Accessing funds whilst on the road
 

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?

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.

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!

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 If you use a debit card, the funds are withdrawn from your home bank account, and you will not be hit with usurious interest charges as would be the case if you withdraw funds from a credit card.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

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.

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).

Another point, some banks and building societies have an on-line facility for letting them know when you will be using your card abroad and in which countries. It should prevent the card being stopped due to unusual overseas activity.

whichever you choose, note that Sudan (NOT South Sudan) is a bit of a challenge. We were there last month and anything remotely american is NOT accepted moneywise. Except, of course, USDollars...

However:
- No Maestro/Cirrus - if you find an ATM it will only work for cards from that specific bank.
- No credit cards. Period. No Visa, no mastercard, no american express, or anything else
- They do accept Traveller's cheques. At 30% handling fee... if they're in a good mood.

What to do?
Make sure you have enough USD when entering (doubtfully legal) or other foreign currency (moneychangers at the border will give you a better rate than the official rate) to last your stay in the country. On the upside, everything is dirtcheap...

If you are in the UK a Sainsbury's Credit card is very useful. There is a £5 a month charge but in exchange you get holiday insurance for six people including winter sports but more usefully, they do not charge anything for using the card abroad. No ATM fees, No commission, No exchange rate fees e.t.c. You just get the money, no fees at all. As far as I am aware, this is the only card that offers this. Excellent in Morocco, used it all over the place without any extra charges.

It appears that the problems cited above using credit cards and ATM cards in Sudan are not the doing of the Sudanese, instead, they are a direct consequence of American sanctions that were imposed in 2006.

Full details of the sanctions can be found here: An overview of the Sudanese Sanctions Regulations

The 30% handling fee on travellers cheques is most probably a result of the cheques having to be hand-carried out of Sudan to be processed in another country.

God bless the land of the free :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

That is why hard cash is the only 'reliable' money, especially in todays political climate.:palm:

Hi Liam:

I'm not sure I would agree with you that it is necessary to carry a lot of cash while on the road. Sudan is kind of 'the exception that proves the rule', so to speak. There are only a limited number of countries that the Americans have imposed financial sanctions (i.e. they are blocking banking transactions) on, and it is easy enough to find a list of those countries at one of the American government websites.

Below is a map showing all the locations I have stayed in during the past 3 years... I have never had a problem using a bank debit card at an ATM at any of these locations.

My own strategy is to carry two credit cards (MasterCard and American Express) and one debit (ATM) card, along with a small amount of either Euros or US Dollars - but no more cash than is necessary to keep me going for 2 or 3 days. That strategy has worked well through more than 80 countries so far.

Using a debit card to withdraw cash (in local currency) from my home bank account at a local ATM is, by far, the least expensive way to travel so far as surcharges and bank fees are concerned. The ATMs will usually impose a small transaction fee ($1 or $2), but that is a 'fixed' fee, not a percentage fee, and the ATMs have - by far - the best exchange rate available. Credit cards, on the other hand, typically impose a percentage fee on the currency conversion, and that percentage varies between a low of 1% (American Express) to a high of 2.5% (most MasterCards).

Michael

Places where my debit (ATM) card has worked at local ATMs
http://i979.photobucket.com/albums/a...ps6bf813c5.jpg

After speaking to the bank before leaving on our year long trip around the Americas I was told NOT to use a debit card unless neccessary, seemingly if somebody gets a hold of it your not covered and are liable for the monies taken from your account whereas with credit card there are some gaurantees. I used a mastercard for a year to withdraw cash across South, Central & North America, no issues, on the rare occasions when i used my debit card (Visa) when the Master card didn't work it cost me more!
There is always some cost involved, the alternative of taking huge amounts of cash isn't a great idea.

It is still of value when it saves you from having to search for an atm and it also reduces the chance of fraud if one chooses to use card for all transactions instead if it can't be found. Also cash is a nice anonymous way to travel.

Perhaps the above was also a slight dig at the good old USA , and how it impacts on everyone worldwide, even those like myself who couldn't care less if the USA sank into the ocean tomorrow morning. Hence all the 'smilies'.

I still maintain people are much too free with debit/credit cards, the argument above relating to the use of credit cards over the debit type is valid to a point,however it is not much use when marooned in Mongolia with only pocket change to your name. People seem to also forget that card scams are much more common in the developed world where people have become totally reliant on plastic (and debt) to survive.

I am not saying 'cash only', nor am I advocating carrying huge amounts of cash,simply that it can and should be more than just a backup.