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Foreign Soil

If you are planning a world tour taking in Singapore, Switzerland, Italy, Germany, England, Canada and the United States, your daily financial needs will require six different currencies.

No matter how experienced or switched on to foreign exchange you are you will be faced with serious decisions about your personal finances each time you shift from one country to the next, beginning with the first touchdown in Singapore.

Of all the advances in foreign travel made over the past 30 odd years a major one has been the ease of payment using credit cards or, better still, debit cards if you are away for 4 weeks or more.

There are some foreign currencies that are hard to sell in Australia (because no one wants to buy them except your mate who is off to Uzbekistan tomorrow), but double dipping by the foreign exchange sellers can make a very big hole in your pocket if you don’t get your arithmetic right.

The golden rule is to avoid “double exchange” (changing from Australian dollars to Euros and then from Euros to US dollars) like the plague.