Today was all about banking and money management abroad. As with most topics it can get rather complicated.
My normal bank of choice for international banking (especially in Latin America) has traditionally been Scotia Bank. During my time in Central America there was always a Scotia Bank in major centres, which allowed me to safely access funds with reasonable transaction costs.
I was planning to continue using Scotia Bank on this trip until I saw a story on January 6 announcing that the Bank was selling most of its Latin American interests to a Columbian competitor. The Reuters story is here.
This may or may not have affected my own relationship with Scotia Bank, but the uncertainty prompted me to go a different direction.
I did actually plan ahead a little by ordering a card from Wise. This will be a new experiment for me, and I hope that it will help me to get better exchange rates, and maybe even pay for items in local currency without extra fees.
I have yet to test the Wise currency management system, but while perusing their website I found a whole bunch of useful information on being safe while handing money abroad. They have a great blog that gives advice on travel topics like exchange rates and ATM safety.
In addition Wise I will of course be carrying the standard credit and debit cards. To minimize complications I paid a visit to my local branches where I updated them on my travel plans.
I carry a card from banks that utilize the cirrus and masetro network, as well as a card that utilizes the PLUS interbank network. Between these two cards I should have reliable cash access, and there are even applications you can download to find the nearest network ATM’s. I have not tested the apps that were being promoted, but the links are above, and also in the reference section below.
To round things out I also carry both Visa and Mastercard. I opt for low limit cards to minimize problems associated with scams while travelling.
One of the tips that I continually see being promoted is to use the wallet feature on your phone to make purchases at vendors. By doing so, you end up with a higher level of overall security, and avoid common scams like skimming. I am not yet decided on whether or not I will use an e-wallet. Much of this advice is based on the idea that flashing your phone around will not make you a target for mugging. This is a dangerous assumption in some places.
Even with all this new tech, I plan to use the good old standby for most of my trip: KISS. The acronym KISS stands for “keep it simple stupid” and for me it means cash on hand. Generally speaking this translates into finding safe locations to withdraw local currency. Then it is a matter of never going out with more than what I need on hand. Even in the unlikely event that I am robbed the losses will be minimal, and my expensive phone will still be at home.
Lastly, if it is necessary to carry a phone, and things are really sketchy you can always consider a burner phone. Even if lost/stolen its not a complete catastrophe.
Stay Wild!
References
https://wise.com/gb/blog/atms-abroad-avoid-bad-exchange-rate
https://www.mastercard.co.uk/en-gb/personal/get-support/find-nearest-atm.html
https://www.visa.com/locator/atm
https://www.fbi.gov/how-we-can-help-you/scams-and-safety/common-frauds-and-scams/skimming
The Wild 
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