

I still don’t get what the issue is with Fortuneo. The rate is clearly at zero on the chart. So what’s the deal???

(It’s the ads—the sponsor for most of these sites.)

People often tell me I'm too down-to-earth. Now I use a figurative expression and that’s not right either...

Piles of bills add up quickly in some countries. One trip to the ATM and you can’t fit any more in your wallet.

Plus, you have to be careful given the condition of those bills.

The smallest is worth just a few euro cents...

I remember hiding my Indian rupees in a cigarette pack back when international bank cards were a luxury. Yet I hadn’t exchanged much...

It’s also one of the reasons I started using my card intensively as soon as possible.

Ending up with several centimeters of bills in your pocket—and collecting those little yellow coins like Chirac’s grandma—gets heavy after a while.

Some locals even end up adopting another currency for large transactions because they were literally using suitcases of cash. My memories are fading. I can’t remember if it was in Cambodia or Laos where I saw this almost 20 years ago. Local currency and dollars for big sums.

Wads of bills add up fast in some countries. One trip to the ATM and you can’t even fit them in your wallet anymore.

Plus, you’ve gotta watch out for the condition of those bills.

The smallest denomination is worth just a few euro cents...

I remember hiding my Indian rupees in a cigarette pack back when international bank cards were a luxury. And I hadn’t even exchanged that much...

That’s also one of the reasons I switched to using my card as much as possible as soon as I could.

Yeah, it’s a good solution, but it’s not always the best in every country. For South Africa, it’s ideal—Botswana and Namibia, I’m not sure, but probably too... In other African countries, not so much, just like in parts of South America or certain Asian countries... But like I said, ATMs aren’t always reliable when you’ve been (like me) "burned" twice: card swallowed, bank closed, cash not dispensed, etc. You *have* to have two cards, and not from the same bank—one Mastercard and one Visa, for example... and that still doesn’t mean you shouldn’t carry cash in large bills, well hidden!

In Asia and Latin America, I’ve always used my card (except in Myanmar during the blockade). Even in Cambodia when there were no ATMs. You go to a bank counter with your card, and they give you cash. It takes longer than an ATM and costs more, but it saves you from carrying a month’s salary with the risk of losing it, forgetting it, or getting scammed by money changers. So Thailand, Laos, Cambodia, Indonesia, Myanmar, Singapore, Malaysia, Vietnam, Armenia, Georgia, Brazil, Chile, Peru, Bolivia, Ecuador, Mexico, Guatemala, Israel, Jordan, Turkey → card. Argentina if you want to contribute to the enrichment of local banks. That’s already quite a few countries, right?

In all the African countries I’ve crossed too: Zambia, Namibia, Mozambique, Egypt, South Africa, Botswana, Lesotho, Swaziland, Morocco, Tunisia.

You use cash exchange, like others, because it’s in your mindset, your habits—not always because it’s the only option.

Basically, you could do without it 90% of the time, but you prefer another way for personal reasons tied to who you are. It’s your choice, not an obligation.

The obligation comes when you have no other choice, when alternatives are extremely complicated or very costly. (In Myanmar, you could get cash with a card despite the blockade, but with a prohibitive commission...)

I’m talking about exchange, not cash payments, which isn’t the topic of this discussion.

Cards and exchange both allow cash payments.

The subject is how to obtain local currency.

when I’ve been "tricked" twice (like me)

If I followed that logic, I’d stay home instead of trekking above 4,000 meters since a stent lets me breathe.

It’s the same thing. It shows that when you have irrational fears yourself, you’d do better not to mock others for theirs... 😄

Some locals even end up adopting another currency for their large transactions because, precisely, they were made with suitcases of bills. My memories are fading. I can't remember if it was in Cambodia or Laos where I observed this almost 20 years ago.

In Laos... (Message 118, I was actually recalling some memories with "suitcases" of Kip! 🙂) I remember seeing someone in a small bank in Luang Prabang with a well-filled bag...

You're right about it being around twenty years ago—my trip was in '99.

I searched the internet for a representative photo of travelers with those stacks of bills... I’d seen some on blogs, but can’t find them anymore.

- Here’s an excerpt from Wikipedia: Until 2006, the largest bill was 20,000 Kips, but it wasn’t always available in large quantities, and it was common to need a special bag to carry an amount from the exchange bureau if you got small denominations. With a 100 € bill, you’d often receive more than 200 bills of 5,000 Kip!

Iran, for example. Three years ago, there was no way to use a credit card. Other countries like Burundi where it's better to exchange cash on the black market unless you want to lose a third of your budget.

You go to a bank counter with your card and they give you cash.

Hmm, that’s an option I hadn’t considered... But I’d need to get a new card. I think it only makes sense if you travel several times a year. That’s not my case anymore, or if it’s a second trip within the eurozone, so no extra fees with my debit card. For those who only travel once a year, I don’t think it’s worth the hassle (or the cost!). But it *does* become interesting to look into when you’re traveling long-term...

Basically, you could do without it 90% of the time, but you prefer another way of doing things for personal reasons that reflect who you are.

Mostly, for any transaction, I’d rather have a real person in front of me than a machine. By handling things this way—at the bank and especially with insurers—I’ve been able to negotiate (not for foreign exchanges, though) in ways I couldn’t over the phone, for example... The banker never confiscated my card, but that little ATM box did it twice, and despite my protests, they refused to give it back... I had to spend a ton of energy (and money) and a lot of time to get it back or recover my funds. Not to mention all the little hassles that come with losing a card... As long as it hasn’t happened to you, life’s great with ATMs!

If I followed that logic, I’d stay home instead of trekking above 4,000 meters since a stent lets me breathe. Same category. It just shows that when you have your own irrational fears, you shouldn’t mock others for theirs...

Yeah, you’re right—it’s the same thing... I’m less afraid of getting mugged by shady people on a street corner who’d take my cash (I always keep a few bills in my pocket just in case) than of having my card swallowed by that little box and having to chase people down, send emails, make calls to get it back... I don’t mock people who have fears that aren’t mine, though.

Other countries like Burundi where it's better to exchange cash on the black market unless you want to lose a third of your budget

Oh yeah, in Burundi it was definitely more worthwhile that way, but also without getting caught. I remember on the street, especially in Buja but not only there, as soon as we started digging into our bags or pockets, eyes were practically always locked on us to see what we pulled out. Never felt that anywhere else.

Speaking of suitcases, there’s also Guinea Conakry, where when you went to a restaurant, your wallet had to be the size of a briefcase! !

With a 100 euro bill, we often used to get more than 200 bills of 5000 Kip!

It's even more now! 975 000 Kip = 100 € And 100 € in Vietnam... that's 2 550 000 Dong! 1 € = 25 000 Dong!

Other countries like Burundi where it's better to exchange cash on the black market unless you want to lose a third of your budget

Losing 1/3 isn’t huge compared to what I’ve seen in Ghana, for example, but it still adds up! You’ve gotta be sure of your move when you do your little transaction on a street corner in the middle of the city. In Delhi, I met a money changer who was an amazing sleight-of-hand artist (the Gérard Majax of black-market exchange!), and a lot of people got scammed. Luckily, I practice this art myself a little... 😏

With a 100 € ticket, we often received more than 200 bills of 5000 Kip!

It's much more now! 975 000 Kips = 100 € And 100 € in Vietnam... that's 2 550 000 Dong! 1 € = 25000 Dong!

Yeah, it's a lot more now... but there are larger exchange bills available! [;]

Hi,

Thanks for the comparative link, Attila—it’s really interesting.

After looking into it, the two that seem most appealing to me are: - Max, with its Mastercard - MaFrenchBanque, with its Visa

If anyone uses either of these banks, I’d love to hear your thoughts...

A few advantages I’ve found:

- Withdrawals are free in France and abroad for both online banks. That’s not the case with N26 or Monabanq, for example.

- Account maintenance fees are low (MaFrenchBanq: 2 €) or free (Monabanq). Unlike N26 (9.90 €/month) or Monabanq (6–9 €/month).

- No commitment for either. Unlike N26 (minimum 1-year commitment, renewable).

Okay, but one downside in my opinion:

- Both online banks (Max and MaFrenchBanque) validate online payments by sending an SMS (which is tricky for me since I travel without a mobile phone).

Finally, is it better to have a Mastercard or a Visa when traveling outside the EU?

- The two online banks (Max and MaFrenchBanq) validate online payments by sending an SMS (which is inconvenient for me since I travel without a mobile phone).

Yep... Some here would say you just need that monthly plan thing for 39 €! Not to mention that if someone steals your cash, they can also steal your phone!

. People often accuse me of being too down-to-earth. Now I use a figurative expression and it still doesn’t go over well...

So I tried my hand at sarcasm and it flopped 😉 Still, I did some research to find out how much cash you can take out of France (how much in the suitcase?) and I didn’t find any answers.

. People often criticize me for being too down-to-earth. Now I use a figurative expression and that’s not okay either...

Turns out I tried sarcasm and it flopped 😉 Still, I did some research to find out how much cash you can take out of France (how much in the suitcase?) and didn’t find any answers.

10,000 € without having to declare it...

You can take out as much as you want—hundreds of millions—if you have it, as long as you fill out a declaration for any amount over 10,000 €... For larger sums, you’ll need to prove where the money came from.

This discussion is enlightening. This story reminds me of my first days of retirement. On my way to the deep south of Morocco, I made a stop in Andalusia and got a call from the bank that stopped me in my tracks: "Can you explain the origin of the sum that was deposited into your account?" (a little over 8,000 €—my retirement severance pay plus my paid leave). Good grief, I brushed off the kind lady... What business is it of mine? Plus, the origin was clearly stated on the transfer. I felt like a notorious trafficker. No explanation from the person, just suspicion in her voice. Me, who had never had such a large sum in my account before—how could this be... and blah blah blah... When I got back, the bank apologized. It was apparently Tracfin’s orders. Yet, you can withdraw as much cash as you want... What kind of world do we live in?

I still don’t get what the mistake was with Fortuneo. The rate is clearly zero on the chart. So… what’s the deal?

(It’s the ads, the sponsor for most of these sites.)

Yeah, I misread that.