New York City Travel Forum

Hi there!
I'm a norwegian man and I'm visiting NY in a week!
I'm really looking forward to the trip, but I'm wondering what to do regarding currency exchange. I'm probably going to spend around 3500 US Dollars, because I'm doing a lot of private lessons (drums) over there. Therefore I'm wondering what's the best and the safest way of dealing with my money.
At first I was thinking about getting money from NY ATMs, but the Norwegian Kroner (Norway's currency) is going crazy these days, so it's going up and down in a fast tempo. Therefore I've been thinking about traveler checks, since then I know what I have, but I haven't used those before - are they recommended?
Do I need to pay a lot of fees when cashing them out in NY?

What do you guys recommend? I could go to the bank and get a lot of cash, but that's very scary to carry around with me...! Help me out here - it's my first time traveling alone, so I'm hoping to learn the best way to handle my money, before I actually go!

Thanks! :)

Yours sincerely,
Zorlee...

TC are like spitoons -- useful for their day, but now completely outdated. When you calculate the exchange rate and fees to use them, they are the most expensive way to carry money -- AND they are the least accepted means of payment. In other words, you pay more and get less. Why bother?

ABSOLUTELY do **NOT** carry large amounts of cash in New York City.

Credit cards are the best exchange rate, and are accepted just about everywhere. For those times you need cash, you can get it at an ATM (which are ubiqutous in every major US city, and particularly in New York). Find out if your present bank has a linkage with a major US bank that will allow you to use that bank's ATMs for minimal fees. Then just find out where that US bank's ATMs are located -- most likely there'll be more common than McDonalds.

Will there be uncertainty about the exchange rate if you use an ATM? Yes. But one thing is NOT uncertain -- your rate will be better than if you use TCs.

Yes~ Things have gone a little crazy with the Kroner this month.. I happen to think that the it will settle at 7 Kroner/ 1 dollar.. Anyway, I understand the nerves.. however, I question the efficency of using means other than an ATM.. Unless you will be here for more than one month, I don't think the currency fluctuation will effect you as much as exchange fee's, cc fee's, and AMEX/Traveler cheque fee's will.

Furthermore, the security, ease and convenience of using your ATM card is worth any loss in currency exchange that is likely to come about within the next month.

Point by point, let me first address travelers cheques..
They do provide relative security, surely more so than cash.
However, they can be difficult or atleast inconvenient to cash as you go about your daily travels. They also do charge a fee, that does vary place-to-place but is overall comparable to that of your store-front currency exchange desk.
Security is your bonus with these.
One note to add.. AMEX offices vary in rates as well as banks.. do NOT use the AMEX window at MACY's in midtown manhattan.. they have the worst..worst..rates.

As for Credit Cards... they charge (often excessive) fee's not only for currency exchange, but "Foreign Transaction Fee"'s.. Security of a card is a plus.. but you will CERTAINLY be spending more by the time the bill comes in the mail.. I use Credit Cards for big ticket items where receipt and documentation are important, such as Hotels, Car-Rentals and Tours.

As for Cash, you've pretty much have to be crazy to carry vast amounts of cash with you.. OK, this is'nt the NY of the 1980's.. and it is the safest big city in the USA (no joke!).. but there are schemes that happen, and there are many many ways you can misplace your cash.. Weither it be by carelessness, accident or design.. it happens.. I would not recommend putting all of your traveling assets into cash.

As for ATM's... First question I must ask you to ask yourself, is "what bank do I use">? Is it an international bank? (Citibank, HSBC).. Next one would be "Does my ATM card have a Mastercard, Maestro or Cirrus logo on it">? (either the back or front)">?.. These are two very important factors.. If you deal an internationaly recognized bank, I would talk to someone at your local office and ask them what options they have for cash withdrawl and dispursal over-seas. Maybe you can withdraw directly from your account in NY, timing when the Kroner is best.. If things are looking good, the one-time wire fee of (usually) $30 may be efficient for a large withdrawl... Secondly, there are some bank cards (ATM cards) which are NOT accepted all over the world.. A card with any of (but not limited to) the above mentioned logo's (MC,Maestro,Cirrus) will be accepted anywhere in the world, and this ensures that your ATM method will be effective.

With all of those factors in mind,
I would suggest that you perhaps do a mix of both.. Take your trading sense and put it to use.. "Hedge"!~ Do a 60,20,20 mix.. 60% on your ATM/bank..20% in travelers cheques.. and 20% in cash... Saving your Credit Card purchases for the big-ticket expenses (hotels,cars,etc.)
This minimizes risk all around, and considering that you are not trying to play with the money for profit, risk is your overall concern. Balance your traveling-assets in the above said manner, and you will surely be a happy, secure and efficient traveler!


P.S.
In anycase, I would recommend you get a travelers money belt.. not only does it keep your money safe in the event of a robbery (as unlikely as that may be), but it also encouraged and reinforces organization and constant physical accountabilty of your valuable documents and cash-related assets.


P.P.S.
It'd be nice of you to build you pages.. Perhaps with some Norway tips/photos or some from your NYC trip?! Advice should be a two-way street!
Have a great stay here buddy!

Hi If you are worried with exchange rates I suggest you purchase US dollars before you leave your home city. Approach your bank or other banks and buy the currency before you travel when the rates are good. I did this with our recent trip to Europe, purchase Euros during the weeks before we travelled, also British pounds.

Travellers cheques are a pest, however I do have $1500 worth I have had for several years and take with me each time I travel, security in case I lose my ATM card which I lost 3 weeks ago in a Madrid ATM machine on a Saturday afternoon and we were flying to Athens the next morning." I immediately turned pale".

Also have your ATM card linked to your Credit Card and you can access both accounts from the one card should you lose one.

Good Luck,
Mike

New York City IS the safest big city in the US. I've lived here all my life, and it is far safer than it was in the 70s and 80s. The public no longer tolerates high crime, and expect the authorities keep down the crime rate. When I travel, I primarily use cash, altho I keep credit cards with me. I have never used travelers' checks. I have sewn a pocket, inside of my pants, near my ankle, in which I keep passport and large bills.
I sewed in a Velcro fastener, so there are no metallic elements. I even buy Scotch tape and tape cash or credit cards in out-of-the-way places in the hotel room. I'm so cunning; after all, i AM a Scorpio!! When i go into Manhattan, I always keep all my money in my front pocket; maybe I keep $5 or $10 in the front for coffee, newspaper, etc.

Wow! Thank you so much for your tips - It's really appreciated!
I'm new on this forum (like you probably can see from my post count, haha), but I'll try to dig up some good tips about traveling to Norway (beautiful - but it's EXPENSIVE over here, *warning* Haha!)

I checked my credit card (VISA) and I checked with the bank I'm using (a Norwegian bank), and I found out that I can use my credit card just like I use it at home, without any fees except the +1,75% currency fee. This is only when you purchase something, though, so I will have to pay a fee if I get money from an ATM/Bank.
The only problem with "timing" the currency trade, is that it takes around 12 hours or something before every transaction is complete, and then I get the bill on my net-bank. By the time it's finished, the currency might not be that good, so I guess I'll just have to cross my fingers for a good rate when I buy things/money.

Again - thank you guys! =)
You're the best!

PS: Okey, I just found out I have a little problem (!), I just ordered roundtrip tickets to Boston with the chinatown Bus (Fuh Wah, or whatever it's called). BUT I just found out that I can only have one luggage/colli, and I'll be traveling with a rather large back-pack, suitcase and a little handbag. Ehm, what can I do? Is there any (not super-expensive) luggage lockers in Manhattan where I can put my luggage for 3 days? I hope so, haha...!
I'll be staying at the Big Apple Hostel in Manhattan, so maybe I can arrange something with those guys, so that they can keep some of my luggage in the luggage room for three days after I've checked out (in exchange for a fee/tip/whatever, hehe). What do you guys recommend?

I will recommend ATM or Credit card in NYC. Its safe here but like others, don't bring too much cash with you. TC is such a hassle & it cost. 1.75% not bad, they usually charge 3% here in foreign currency transaction fees.
I think you should contact or email your hostel regarding luggage storage. Those chinatown bus will not let you bring that many lugguage & its inconvenient too.

Regarding storing your luggage, check out www.schwartztravel.com (tel# 212-290-2626). They have storage facilities at 355 W. 36th St. (8am - 8pm) and at 43 W. 46th St. (8am - 11pm). They have "lockers, coat check, and tiny self storage." Note that I have not personally availed of their service; I just got their flyer on a recent trip to New York and thought that it might come in handy in the future.