How
to effectively organise your money, banking
and budget.
To guard against theft, loss of money or
other circumstances travellers should ideally
have several sources of money, for example
they may choose to carry cash money and
foreign currency that can be changed, plus
have a credit card, an ATM card and travellers
cheques. Cards and cash should be stored
in lockers, safety deposit boxes or secured
on your person wherever possible. Keep a
copy of your travellers cheque numbers separate
from the cheques and also leave a copy with
a reliable person at home.
CREDIT CARDS
Most major credit cards can be used for
purchases including accomodation, airtickets,
and purchases in large shops. In smaller
towns the restaurants and shops may prefer
you to pay in cash. It is probably a good
idea to have several money resources.
BANKING
Travellers cheques and international currency
can be changed at change desks everywhere.
For the most favourable rates, change money
through banks as ATM rates are based on
wholesales rales offered only by major banks.
Exchange booths will be more expensive.
To open a bank account you need a proof
of idenitity (usually a passport), a letter
of reference from your bank at home, proof
of current address (eg gas bill, phone bill
or letter from your landlord or hostel/hotel
that you are staying at), and proof of employment.
Most employment agencies will give you a
letter to state that you are working for
them and you can present this letter at
the bank. Some banks are more lenient than
other so go to several different banks or
bank branches. Usually the smaller banks
and building societies are more welcoming
to new accounts, but the larger ones can
sometimes offer more services. The major
banks include Lloyds, Midland, Nat West,
Barclays and the Bank of Scotland. It is
hard to get bank accounts that you can access
internationally. Usually ATM cards for foreigners
only work in England even if you have a
passport declaring you as a British citizen.
Major credit cards are widely accepted and
can be used in hotels, restaurants and shops.
Although smaller establishments may not
accept them. They can also be used in ATMs
or over the counter in major banks.
TRAVELLERS CHEQUES
Travellers cheques are a good backup if
you lose your credit cards or you can't
use the ATM. They can also be replaced if
they are lost or stolen. Make sure you keep
a record of your travellers cheques in a
safe place (one with you and with someone
else at home). The procedure for using travellers
cheques is to sign them when you purchase
them from a bank or other outlet, and to
countersign them just as you cash them in.
Do not sign them before this. You will also
require identification (eg. passport) to
cash the cheques. The most widely accepted
brands of travellers cheques are American
Express, Thomas Cook and Visa.
TOP
TRAVEL INSURANCE
We recommend all travellers take out personal
travel insurance to cover any equipment
losses, damages or health problems that
may occur.
Insure and Go - has great deals on travel
insurance www.insureandgo.com
Travel budget per day
Travelling in England is expensive and London
horrendous. Many travellers say their pounds
disappear everytime they breathe. In London
budget £30 for basic survival including
£10 for accomodation, £10 for
basic food and £10 for transport.
Any sightseeing or special meals will cost
a lot more. Outside of London it does drop
but then you may have to factor in long-distance
transport getting there.
