Motorcycling Money and Security

Money

If you're going on a lengthy motorbike tour in countries that currency may not be readily or cheaply available you're going to need to take a fair bit with you. This is a worrying prospect if you're not confident in the security of the places you're visiting. It's probably best to spread your wealth between US dollars (or Euros in Europe and Africa), local currency, credit/debit cards and travelers' cheques.

US dollars (or Euros in Europe and Africa)

Widely recognised all over the world, these currencies will be readily exchanged at official an bureau de change or on the black market and can often be used to purchase items or services. Don't take very large denominations as they will be harder to change or buy goods with. The Adventure Motorcycling Handbook by Chris Scott explains useful guidelines to exchanging money on black market.

Local Currency

If you can find an ATM or official bureau de change near the border you have just crossed then take out some local currency to get you started. If you can get some local currency before you enter the country then that too will tide you over until you have sussed out the situation. ATMs are explained below.

Credit and Debit Cards

A couple of credit and debit cards are a great way of transporting your cash around inconspicuously. They can be hidden in many places on you and your motorcycle and are accepted in many established organisations and companies all over the world. They may not work on the street market but if you need a new sprocket and chain set or night in a hotel they will be a god-send.

I've done a bit of research on credit/debit card exchange rates and commission charges and have found that some of them are pretty good. You will need to check with your own bank or credit card company before you go though. Debit cards provided by large banks offer a good exchange rates. They will generally charge a 2.5% commission for the transaction with a minimum of £2.50 or £5.00.

Most credit cards also give a good exchange rate. However, in addition to the 2.5% commission for the purchase they will probably charge you an additional 2% handling fee. This works out at 4.5%, which I think is a bit steep! Withdraw cash from an ATM using a credit card and they will also charge you the normal 2.5% cash advance fee, taking the total fee to a whopping 7%! All is not lost though. There is at least one credit card that doesn't lump these fees on you. That card is the Post Office credit card. They will not charge you with the 2% handling fee that other credit cards do.

So my top tips for using credit and debit cards abroad are:

• Do not use credit cards to withdraw cash from ATM (cash machines).
• When using debit cards to withdraw cash withdraw enough for the commission fee to be more than the minimum per transaction.
• Before you leave home check with your bank what other banks in the countries you are visiting are part of their Global ATM Alliance. Most large banks all over the world are part of this alliance. Withdrawing money from an alliance ATM will mean you are not charged any additional fee for the withdrawal by that bank's ATM.
• A debit card will cost you less for purchases.
• If the vendor offers you the option of paying with your card in local currency or your home currency opt to pay in the local currency. That way your bank or credit card company will use their exchange rate rather than the poor rate your vendor will give you.

Travelers' Cheques

Most useful in US dollars or Euros. Since credit and debit cards became widespread I have not really carried travelers' cheques. Therefore, I can't tell you whether they are much easier / more reliable than other forms of money. I guess that some bureau de change might take travelers' cheques rather than credit/debit cards or perhaps they offer a better exchange rate. However, I have read that some countries actually charge a levy for foreign travelers' cheques. You'll have to ask you bank.

Security

Where to stash the cash? I would have thought that like squirrels, if you hide your stash in a number of different places a breach in one stash will not be disastrous. Hide some in your motorbike, luggage and on your person. I'll leave you to be creative with your motorbike and luggage stash (watch Easy Rider, and check out security items in stores like Robert Dyas, JML, Lakeland, etc.)

There are plenty of security products available to hide money and valuables on your person. Money belts, money holsters, money socks are to name a few. You can also have secret pockets sewn into your clothes before you leave.

The main point to make is that you should always have a 'dummy wallet' readily available, filled with a small amount of local currency/dollars and expired bank cards/membership cards. If/when you get mugged you can begrudgingly hand this wallet over to your muggers, leaving the rest with you. Both parties leave the transaction happy and intact.

I have been advised that it is a bad idea to try and fight back. You don't know how bystander locals are going to react to seeing a foreigner fighting with locals. Best to let them get away with a small amount of cash and useless cards and and your motorbike remain intact and healthy. Then get yourself another 'dummy wallet' as soon as you can!