Westworld Alberta

travel smarts Paper or Plastic How to spend — and protect — your money abroad by Jeff Bateman M ONEY MAKES THE WORLD GO around, it's been famously said, and it's equally critical for trav- elling around the world. The strategic art of "wallet diversity," the travel trade's term for the ways we can access funds when out of the country, has evolved dra- matically over the last decade. Contrary to actor Karl Malden's stern directive back in the 1970s, many of us now knowingly leave home without traveller's cheques. Calgary resident Evangelos Diavolitsis packed a small stack of euros, along with his debit card and a travel-friendly charge card, for a recent summer holiday in Greece and Israel with his wife. Wary of the high rates charged by overseas cur- rency exchange operators, he spent his euros in Greece, then used Israeli ATMs to supply him with shekels. "ATMs do the job for local currency. Yes, there are fees to be paid for the privilege, but I fi gure the local banks and my own bank back home aren't charging me a fortune," says Diavolitsis. Scott Sanders, director of card solutions for Bridge- water Bank (which provides the CAA MasterCard), says many travellers leave home without a thought about money, assuming their credit and debit cards will supply them with the usual cash flow out of country. But that's not always the case. For example, while chip and PIN tech- nology is now commonplace in Canada and throughout Europe, magnetic stripe is still the norm in the U.S. So double-check that your card will work wherever you're going. Also, let your bank and credit card compa- nies know when you'll be travelling. "There are so many automated strategies to prevent fraudsters from using your card – you wouldn't want to trigger one of those and have your card frozen when you were 8 WESTWORLD >> NOVEMBER 2011 Before you go, confi rm that your cards will work in your destination — and bring along $100 to $150 in local currency. Limit your number of ATM raids abroad by taking out enough cash for two or three days' expenses at a time. travelling," says Sanders, adding it's also a good idea to double-check the expira- tion dates of your cards. Local bank fees will be charged on any ATM with- drawals, and this is in addi- tion to the fee your own bank will dock for each for- eign transaction (usually around 2.5 per cent extra). One smart strategy: limit your total number of ATM raids by taking out enough cash for two or three days' expenses at a time. "It's no different than minimizing bank- ing fees in your home city," says Sanders. "The fewer trips, the better." And if you're planning a long-stay holiday, consider open- ing a short-term bank account in your coun- try of residence to reduce fees even further. If you do happen to lose a card or run into money problems, most banks and credit card companies have international help numbers and plans in place to get a replacement card to you quickly. While credit cards and traveller's cheques will cover expenses at res- taurants and accommodations in major destinations, it's also wise to have a small amount of foreign cash in your pocket before departure – Sanders recommends $100 to $150. Those wary of being victimized in pickpocket hotspots such as Barcelona, Paris, Rome, Prague, Hanoi and Buenos Aires might want to carry a credit card with a low limit that's used strictly for travel. Leaving debit cards at home is also possible with a pre-paid travel card, a secure, replaceable combination of credit and debit card sepa- rate from one's bank account. "These days it is just so easy to access your money when travelling," says Diavolitsis. "I still do my share of pre- planning, but having this kind of fl exibil- ity takes a big piece of the worry out of heading overseas." AMA MEMBERS SAVE MORE Need travel money? Visit an AMA cen- tre to buy foreign currency, pick up a Visa TravelMoney Cash Passport and more. 1-877-667-4777; AMATravel.ca Earn CAA Dollars when you make eligible purchases with your CAA MasterCard at home or abroad. Then use your CAA Dollars towards the pur- chase of your next trip. Apply today! AMARewards.ca/CAAMasterCard Mark Leibowitz/Masterfile

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