EXCHANGING MONEY: US currency and traveler’s checks can be exchanged for local currency at most airports, hotels and banks. Although you will be able to exchange for local currency at the airport upon arrival, we recommend that you wait to exchange currency at the hotel after you check in. Rates tend to be better at hotels. Make sure you exchange only what you need. The ”selling“ rate is much less than the ”buying“ rate. Once you leave the US, currencies are not convertible back into US dollars.
For up-to-the-minute exchange rates for your destinations, visit www.xe.com
CASH: You should bring ample cash with you (several hundred US dollars including plenty of 10s, 5s and 1s) to begin your trip. US currency is readily accepted in many parts of Asia, so you might not want to convert all your cash to local currency upon arrival, unless you will only be in one country throughout your trip. For trips that will visit several different countries, keep in mind that you will only be in each country for a short time and that country’s currency may not be accepted in the next destination. You don’t want to end up with lots of extra local currency that has to be converted each time you arrive in a new country, so only exchange a minimal amount and supplement it with credit cards and traveler’s checks.
CREDIT CARDS AND TRAVELER’S CHECKS: It is a good idea to bring a small amount of money (US$200-$300) in the form of traveler’s checks, which can be cashed into local currency at banks and most hotels. Buy the checks in small denominations (especially for trips visiting several countries) so you can exchange it in small quantities (which will help prevent ending up with a lot of leftover currency when traveling from country to country). However, many merchants will not accept traveler’s checks, so make sure you also bring cash. Credit cards can be used in major cities and at hotels and many restaurants, but don’t expect them to be accepted by smaller local merchants or in more remote locations. You can get a cash advance on your credit card at banks for a small fee. “Banker’s hours” vary from country to country, so make sure you plan accordingly when you need to get to a bank. NOTE: Credit cards and traveler’s checks are currently not accepted at all in Myanmar (Burma), so plan your cash supply accordingly.
ATMs: Do not plan on ATMs being as common as they are at home! While they can be found everywhere in major Asian cities, they are few and far between in smaller cities and more remote locations. Some countries, such as Cambodia and Laos, do not have ATMs at all. If you need cash in this situation, you can go to a bank to cash traveler’s checks or to get a cash advance on your credit card. Again, keep US cash with you throughout your trip if possible as they may be accepted in many places and can always be exchanged.
BARGAINING: If you haven’t been to Asia before, you will quickly discover after arriving that haggling over prices is the name of the game! Bargaining is part of the culture in Asian countries, so don’t feel “guilty” about arguing down prices, even if the item is cheap to begin with. Asian merchants expect to bargain with you, and you may even come to enjoy these compulsory negotiations! Exceptions to the bargaining rule are usually obvious; you shouldn’t haggle in restaurants, department stores, or upscale shops such as those in hotels or airports. Ask your guides for pointers.
Although your pre-paid land cost will cover most expenses on your trip, you’re responsible for the following:
- Visa fee(s) (see Visa Information )
- Airport departure taxes
- Meals not listed in your itinerary
- Temple/monastery offerings
- Tips (see FAQ )
- Laundry charges
- Alcoholic beverages
Helpful Hints
- Currency situations can change rapidly. Ask your local guides for assistance in the specifics of exchanging currency.
- Keep your money on your person at all times – even when you’re sleeping! It’s best to carry your money in a fanny pack (worn in front) or in an around-your-neck pouch.
- Make sure you keep receipts for foreign currency exchange in case you are asked for them when converting excess currency on departure.
- Cash has a slightly better rate of exchange than traveler’s checks in some countries and the opposite is true in other countries. Ask your guide for details.
- Sometimes exchange rates are better for higher denomination currency ($50 and $100 bills), so ask.
- You’ll need your passport to exchange money.
- Exchanging money can be time consuming. For example, in China and Tibet, bank teller lines can take a half-hour or more. Your guides should be able to direct you to a more convenient place.
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