People always assume things are what they perceive them to be based on where they spend most of their time. And being able to spend your income around the world is much harder than people think. It gets even harder when you move every one to three months. Having been to many places, fiat currency, even with rapid inflation and debasement, the world still uses fiat currency.
If you're an American, throw on top of these problems mandatory tax filing and paperwork to be filed with the treasury if you have international bank accounts. We always want to encourage you, the traveler, to follow the law wherever you are. File your taxes with the proper authorities, but look for legal ways to make your life easier.
First, as a pioneer in using crypto to travel, the answer is no; it is not a catch-all. However, it is a tool in your tool kit that should be considered. Crypto, in general, should be connected to a debit card, and there are still a few options out there. However, it's best to pay using the crypto the business wants. You can trade crypto for cash in a few areas around the world, but in general, it's risky, and you most likely not get a reasonable rate.
So what does that leave you? You still need to use the international banking system of credit and debit cards with the occasional bank transfer. One bank that still seems to do okay and allows you to move money around is HSBC. It's very smooth between the USA, Hong Kong, and Malaysia. I would expect other places to do well as well. Now, in Asia, Singapore is as safe as it gets if you need to keep money in a bank long-term. This does not mean one of the tax authorities cannot get your money, but at least the system is solid with liquidity. We have used JP Morgan Chase internationally but do not recommend it.
Now that we have you covered on being able to make bank transfers let's discuss cash. Yes, cash is still king around the world, and you should plan on having some. I would not brag about this, but according to most countries' banking regulations, you are not allowed to buy that country's currencies back home. You should consider the Euro or US dollar. These can easily be converted to a local currency.
So once you begin planning for short—or long-term travel, it's important to actually plan how you will live. Pay bills, rent apartments or condos. What banking access do you have, and how will you get money out of the system to live? If you enjoyed this post, make sure to check out our website at exploretraveler.com and look up our video blog on YouTube under exploretraveler.
Travel On!
Good advice to have a mixed basket currency when it comes to travel, never convert too much either when on the move, smaller denominations banks will not convert.
@tipu curate
Yes it's really tricky sometimes. Personally just having the cash you need when you need it is best. However conserving that cash is harder than people think. Being an American adds more issues because banks don't want to deal with American regulations.
Regulations are changing all the time with banking fraternity, when we toured in late '70 banks issued you with travel packs with small amount of money for each destination.
Learned later when travelling now disallowed, not only that, they will never accept coins, you only have 30 days to return notes after date of return.
Upvoted 👌 (Mana: 65/75) Liquid rewards.
Congratulations @exploretraveler! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 16500 replies.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out our last posts: