| Brad and Jen's World Adventure Travel Money Management |
| Step 1: Utlizing a local bank with a trusted individual on our account to help manage any unforseen circumstances. Have both a Checking and Savings account. A small amount held in this low interest savings account with overdraft protection on checking to cover any mishaps. Step 2: Balance of money in an international bank with higher interest rates. We do not know exactly when our trip will end, therefore we need the money to be fluid versus locked into time sensitive accounts. Plus, we are not money whizzes and do not feel like being overly creative. Step 3: Twice monthly automatic deposits from international bank to hometown bank. This will keep the amounts in our checking account low, timed to match our budget, and keep our money safe should someone steal our bank card. Step 4: American Express Travelers Cheques. These are replacable if stolen, and therefore more safe than straight cash. The bulk of money will be held this way. We will leave with $1,000 each. Copies of all checks will be held by each other with 1 set of copies left in possession of our trusted person. Step 5: American Express Card. We will each have a card for one account. We have set up pay-by-phone to make payments if we must use the card. If we need to use a credit card we will attempt to use this one first and pay it off immediately to not accrue interest. By carrying this card, we are able to write checks from our hometown account at any American Express Office. This helps us avoid ATM's and ATM fees. Also, we have the option of having Travelers' Cheques delivered to our location, and the protection of replacement if stolen (you must have copies of the checks to verify numbers!) Step 6: Major credit card: We will each carry a card from a joint account. If we must use this we will notify our trusted person (with access to our bank account and a supply of checks) to make the payment. This card is only for back-up purposes. Step 7: Bank debit card. We each carry one for our hometown bank. We can utilize ATM's if necessary, however we think we have learned a little bank secret (told to us by our hometown bank branck manager who is a world traveler herself...not a bad idea to make personal contact with this level of a person should anything go bad). You can obtain a cash advance at any bank free of charge. This comes directly out of our checking account with no ATM fees from either bank. We have to check this out at home before we leave, but this sounds like the best way to replenish our cash along the way. Step 8: American cash: We will leave home with $500 each. $200 of this will be stashed in our "important documents" pouch which is attached to and hidden in our back packs. The rest will be in our hidden money belts. The stashed amount is only for emergencies. In a pinch Amercian dollars seem to be accepted in a lot of places. Funny thing is, I once had a train conductor in Hungry extort American dollars from us because he knew this a strategy we use. He threatened to throw us off the train at the border. We buckled because it was our first expierence with this, and his machine gun looked a bit intimidating. In the future, the response will be one of..."I don't have the cash, sorry". Step 9: Bank account checks. We will carry a supply of checks from our hometown bank to be utilized at American Express Offices to replenish money in small amounts (enough to live for two weeks). Step 10: All of accounts are set up for internet access and pay by phone capabilities whenever possible. We will never access our accounts via the internet. Cybercafes and the such are not secure and monitored all the time. This is basically to give our at home trusted person access should we need information. |