Accessing funds whilst on the road

[Gingermermaid]

I'm looking at opening a new back account specifically for funds associated with my Africa/Asia trip and am wondering if anyone knows what the best bank to use would be. Given their presence throughout Africa, the Middle East and India, I had hoped to set something up with Standard and Chartered unfortunately they don't do retail banking in the UK. Any suggestions?

[mark manley]

You might be better off looking for a bank with a credit or debit card that does not charge for foreign cash withdrawls. It doesn't really matter which bank you are with as long as your card is visa with perhaps a mastercard for backup, these will work in cash machines in most countries.
A Standard and Charter account in one country might not help you much in another, like a Santander account in the UK gets you little help in Spain.

[brendanhall]

I would have a look a HSBC! they have a good footprint in Asia! some of their accounts do not charge for using foreign branches!

[PanEuropean]

My own experience (about 60 different countries every year, for the last 3 years) has been that as long as you have a DEBIT card (in other words, an ATM card) that has either a 'Cirrus' or 'Maestro' logo on the back of it, you will be able to withdraw funds just about anywhere in the world. I have yet to find a country that doesn't have ATMs that accept Cirrus and/or Maestro debit cards.

You will be much, much better off using a DEBIT card rather than a credit card. If you use a debit card, the funds are withdrawn from your home bank account, and you will not be hit with usurious interest charges as would be the case if you withdraw funds from a credit card.

You need to be aware that there are two types of cash machines (ATMs) out there in the world: Ones that are operated by a bank that is a member of the Cirrus or Maestro network, and privately operated ATMs. It's pretty easy to tell them apart - the bank operated ones are usually embedded in the wall of a bank branch, and the privately operated ones tend to be physically smaller stand-alone machines found in hotels, convenience stores, and so forth.

Try to avoid the privately operated ones, because the service fee per withdrawal can sometimes be pretty high. The ATMs that are operated by banks generally charge (on average) about $1.50 for a withdrawal. If you plan your withdrawals in such a way that you are not using the ATM every day, that's a pretty negligible charge.

An additional bonus is that you will almost always get the best possible rate of exchange from a bank ATM.

Michael

[*Touring Ted*]

I spread my cash over three bank accounts with three debit cards..

That way If one is compromised or blocked etc, I'm not without cash.

I also carry three credit cards. Mix of VISA, Mastercard etc.


It's always a very good idea to have a credit card and a wedge of USD hidden on the bike somewhere. You never know when you'll need it.

I lost ALL my cards, wallet and paperwork in Patagonia and that stashed credit card literally got me out of a whole lot of shit.

[schenkel]

2 debit cards and 2 or 3 credit cards (you need to shop around as some don't charge for using cards abroad) and some US dollars in small notes hidden well in the bike would be enough I think....it would also be very helpful to have money transferred using Western Union (in emergencies only I did because they charge, although sometimes cheaper than credit cards). Western Union is almost in every African village!! and you get your money in minutes (in the local currency of course).