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Go with the smart money
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July 25, 2000: 8:55 a.m. ET
Get the best bang for your buck when you travel overseas
By Staff Writer Rob Lenihan
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NEW YORK (CNNfn) - Wherever you travel in this world, you want your money to go the distance.
If you're skipping down the Champs-Elysees or sliding around the pyramids, you want to get the best exchange rate for you dough because, hey, you work for a living, right?
Loading up with tons of cash is asking for trouble, of course, since if somebody swipes your money, it's gone—and so is any chance of enjoying your vacation.
Experts say you should stay clear of hotel exchanges if you want to get a good deal. Yeah, it's just downstairs, but you're going to pay big time for that short walk.
"It's a horrible place to exchange money," said John Owens, vice president and editor-in-chief of Travel Holiday Magazine. "They're not trying to keep up with exchange rates. They do it solely as a convenience for the people in the hotel."
Owens said exchange bureaus always have phenomenally good rates posted outside, but that's usually for large sums of money. Once you go inside, well... "They have all kinds of ways of making you pay," he said.
Parlez-vous plastique?
Experts advise getting walking-around money with your ATM card and using your credit card for more expensive items such as tours of local sites. If you pay for a tour and it's canceled, you won't have to eat the loss.
"Don't exchange a lot of money ahead of time," Owens said. "In Europe, credit cards are accepted almost everywhere. I was in Iceland recently and they even take credit cards in taxi cabs." 
Mike Sherman, vice president of global corporate relations at Visa International, which operates the world's largest consumer payment system, said even with a built-in fee of about 1 percent, you're still getting a better rate than you would from your hotel exchange.
"Use the money to pay the cab driver or the doorman," he said, "and use your payment card for your big ticket items."
ATM's are also effective when you're going through several countries, Sherman said, where you have to deal with many currencies. Just get what you need from the ATM and move on.
You should be able to find an ATM in just about any place on the globe. Visa has an ATM locator that will help you find a money machine. The application is also available on the Palm VII handheld organizer, so you can look while you travel. Visa also has its TravelMoney card, which is a pre-paid card that allows you access to funds in any of Visa's ATMs worldwide.
MasterCard International, the No. 2 payment system in the U.S., operates the Cirrus ATM network and maintains its own ATM locator.
"Unless you're going to under-developed part of the world, they're everywhere," Owens said of ATMs.
Tip central
When using an ATM overseas, there are a few things you should keep in mind. The general safety rules apply all over the world. So don't use an ATM in a poorly lit area, have your card ready and count your money later.
When overseas, also bear in mind:
· Many ATM's in Europe only accept 4-digit PIN numbers. If you current number is longer, you may want to change it before you leave.
· Translate your PIN number into letters. Overseas ATM's do not always show letters on their keypads or the letters may be in a different order.
· Some international cash machines are only available during normal business hours. These hours vary depending upon the country.
Travelers checks can be helpful if you can't find or don't want to search for a cash machine. They are also a good backup if your card is lost or damaged. 
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