Travel Reference
In-Depth Information
66
only American Express. If you have checks
from elsewhere, call your hotel in advance
to see if they're accepted. Currency
exchange booths in the major hotels gen-
erally accept traveler's checks, but most
other exchange booths do not.
Traveler's checks are something of an
anachronism from the days before the
ATM made cash accessible at any time.
Traveler's checks used to be the only sound
alternative to traveling with dangerously
large amounts of cash. They were as reli-
able as currency but, unlike cash, could be
replaced if lost or stolen. These days, trav-
eler's checks are less necessary because
most cities have 24-hour ATMs that allow
you to withdraw small amounts of cash as
needed. However, keep in mind that you
will likely be charged an ATM withdrawal
fee if the bank is not your own.
You can buy traveler's checks at most
banks. They are offered in denominations
of $20, $50, $100, $500, and sometimes
$1,000. Generally, you'll pay a service
charge ranging from 1% to 4%.
The most popular traveler's checks are
offered by
American Express
(
&
800/
807-6233,
or
&
800/221-7282 for card-
holders—this number accepts collect calls,
offers service in several foreign languages,
and exempts Amex gold and platinum
cardholders from the 1% fee);
Visa
(
&
800/
732-1322
)—AAA members can obtain
Visa checks for a $9.95 fee (for checks up
to $1,500) at most AAA offices or by call-
ing
&
866/339-3378;
and
MasterCard
(
&
800/223-9920
).
Be sure to keep a record of the traveler's
checks' serial numbers separate from your
checks in the event that they are stolen or
lost. You'll get a refund faster if you know
the numbers.
American Express, Thomas Cook,
Visa,
and
MasterCard
offer
foreign cur-
rency traveler's checks,
useful if you're
traveling to one country or to the Euro
zone; they're accepted at locations where
dollar checks may not be.
Another option is the new prepaid trav-
eler's check cards, reloadable cards that
work much like debit cards but aren't
linked to your checking account. The
American Express Travelers Cheque
Card,
for example, requires a minimum
deposit, sets a maximum balance, and has
a one-time issuance fee of $15. You can
withdraw money from an ATM (for a fee
of $2.50 per transaction, not including
bank fees), and the funds can be purchased
in dollars, euros, or pounds. If you lose the
card, your available funds will be refunded
within 24 hours.
CREDIT CARDS
Credit cards are welcome in nearly all Rus-
sian hotels and many restaurants, but
many museums and train stations take
only cash. Cards most commonly accepted
in Russia are American Express, Visa,
MasterCard, and Eurocard. Places that
take Diners Club are rare, and those that
take Discover are nearly nonexistent.
Credit cards are a safe way to carry
money. They also provide a convenient
record of all your expenses, and they gen-
erally offer relatively good exchange rates.
You can also withdraw cash advances from
your credit cards at banks or ATMs, pro-
vided you know your PIN. If you've for-
gotten yours, or didn't even know you had
one, call the number on the back of your
credit card and ask the bank to send it to
you. It usually takes 5 to 7 business days,
though some banks will provide the num-
ber over the phone if you tell them your
mother's maiden name or some other per-
sonal information. Keep in mind that
when you use your credit card abroad,
most banks assess a 2% fee above the 1%
fee charged by Visa, MasterCard, or Amer-
ican Express for currency conversion on
credit charges. But credit cards still may be
the smart way to go when you factor in
exorbitant ATM fees and higher traveler's
check exchange rates (and service fees).
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