This post is mostly targeted toward future auxiliares de conversacion trying to figure out how to get their money to Europe safely and effectively. But it also has some general rules for dealing with money and living abroad.
When you decide to travel or move abroad, you have to deal with annoying currency exchanges a lot. Also, you have to worry about transporting your cash, credit cards or traveler checks and finding ways to get money without racking up large fees.
So what’s the best way to go about this?
Simple. Use your debit card and Capital One credit card. If you don’t have a Capital One card, get one before you go abroad. To my knowledge, apart from fancy cards which require excellent credit and involve yearly fees, the Capital One card is the only one which does not charge you each time you use it outside of the country. A good credit card is a must for emergencies, especially when you move abroad.
As for day to day cash, if you are moving abroad, I see little logic in bringing more than 300 dollars cash with you in hand. Currency changes are notoriously bad, almost everywhere you go. People nowadays like to deal in digital money. There is no labor in making computer transactions, as opposed to cash shuffling. So, generally speaking, apart from a small ATM fee, you get the best exchange rates through withdrawing money directly in the foreign currency of your choice. With your debit card you can take out enough money to open a bank account and start depositing it. It’s also easier for you to keep on eye on the exchange rates because they usually follow a day behind what’s going on on the market. The day your currency is up, the following day go and take out a lot of money and bring it to your new bank account, or to spend.
Cash is bad. I made the mistake of moving to Europe with most my money in hand. First of all, forget the scam of cash exchange rates. It’s just dangerous. People can rip you off at your hotel or on the street. In Spain, where I moved, pickpocketing is common, as are hotel maids who will steal your money without so much as a flinch.
Banks are pretty bad in Europe, not because of charges or anything, which aren’t very bad, but because of their lack of working hours. This will be a continuous problem, so make sure that when you get an account you get an ATM card with it or else you’ll often be out of luck.