South America, best way to bring money

F

freeman

Guest
Hi,

Need some advice on the best and cheapest way to bring spending money to south america. Were going to brazil, argentina, bolivia and peru. I want to keep it simple so don't want to bring a load of different currencies with me.

Would using my my credit card be the best option?

Thanks
 
Using a credit card at ATM not a problem in any of those places (have been to them all except Brazil). That's the way I'd go. Also, bring US$. I wouldn't bother getting local currency on this side.
 
your ATM card will work over there once it has the maestro/cirrus symbol on the atm machine over there and your card is compatible. When heading out into bolivia and peru some remote places dont have atms so stock up on cash in the bigger towns and bring it with you. always carry some amount of dollars on you but i would only use this in an emergency. in argentina/brazil credit cards widely accepted. enjoy it, great places to visit.
 
if you have dollars to hand bring them, but I find euros to be widely accepted and you are only charged commission once i.e. euro to peso (rather than euro to dollar to peso). Always have some hard currency on you.

By far, using a credit card is the best way to go. Once upon a time, if your credit card was in credit, you could withdraw cash without paying any commission and get the best exchange rate. Nowadays, you can be charged up to 2 euro per withdrawal. I suspect if your card isn't in credit, the commission can be even higher (but I'm not sure about that now?). Also, remember that some ATM's may limit the amount you can withdraw per transaction (or per day?) - it can often only be 100 euro.

If you go the route of putting money into your card before setting off, if your card is nicked, and the thief manages to get access to your funds, the 'credit' in your card is not insured...
More importantly, some (if not all) credit card companies need to be informed of the countries you intend to visit (and dates), otherwise all transactions on your card will be blocked after it's first usage outside of the EU (they persume the card has been nicked!). This actually happened to me in Thailand!
 
Another tip is to have a backup card & store it separately. I had two credit cards which were both skimmed so had to be cancelled in the first 2 weeks of the trip. My Irish bank was fantastic & phoned/texted myself & my parents to try to get in touch & I was able to validate which transactions were mine & which were the fraudulent ones, so I wasn't liable.
Luckily I had a laser card which hadn't been affected so I was able to use this although it was more expensive, but if I hadn't had it, getting money would have become a real inconvenience.
 
Was in Brazil a month ago. Tried to buy some currency before going but can't get it in the banks here. Brought some euros & dollars I already had, but in the end only used the credit card. Some other points:
- charges vary slightly per bank, roughly €5-10 (I think) which is ok if you're taking out large amounts.
- Not all machines take cirus, you need to look for the symbol.
- machine limit is R1000 (€400), but some were R600.
- Arrived late on Sat night & none of the machines in the airport would work for me. Was ok as I was meeting friends, but not sure what I'd have done otherwise.
(Edit)
Related to Helen's point above, notify your card company of your dates & location of travel before you go.
 
If youre going to venezuela then bring cash in US dollars. The exchange rate for cash changed within the country is far preferential to what you will get withdrawing it from a bank. Strictly speaking its a black market but its used by everyone and is openly advertised in shops etc.
 
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