Travel Money - some questions answered.

How much should you budget per day whilst travelling? What is the best way to carry your travel funds? Two of the most regular questions we get asked.

Below you will find some suggestions and pointers on both.

However, to read answers to other FAQ's - click here

How much money should I budget for when travelling?

How long is a piece of string?! It’s a tricky question, as every traveller has different requirements, travel plans and standards of living. There are, however, a few general tips that usually stand strong with the vast majority of round the world travellers.

 

• Beware of ‘false economies’ – it is easy to get carried away trying to do everything for the lowest possible cost, only to find that you pay out more in ‘extras’ further down the line. A good example of this would be joining a budget tour only to find that you have to pay for all meals, the guide’s meals and some additional accommodation.
• We always recommend taking advantage of our starter packs – they’re great value, convenient, help you budget and they are safe, especially when arriving at a new destination late at night.
• Bear in mind additional costs you may incur by purchasing an unsuitable round the world ticket. We offer some great deals but if you end up having to spend days on a bus or paying for additional flights when abroad you may end up regretting not paying a little more upfront. Speak to you consultant for advice on this.
• Asia and the Indian subcontinent offer fantastic round the world stops if you have a tight travelling budget. Living is cheap and you will find the budget traveller is very well catered for.
• Overland tours and safaris are often the only way to access the ‘must-see’ destinations in places such as East Africa. Don’t always presume that you can do it cheaper independently.

A budget

We are going to stick our necks out and offer some ballpark figures for a few suggested travelling budgets, to help give you a guideline:

Gap Year Traveller - Fresh out of school and on a tight budget – away to travel rather than socialise every night, happy to stay in budget hostels, take the cheapest class of bus or train and eats at the budget restaurants.

• South East Asia and the Indian subcontinent - £10 - £15 per day.
• South and Central America, Africa, Australasia, Middle East - £15-£20 per day.
• North America, Europe, South Pacific - £20 + per day.

Career/Senior Gapper – Looking to travel and to live a little. You like to shop for souvenirs for the home, eat at some nice restaurants now and again, travel on a better standard of bus and stay in mid range accommodation.

• South East Asia and the Indian subcontinent - £20 per day.
• South and Central America, Africa,Australasia, Middle East - £25-£30 per day.
• North America, Europe, South Pacific - £35 + per day.
  

How to carry your travel money whilst away

In recent years things have changed for the better and it is far easier to carry your travel money safely. Why?
• Firstly, ATM (bank machines) are far more widely available and if you have the correct type of card – this usually means Visa, Maestro, Cirrus (you should check with you bank if you are unsure), you can obtain your cash in instalments by using them. Guidebooks are usually a great source to find out where you can find the nearest bank machine.

• Getting money transferred is cheaper and easier now than ever before. This saves you carrying large sums of money in cash and travellers cheques.
• You can pay by Visa, MasterCard and various other credit cards in many more outlets than a few years ago. Budget travellers should not expect to be able to pay by card at many hostels, cafes etc but you will be able to withdraw money with your card in the larger towns and cities.

 

Some tips from the round the world team

• Always carry a few dollars in cash - it’s a great way of ensuring there is a roof over your head and a meal in your stomach if all other options have failed you - it happens now and again!
• Money belts are an essential item. Some choose to use them on an everyday basis whilst others wear them only on long journeys and when carrying larger sums of cash from the banks.
• Never pull out large bundles of cash in public, it attracts unwanted attention and will probably drive the price of any sale up. It’s always advisable to keep a small amount of change in the main part of your wallet or money belt with any larger sums hidden.
• In some countries you will get an enormous number of notes in local currency when you change just a small amount of your home currency. Bear this in mind as you will have to carry it with you.
• Most hostels, hotels and beach huts have safes, often situated behind the reception desk. Take advantage of the opportunity to safely store any of your valuables that you will not need during your stay but be sure to collect your items when you leave…it could be a very long journey back.