Summer travelers abroad will be wise to acquaint themselves with foreign monetary regulations, Gerald J. Downing, manager of the Harvard Trust Company's Foreign Department, said yesterday.
In all countries, the exact amounts of money and other forms of currency carried by travelers are checked by customs authorities on entering and leaving. Many nations impose limits on the amounts that can be brought both in and out.
Proof must be shown that visitors still have their American money or that they changed it at a foreign bank, since dollars may be exchanged only at the official rate by a bank in the foreign country. Travelers are allowed to bring in or out of the United States any amount of domestic or foreign currency, however.
Considerable savings can be made by purchasing foreign money in this country before going abroad. In America, there is a free market on foreign currencies. At present, savings ranging from five to 50 percent, are available, depending on the nation.
Downing suggested that currencies should be ordered early, because by the middle of May there is very little difference between the official and the free market rates. He said that people should always have some of a country's currency in their pockets for immediate needs, especially if arriving over a weekend when banks are closed.
Every country allows the traveler to bring in all the personal belongings he needs and a reasonable number of gifts for relatives or friends. Persons outside of the United States are allowed to bring back $400 worth of goods duty free. This also applies to travelling in Canada.
The following is a list of the official rates of exchange per one U.S. dollar as of March 15.
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