Here is an interesting question for you.

The longest we have travelled on our bike is 3 months around Europe. We are now looking to travel for at least 12 months around Central and South America next year.

My question - do you take a heap of US Dollars or do you use money machines as you go to withdraw local currency.

Yes I realise the risks of carrying a large amount of cash

In Europe we took a large amount but also had a cash passport for withdrawals..

My worry about travelling for a year or so is if we lose our bank cards and can't get access to our savings.


Thank you

Multiple credit cards, multiple debit (ATM/"cash passport") cards, and a stash of US dollars. That combination will cover almost anything which might happen.

But I wouldn't advertise on the internet that I'm carrying "a large amount" of cash.

Plan ahead, do they have ATMs where you're going (that will take your card)? If they do, carry a float but mainly use those and pay for hotels etc on card when you can. Carrying lots of cash isn't advisable unless absolutely unavoidable. Split your cards and cash up and stash in various places round yourself and the bike to make it less likely you will lose the lot in one go. Carry a decoy wallet with some expired credit cards and a small amount of local currency.

We traveled all over South America for over a year, and another half a year in Central America. We carried very little cash - there are ATM's everywhere for access to local currency, credit cards are accepted in many/most places. I typically carried USD equivalent of ~$50-$100 in local currency, and had an additional stash of $200 USD for emergencies, which came in handy a couple of times.

My wife and I each carried two credit cards, one in common and we each had one that was in our name only, not shared. I only carried one card in my wallet, the other I kept is a secure backup location. In addition I had two debit cards (I hope that this type of card is understood?) from two different bank accounts back in the US, for accessing cash from ATM's.


While we were in Bolivia, my Chase Visa card was locked due to some data theft issue (nothing to do with our use of the card), and Chase sent me a replacement by UPS express to a hotel in Argentina, at no charge. We would have been ok without it, using the backup card, but I was very impressed with Chase Bank for doing that.

The big exception is Argentina, where due to the blue dollar exchange rate, you really want to pay in cash if possible. If you pay with credit card, or take out cash from the ATM using your bank card, you get Argentina Peso at the "official" exchange rate. But you can use Western Union to send yourself Pesos, which you then pick up at any of the local Western Union shops. Doing so, you get Pesos at the "Blue market" rate, which is twice (2x, double!) the official rate. For this reason, in Argentina we ended up carrying around $500-$1000 USD equivalent in Pesos. It was strange and a bit uncomfortable for me to carry so much cash, but it is the norm, especially for tourist.

That said, the Argentinian government just announced, last week, a special arrangement for foreigners paying with a foreign credit card - they will give you an exchange rate that is close to (but not quite) the "Blue" rate. If I was visiting again, and this were still in effect, I would take advantage of it - the extra few % you get by using Western Union does not offset the advantage of paying by card and carrying less cash, at least for me. But with the "official" rate being 2x less than Western Union - then I carry cash.

Here is a link to an article on the new deal for foreign credit card exchange rates:

https://www.batimes.com.ar/news/econ...-dollars.phtml

Just one thing to add to the preceding two posts:

I once had a security issue come up on one of my credit cards while I was in Central America, enroute south. Resolving that issue involved a collect international phone call to my bank. That collect phone call caused a more serious security failure, which cost me no money but a lot of time and energy.

This made me very wary of ALL communications involving disclosure of ANY personal identity or password information while away from home. This is one reason I carry multiple cards--I can walk away from any of them without compromising my trip. YMMV.

Well, ok: more than just one thing to add. On an extended trip it's always possible to run into a currency crisis of one sort or another--if not in Argentina, then Venezuela; if not Venezuela, then potentially almost anywhere else.

It's also not wise (IMO) to rely completely on the availability of ATMs, since lots of places actually DON'T have them, and sometimes they run out of cash on long weekends, during holidays, or for obscure reasons which are never clear.

Several debit cards from different banks, 2 credit cards & enough cash in USD to keep me going for 7-10 days if all else fails

Last resort: someone back at home ready to send you cash to a Western Union office.

I have never arranged anything like that, but it would be my plan not B, but F if all fails.

We’ve got as far as Honduras (going south), we didn’t need $US in Mexico or Guatemala but they like them in Honduras - you may get a cheaper hotel room and you need them for the Honduras/Nicaraguan border. It’s not a lot but make sure you have plenty of different bills as they never have change - see IOverlander for the latest fees.
Otherwise it’s just like being at home, we’re getting cash out, sometimes paying with a debit or credit card. We get a bit extra out for the border crossing and exchange it with a local money changer at the border (so far we’ve got good rates) so we’ve got a bit of local cash after crossing.

Take note - being from Europe we can not always get money out of an ATM, especially in Mexico, I type international ATM on Google maps and it’s worked so far.

hi

in argentina at the moment the best thing to do moneywise is to send
yourself money via western union.
better exchange rate than the arbolitos(monechangers)

I would try to keep an amount of USD when travelling the Americas. El Salvador and Equador uses USD as their currency and in Argentina if you have a bit of USD cash you can exchange they at a much better rate than in any ATM.

__________________
In the end everything will be fine. If its not fine its not the end....

I haven't had a bank ! for the last 7 months so cash and Western Union works well for me, I get sent $$ to WU in the next country ive Colombia down to now Vhile

Quick up date from Costa Rica-
Nicaragua seemed to trade in either currency everywhere - all businesses carried each.
Costa Rica also will take each but prefer Colones.
We have got the XE.com rate of exchange at every boarder without exception just make sure you exchange in the country you are leaving.

“Country you are leaving” sorry I am confused, which currency are you converting and what?

Thanks

General rule wherever you go: Get rid of all your soft currency before leaving the border area. The further you progress into a new country, the worse the exchange rates because the more desperate you are to get rid of the previous country's now-useless currency.

Note that this is a general rule covering soft currencies only, and that of course there are exceptions.