Currency Rules and Regulations part 2

When traveling there are many options for transferring currency from one country to another.  One of the easiest and safest ways of traveling with currency is to use a prepaid debit card.  Prepaid debit cards can be used at ATM’s almost anywhere in the world and also help travelers to secure the most favorable exchange rate.

France

The Euro is now the official currency of France. France’s prior currency, the Franc, is no longer accepted.
It is illegal in France for retailers and hotels to accept foreign currency as payment.

Import/Export restrictions: The import and export of local and foreign currency is unrestricted. Amounts over €7600 must be declared.

Hong Kong

Hong Kong Dollars = 100 cents. Denominations: HKD1000, 500, 100, 50, 20, 10

Import/Export Restrictions: There is no fee for importing and exporting of local and foreign currencies.

Currency Exchange: Foreign currency and travelers checks can be exchanged at banks and major post offices, as well as many hotels and travel agents. A commission is charged at all hotels, banks and bureaus that provide exchange services.

Israel

Israel New Sheqel (Sheqalim) = 100 New agora (agorot). Denominations: ILS200, 100, 50, 20

Import/Export Restrictions: There are no fees for importing and exporting of currencies; however, you must declare amounts over ILS 80,000.

Currency Exchange: There are small exchange bureaus found on main streets and within some hotels and banks that will exchange money for you. ATM machines can also be used in areas throughout Israel to obtain local currency using a credit or debit card. However, commission is very high if you exchange money or travelers checks anywhere within Israel.

Mexico

Mexico Peso = 100 centavo(s) Denominations:  MXN1000, 500, 200, 100, 50, 20

Currency Import/Export Restrictions: It is free to import and export currencies; however, amounts exceeding USD10,000 or equivalent in cash or checks must be declared to customs.

Currency Exchange: Most exchange houses and banks do not charge additional fees to cash traveler’s checks or exchange foreign currency, but be careful as many will attempt to charge a commission. Many banks will only exchange money if you have a bank account in Mexico. Many of the bigger cities and towns and the ‘border’ towns will accept US dollars as a method of payment.

United States of America

US Dollar (US$) = 100 cents. Denominations: USD $100, 50, 20, 10, 5, 2, 1

The US Dollar is widely accepted in as alternative currency in many countries.

Import/Export Restrictions: The Import or export of US $ 10,000 or equivalent must be registered with customs on Form 4790. Failure to do so may result in civil and criminal prosecution, including seizure of the money. There is also a restriction on transactions with Cuba, Iran, Iraq, Libya and North Korea.

Before sending money to another country make sure you are dealing with a reputable company who does not charge hidden fees. It is also important to be aware of the rates charged on the recipient’s end.

Comparing Money Transfer Methods

The world is getting smaller, and it’s becoming more and more common for people to have the occasional or frequent need to send money to people in other countries.  There are several methods available now for people who wish to send money—the options are more plentiful than ever before.

Some of the most common methods of sending money to other countries include direct bank transfers, sending money through a money transfer company, and prepaid debit or ATM cards.

There are several factors that people sending money consider important when deciding which method is best for their money transfer.  Some of these factors include speed, cost, security, and convenience.

Speed

Speed is an important factor in money transfers when the money needs to arrive prior to a set time and date.  It used to be that sending money quickly meant paying a hefty fee for a speedy delivery.  This is no longer the case, as each of the above methods can have money sent relatively quickly.  The slowest of these methods is the bank transfer, which generally takes a minimum of a day and can take up to several days while banks on either end of the transaction facilitate the transfer.

Prepaid debit cards take a few days the first time you use the method as the card has to be sent to the recipient.  However, once the card has been sent, funds can be loaded onto that card and accessed very fast.  Aside from the first time funds are sent to the recipient, this is generally the fastest method of sending money overseas.

Money transfer companies usually allow people sending money to pay more if they want money sent quickly.  For a larger fee, money can usually arrive within an hour.  As someone sending money, if there is no hurry for the money to arrive, you’ll save money by allowing the transfer to take a few days as opposed to a few hours.

Cost

Sending money can range in price from almost nothing to very expensive, depending on the method you use to send funds.  A few of the factors that can affect the costs include the destination of the money and the speed with which the money needs to arrive.

The greatest variation in money transfer fees comes from banks.  Some banks allow money transfers that are free, offering the service to attract and retain customers.  Other banks charge between $25 and $50 to wire money to a foreign bank.  Your bank will be able to tell you what their fees are, but remember that when sending money through banks, there could be a fee on the receiving end as well.

Money transfer services have become more affordable as viable competitors have threatened to take market share with more convenience and lower prices.  People sending money through a money transfer company will generally pay between $5 and $15, depending on the country money is being sent to and how quickly the money needs to arrive.

Prepaid debit cards are usually the cheapest way to send money, with fees in the neighborhood of $5 per transfer.