Best way to carry money when travelling Central and South America?

Question

I am heading to Cuba, Central and South America for 6 months at the end of the year.

Due to the wide range of currencies i'll be dealing with I'm assuming that just taking my own (UK) bank card and withdrawing cash at ATM's is the best way to access cash?

The only problem with this is that I am slightly worried that i'll be stuck if the ATM won't accept my card or worse, if there are no ATM's where I am!!

I was also thinking of taking some Sterling and/or Euros for emergencies.

Can anyone advise please?? Not keen on taking travellers cheques as they're a nightmare to get cashed most of the time!

Thanks in advance.

Answer 1

In South America and in most of Central American your ATM card will get you cash in most larger places and tourist areas, but read a good guidebook from Footloose, Lonely Planet or Moon about the places you plan to visit, because some smaller towns do not have ATMs. Those guidebooks usually note where ATMs can be found, and where they are absent. If you are flying into a country, virtually every airport has ATMs, so use one before going into the city.

Well worth taking some Euros or US dollars (Sterling is not widely accepted in Central and South America), about 100 Euros or equivalent in dollars, for emergencies, small bills kept in a belly pouch for safety.

As a precaution, you can set up  two or more accounts with an ATM card for each. Then if you loose one card, or for whatever reason it does not work, you have backup.

Cuba is an entity unto itself, and what applies elsewhere in Latin American may or not apply there. With a US passport and no Cuban relatives, legally I am not allowed to travel to Cuba--by the US government, not the Cuban.

Don't waste time or money on travellers checks for they are a nuisance and cost money. There is a substantial fee for cashing them, and banks keep limited hours for that purpose.

Answer 2

Take your bank account's Debit card. Take out only what you will need for the next week or so. When that is gone go to another ATM.

ATMs are in every city and town that has a bank or a grocery store.  In the large cities, they are literally everywhere.

You might take a money belt with a hundred or so in it, as a reserve in case something should happen, power outage or theft of the card. That would be your back up.

You are correct about Traveler's Checks, Don't bother with them. Also don't carry large denominations, that will also slow you down as you will have to show your passport, etc.

i suggest you take a Credit Card too. Set up your Credit Card account so that you can pay it Online from any Internet Kiosk. That is also a back up.

Make sure that the Credit Card bank is the opposite of your Debit Card,  e.g. If the Debit is Master Card, your Credit Card should be Visa. Or vice versa.

Then you will be covered for all possible limitations.  The only foreseeable difficulty will be in Cuba. The Castro Brothers will charge you a lot to convert your money to theirs. And theirs is the only legally acceptable currency on the island.

I had some trouble with the debit card in San Jose, Costa Rica. But since gambling is legal and the casinos are well guarded, and they want your cash, the machines there will take any card. So I went there, got my cash, smiled and went on my way.

Other than that, no worries.

Answer 3

credit card. or carry cash in your bra or something. be VERY careful.

Answer 4

I spent some time traveling around Mexico and I had no problems with the ATMs there.  I found it was best to take only what I need for about a week and get some more as I needed it. I'm assuming many Latin American countries would use similar systems.

I also traveled to Cuba, where I had some problems.  Your debit and credit card will not work in the ATM machines.  Do NOT put your credit card in an ATM machine because it will get stuck.

In Cuba they have special tourist money.  Your safest bet would be to bring some cash with you and get it changed for Cuban pesos at the airport or hotel. (It is cheaper at the hotel I believe). They can also give you cash off of your credit card or debit card in hotels (even if you aren't staying there)...this does not involve an ATM machine.  

Also be very careful in Cuba because pick pocketing is very common.

If you're bringing a credit card, it's a good idea to call your bank and let them know that you will be traveling outside of the country, and for how long.  This will prevent them from freezing your account etc.