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Off Topic : 1) When Does a software engineer start financial planning for retirement since the our Career span is only 15-20 years on average.
2) How much and which schemes to invest to mitigate the risk?
3) How much do we need for retirement? Tata Consultancy Infosys Mindtree IBM Wipro Capgemini Cognizant HCL Technologies
I got H1B Visa and 83000 USD dollar petition amount as annual package.I am confused as this amount will be enough to survive there with wife and 7 year old daughter.My wife is working here and together we are earning 50LPA annual.We are settled here by owning house too.Confusion is my wife will not be able to work there on H4 Visa so the kind of life we are living here will not be possible there.Thoughts?Suggestions?Pros and Cons?
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Always exchange at the destination. Rule of thumb.
But best is to use a CC that doesn’t charge international fees. Don’t use cash when traveling, you’ll get robbed. Pickpockets can literally smell cash on you.
Agreed. In that case, I’d exchange just enough for the trip (at the destination) with a little emergency fund hidden in the luggage. To be clear wasn’t suggesting traveling with zero cash. 😉
Pro
Most of the time it’s better to take money out from you account when you arrive. Maybe exchange a small amount at the airport, it’ll be expensive but not a big deal for a small amount. Everything else use CC and/or withdrawal at destination.
May be too late, but I have a Charles Schwab bank account for this exact reason. No foreign transaction fees and no ATM fees so I transfer money across accounts just for when I travel and pull out of any ATM while out of the country
Take a look at Chase partners at the destination. Pulling money from a local atm is always the best exchange rate. If you can find a bank that partnered with chase, there won’t be any fees. E.g. BoA checking can pull euros from a Deutsche Bank atm for free.
Pro
I usually go through a bank stateside and take cash with me. Obviously it depends on how much you need to take with you, though. Last time I did this I took 6k in CHF with me—but First Republic took a day to get it done.
I use my credit cards mostly.
At the destination-airport, I'll withdraw local currency from the ATM for the taxi and incidentals. ATMs are supposed to have the best exchange rates.
Once I'm at the hotel, I'll have them send someone to exchange my cash for me at whatever spot they recommend. I'll also pull local currency from ATMs if I'm running low and there's a machine nearby.
This. Also, unless it’s UK or EU where I know I’ll come back, I use my excess cash at end of trip to pay down a portion of my hotel bill. Pay the rest with my no transaction fee CC
What everyone else said. Always cheapest to use an ATM in your destination country (ATM from a real bank; also assumes your ATM card doesn’t charge a foreign transaction fee).