Money matters

R Shah · Post by **R Shah** » Mon Feb 20, 2006 3:40 pm

Sorting out various parts of my trip, less than a month to go, getting excited!

So I'm staying in Casatra, accomodation has been sorted.

I realise there are no ATMs in Casatra. When I normally go abroad I take money out via ATMs.

How should I deal with money matters while I'm out there. Take a wadge of TT$ out when I get into the airport (are there ATMs at the airport). Bring over some currency with me or US$ TCs? Or a mixture of the above?

Also, I know this is very subjective but am after a rough ballpark figure, how much should I need in terms of spending money for a week in Casatra. I will bring enough to cover my accomodation and hopefully will be paying for diving by credit card. I anticipate my other costs to be car hire, and general day to day food.

Thanks in advance.

Joanne Green · Post by **Joanne Green** » Mon Feb 20, 2006 8:01 pm

Dear R.--
You've picked one of the most beautiful areas of Tobago to stay at!! If your place of accommodation won't take US Travellers Checks or a credit card, then you'll have to use ATM's. You will be able to pay for your car with a credit card, so that's no problem. There is an ATM at Charlotsville now, so if you go to the northern part, you'll be able to replentish your cash supply. As far as costs in Castara itself--not to worry!! A descent meal in any of the village restaurants will cost less than US$15. All restaurants take only cash. Caribs or rum punches cost very little. If you're in a self catering place, pick up your car at the airport and stop at the Penny Savers in Caanan for major grocery items. You can get fresh fruit & veggies in the little stall in the village. Also beer & soft drinks are available in the village shops. The ladies of the village bake bread in a clay over twice a week. It's some of the best bread we've ever eaten! If you want a full breakfast, go to Cafe Delite at the Naturalist Beach Resort. Breakfast costs about US$6 (or so). When my husband & I stayed in Castara last winter, it cost us less than US$100 per day for lodging and food & drink for the 2 of us. Such a bargain!!

Enjoy your holiday!!

Joanne Green

Julia C. · Post by **Julia C.** » Mon Feb 20, 2006 11:41 pm

There's no point taking US TCs, unless you already have some. You'll pay two exchange rates. Anyplace that takes TCs will take UK or US.
I'd take UK TCs for back-up, an ATM card to get cash on arrival at the airport (we took two in case the machine ate one, it didn't) and a credit card.
Hope you have a lovely time.

R Shah · Post by **R Shah** » Fri Feb 24, 2006 9:25 am

Thanks for the advice.

Is cash king in Casatra (ie TT$) or will I be OK being able exchange some of my UK£?

Cheers

Dr Stefan Rustscheff · Fri Feb 24, 2006 11:34 am

My advice is to buy 1000 TTs via Travelex and get them at Gatwick. Especially when a full flight disgorges 300 people at Crown point it is nice not having to hassle with the ATM. You get a good rate at Travelex and, if You are a BA Executive club member, points as well. You need money for food and drink. Cars and excursions may be paid by card. Restaurant prices is 50-150 TT per person per dinner. Prices in the supermarket are on the average like in Sweden. Soe very cheap, like bull feet and some very expensive, such as unpasteurized Brie. Wine is exorbitant. Rum is cheap, as is beer. Enjoy! You can always fill up from an ATM when YOu pass one if You overspend. You need to leave Castara to fill up gas in Scarborough anyway. Best of luck.

Wendy G · Post by **Wendy G** » Sun Apr 23, 2006 7:25 pm

Yeah, talking of money,me & my hubby would like to know is it best to take some Tobago dollars,travelers cheques,and some british cash & our cash cards with us or what,not quite sure!

Post by **Steve Wooler** » Mon Apr 24, 2006 7:34 am

Hi Wendy

See our articles in the Odds & Sods/Money Matters section. I always take a couple of hundred quid in TT$ which I get from my local bank, then use my MasterCard or VISA cards to draw cash from ATMs as and when I need any more.

Steve Pitts · Post by **Steve Pitts** » Mon Apr 24, 2006 7:39 am

Steve Wooler wrote: I always take a couple of hundred quid in TT$ which I get from my local bank, then use my MasterCard or VISA cards to draw cash from ATMs as and when I need any more.

Steve
You spend more than £200???
Such extravagance - and you being a Yorkshireman too

Cheers
Steve

Post by **Steve Wooler** » Mon Apr 24, 2006 7:42 am

No, I don't spend it. Being married to an Essex girl, I just like to look the part and flash a thick wedge.

Brian Taylor · Post by **Brian Taylor** » Mon Apr 24, 2006 10:58 am

hello there
some accommodations (like us) like US TC very much, because they can go in a US account and US is nice to have when we like to travel ourselves sometime. usual rate in the village is 6TT=1US because thats simple to do

however, have fun and maybe we'll meet here in castara

R Shah · Post by **R Shah** » Mon Apr 24, 2006 12:57 pm

Steve Wooler wrote:Hi Wendy

See our articles in the Odds & Sods/Money Matters section. I always take a couple of hundred quid in TT$ which I get from my local bank, then use my MasterCard or VISA cards to draw cash from ATMs as and when I need any more.

Steve, that is very bad money management. Taking money out of ATM from a credit card is bad, bad, bad. The daily rates of interest charged by your CC is company is very high. On top of that they charge you a cash withdrawal charge, and depending on your CC provider, up to 2.75% currency conversion rate.

Post by **Steve Wooler** » Mon Apr 24, 2006 2:27 pm

Actually, that is totally fair comment.

I always recommend this, but confess that it had never occurred to me that many/most (?) people do not pay the full balance each month. If you don’t, this is clearly a very expensive way of getting cash. In which case the travellers cheques have got to be the best way, I guess.

R Shah · Post by **R Shah** » Mon Apr 24, 2006 3:15 pm

Steve Wooler wrote:Actually, that is totally fair comment.

I always recommend this, but confess that it had never occurred to me that many/most (?) people do not pay the full balance each month. If you don’t, this is clearly a very expensive way of getting cash. In which case the travellers cheques have got to be the best way, I guess.

Steve, even if you pay the full balance at the end of the month, ATM withdrawal interest rates (called "cash advance interest rate") are normally DAILY and you will be charged interest from when you take your money out of the cash machine, irrespecitve of if you pay off your balance at the end of the month. I suggest you have a look at the terms of your credit card.

Re taking money out of ATMs, its best to use a debit card. However again check what your provider charges, as there is normally a 2.75% exchange fee (but still better than using the tourist rate that the likes of Travelex use) and some providers also charge a foreign withdrawal fee.

Post by **Steve Wooler** » Mon Apr 24, 2006 3:47 pm

Hi R

Can't speak for cards in general, only the two I use when away. My primary card is a Barclays Premier (VISA) card and it certainly does not charge interest. They do, however, apply a small handling fee. I see from the statements that I drew cash three times, from different ATMs on the island. In each case the local bank deducted a charge of 2.6% and then Barclays made a handling fee of 1.5%. So, for example, a withdrawal of TT$3,000, actually cost me a total of £284.77 - so I received the net equivalent of £1=TT$10.53. Can't say what I would have got if I'd gone through the hassle of arranging and exchanging travellers cheques, but I go on holiday to enjoy myself, not wasting time in banks, before or at the destination, so I'm happy to pay a quid or two for the convenience.

Jo B · Post by **Jo B** » Mon Apr 24, 2006 4:40 pm

If you're a regular traveller based in the UK, it may be worth considering opening a Nationwide account. Their debit cards always top the tables for travellers' money. They don't charge a % fee and the rate is always good. I always transfer some money over before I go away and draw from ATM's or pay direct with the debit card, which is Visa and therefore accepted in most places. I am usually pleasantly surprised by the sterling equivalents when I get home - used it in Tobago last autumn. (I always take my normal Natwest card as a back up.)

By the way, I don't work for Nationwide!

Jo x

R Shah · Post by **R Shah** » Mon Apr 24, 2006 4:52 pm

Jo B wrote:If you're a regular traveller based in the UK, it may be worth considering opening a Nationwide account. Their debit cards always top the tables for travellers' money. They don't charge a % fee and the rate is always good. I always transfer some money over before I go away and draw from ATM's or pay direct with the debit card, which is Visa and therefore accepted in most places. I am usually pleasantly surprised by the sterling equivalents when I get home - used it in Tobago last autumn. (I always take my normal Natwest card as a back up.)

By the way, I don't work for Nationwide!

Jo x

I second that. I travel a fair amount and have been using Nationwide for many years. I've saved a substancial amount doing it that way.

Brian Taylor · Post by **Brian Taylor** » Mon Apr 24, 2006 9:46 pm

just wanted to say, why not put some money in in credit card account (round about the budget) and take it out then? german banks do that- british, too?!

STEPH

R Shah · Post by **R Shah** » Mon Apr 24, 2006 10:06 pm

An excellent article on best ways of spending money when abroad (can save you up to 6% - which is quite useful for beer money):

http://www.moneysavingexpert.com/cgi-bi ... 5397,71685,

Wendy G · Post by **Wendy G** » Tue Apr 25, 2006 7:50 pm

Well we've decided to take some Tobago dollars,some travellers cheques & our cash card,might have to ask bank about costs of withdrawls from foreign countries!

Ronald · Post by **Ronald** » Fri Apr 28, 2006 2:56 pm

A few day late, but...
Because so many seems to return to Tobago year after year, does nobody have a local bank account?

I´m going down every year for 4-5 weeks vacation, been to T&T since 1989, mostly to Tobago since 1992, and I have a bank account there. I transfer money down before I go, so when I´m there I have many different choises. I also have some cash in US or Pounds, in case something happen during travelling.

I can:
- use my local card in the machine
- use my Swedish bank card in the ATM
- use my Visa-card in the ATM (emergency-cash)
- use/change some USD/Pounds

I of course make sure that I have some money left on the account so it´ll stay alive until next year. The bank take a little bit tax every month but that´s not much.

/Ronald

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