British finances for a transamerica cycle

Travis · Post by **Travis** » 29 Apr 2011, 7:39pm

Hi,
Im looking for some help. Im 4 weeks away from heading over to america for 3 months to cycle the transamerica trail. Im wondering how i should keep and spend my money. I'd like to have it in my current account and use my card but i think that might end being too expensive due to charges. What do other cyclists do when touring in a foreign country? Cash? Travellers Cheques?
Any help appreciated..

Travis

scottg · Post by **scottg** » 29 Apr 2011, 8:03pm

A note on cards, in the States the ATMs only have magnetic stripe readers,
no support for smart/chipped cards. 4 digit pin codes.

In the Britain I carried a debit card for getting cash, all purchases
were done with a credit card or cash.

Travis · Post by **Travis** » 29 Apr 2011, 8:24pm

Thanks for the reply. Thats handy to know, i dont have a credit card but do you know if my debit card would work over there by using its magnetic strip. Im 21 so dont remember not having chip and pin, so this might be a stupid question but how does it work?

irc · Post by **irc** » 29 Apr 2011, 9:00pm

In 2009 my debit card (First Direct) worked fine in the ATMs I tried. It has a magnetic strip as well as a chip. I was on the transam route from Yellowstone to Kansas. I used cash throughout except for a couple of motels and buying replacement tyres when I used a credit card.

I started with about $500 then withdrew cash as required. I tried not to go below $100 as in the smaller towns there weren't always ATMs. I also had an emergency stash of $100 hidden on the bike in case I anything happened to my wallet so I would have cash until it was replaced.

It may not be the cheapest but as long as you are withdrawing enough cash so you are paying a fee bases on the percentage and not the minimum fee I don't think there is too much in it. Checking back my bank statements on 28/7/09 Itook out $200 in Jackson Wyoming and it went on my statement as $202, exchange rate 1.5975 - £126.44 Even if the bank was making another percent or two on the exchange rate it is still not a huge charge.

rualexander · Post by **rualexander** » 29 Apr 2011, 9:07pm

I don't know if its still the case but traveller's cheques in US dollars used to be accepted like cash at most shops etc. Probably worth carrying a few anyway stashed somewhere obscure for emergencies.

roger kimberley · Post by **roger kimberley** » 29 Apr 2011, 9:08pm

You can use a prepay credit card which you load with dollars by transfer from your UK current account and then use like a normal card in shops and ATMs, Caxton is one that has no charges for use abroad but there are others. AMEX traveller cheques are accepted widely and I've used them in shops in the US and been given change in dollars, they have an advantage of fast replacement if lost/stolen

vjosullivan · Post by **vjosullivan** » 29 Apr 2011, 10:51pm

Travis wrote:...help. Im 4...

If you're likely to be making lots of smallish withdrawals against a UK Visa or debit card, it's worth giving the company a ring beforehand and telling them the dates you expect to be in North America. I've had my card stopped twice for "suspicious" withdrawals over there and I can tell you its not easy to sort things out when that happens and you're in Ucluelet, it's seven on the morning and you just want to pay up and leave the motel. (Actually, the motel were very good about it and just said to send the cash when we got home - but I still had to sort it out with the card people so that I could buy food).

Swallow · Post by **Swallow** » 29 Apr 2011, 11:13pm

Have a look at this http://www2.postoffice.co.uk/travel/tra ... money-card as you will see not running at the moment and I don't know if it will be in time for your trip. Basically you load the card with a pre determined amount of money and then use it like a debit or credit card, keeps your current account safe. I've never used it but may be worth a look

irc · Post by **irc** » 30 Apr 2011, 8:04am

vjosullivan wrote:
Travis wrote:...help. Im 4...

If you're likely to be making lots of smallish withdrawals against a UK Visa or debit card, it's worth giving the company a ring beforehand and telling them the dates you expect to be in North America. I've had my card stopped twice for "suspicious" withdrawals over there and I can tell you its not easy to sort things out when that happens and you're in Ucluelet, it's seven on the morning and you just want to pay up and leave the motel. (Actually, the motel were very good about it and just said to send the cash when we got home - but I still had to sort it out with the card people so that I could buy food).

Another reason to at least have a reserve of cash even if you are using a card most of the time. The paranoid part of me reasons that making numerous small purchases using a card increases the risk it will be compromised but I don't suppose that matters if it is a prepay card other than the inconvenience.

TonyR · Post by **TonyR** » 30 Apr 2011, 9:00am

I travel all over the world including the USA and always just use my card in an ATM to draw cash as I need it. As noted above though, do notify your card issuer before you go to minimise the chance of it getting blocked and preferably have a Skype account either on your phone or to use at the local Internet cafe and your card issuer's number (a real one not an 0845 or 0800 one) to call them and sort it out if it does happen.

Watch the terms on your card though as there are lots of charges they can add on. It's worth setting up a Halifax Clarity card which gives by far the best terms - no exchange rate fee (can be 3%) and no cash withdrawal fee (can be £1.50). If you get one you can use it for withdrawals with your usual card as a back up if there are any problems.

[url="http://www.moneysavingexpert.com/travel/cheap-travel-money"]Money Saving Expert[/url] has some good advice and links.

pal · Post by **pal** » 30 Apr 2011, 10:28am

rualexander wrote:I don't know if its still the case but traveller's cheques in US dollars used to be accepted like cash at most shops etc. Probably worth carrying a few anyway stashed somewhere obscure for emergencies.

Yes: this is still true, and I'd agree that America is one of the (few?) places left where traveller's cheques make very good sense as a backup (or even a main) source of funds.

For long trips (or multiple short trips) it might be worth considering one of Citibank UK's US$ current accounts: it has the advantages of a UK account (easy transfers between other bank accounts, for example), but funds are held in dollars so you don't get stung with additional fees for using ATMs or debit cards while you're abroad. (They do a Euro version too.)

irc · Post by **irc** » 30 Apr 2011, 11:38am

TonyR wrote: It's worth setting up a Halifax Clarity card which gives by far the best terms - no exchange rate fee (can be 3%) and no cash withdrawal fee (can be £1.50). If you get one you can use it for withdrawals with your usual card as a back up if there are any problems.
[url="http://www.moneysavingexpert.com/travel/cheap-travel-money"]Money Saving Expert[/url] has some good advice and links.

I can afford to stop working for two months this summer to go touring in the USA and I've no debts at all but Halifax didn't think I was a good enough credit risk to give me a Clarity Card. :-(

Travis · Post by **Travis** » 30 Apr 2011, 12:29pm

All very useful posts, thanks alot. After looking into it i think im going to keep a bit of cash with me, maybe a couple of travellers cheques and mainly use a prepaid card. Ive looked at the caxton card that was mentioned and thats seems like the kinda thing i want. Ill have to use my debit card to secure motel rooms and the like. Then use the prepaid card for transactions and cash withdrawals as it states that there is no charge for these in the us. Has anyone had any experience with these prepaid cards?

ossie · Post by **ossie** » 30 Apr 2011, 10:25pm

Ive just come back from Florida and there seem to be more places than ever that are getting funny over US dollar travellers cheques. The big stores like Walmart were fine but many places look at you like you are an alien if you produce one.Some turn them down, some want passports and driving licences etc and some treat them as cash. In addition some banks are now charging to change them . The truth is that they are a pain in the arris so I wont bother again.

lisap · Post by **lisap** » 1 May 2011, 7:22am

Most of the communitites you pass through on the TransAm are small so travellers cheques are not really a viable option, they just won't cater for them. I have found that the best combination is to take cash, a credit card (telling your card issuer your trvel dates) and my normal ATM card.

Most places have an ATM though and some of the bigger ones have drive through ones. It always casuses amusement when you join the queue

Make sure that for the smaller places you stay or where there is just a mom & pop store for buying provisions you have smaller denominations as $100 bills can be hard to change.

Make sure you have plenty of quarters for laundry and soft drink machines which you find everywhere, both come in very handy.

The good thing about doing a long distance tour is that you don't actually need a lot of money, whatever you buy you have to carry.

Have a great trip.

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