By Joe Sharkey
The New York Times

Money makes the world go around. And short of a debate about frequent-flier miles or deteriorating air service, there's nothing that will kick up as much reaction among international business travelers as a discussion about foreign currency.

So a lot of readers responded, many critically, to a recent story about companies that will, for a fee, deliver foreign currency to your home or office before a trip. Many business travelers like to arrive with some local currency in pocket, because sometimes frenetic itineraries don't allow much time for dawdling in line at airport exchange booths.

But, some readers asked, why not just depend on the growing number of automated teller machines that accept American bank debit cards and issue local currency in airports all over the world?

Rob Kent, of the department of geography and planning at the University of Akron, wrote: "My recent experiences in Western Europe and to some extent in Latin America suggest that it is largely unnecessary and almost always uneconomical to exchange any foreign currency before arriving in one's destination.

"Upon arrival in any major or minor European airport, one can find ATM cash machines with instructions in three or four or five languages, almost always including English. These machines usually will dispense up to a couple of hundred dollars' worth of local currency at the current exchange rate for a minor fee." No exchange commissions are paid, and European ATM fees are equivalent to the ATM fees charged in the United States.

Another reader, Harvey Greisman, wrote: "Friends and colleagues who travel frequently to Europe and Asia have had experiences similar to mine: Foreign currency delivery services are unreliable and expensive. If travel is infrequent, then the added costs of converting a few hundred dollars can be ignored. But if regular overseas travel is the rule, then the high commissions, unfavorable exchange rates and delivery costs become excessive."

Using credit cards to bypass local currency is growing in popularity as banks communicate with growing global ease, often giving competitive exchange rates, he added. And of course, there is always the foreign currency strategy that is probably most heavily used by frequent business travelers. It's the old stash-the-cash technique, where you cram those leftover lire, rupees or pounds "into the same drawer where the passport is kept," said Greisman, who pointed out that this strategy, assuming the issuing country doesn't topple or change its currency, is "uncomplicated, low-tech and low-cost."

Fair enough. But there's still an argument, and a growing market, for having some foreign currency in hand before you arrive, experts in the business say.

"I personally would advise travelers that they should not enter any overseas country without at least some local currency to get you through the airport and the taxis and the tips, even if you're going to rely on credit cards and ATM cards" later, says Tony Horne, the head of North American operations for Travelex, a London-based travel-services company that operates foreign-exchange bureaus in 300 worldwide branches, mostly in big airports.

"When you get into a destination, you want to get your bags, you want to get out of there," he says. "Look around for an ATM? I would never do that."

Travelex recently purchased the Thomas Cook Financial Services business, which operates foreign currency exchanges, many in downtown retail locations, and also has an online delivery service.

Next year, European countries will begin phasing in the euro, which will replace 12 separate currencies and create huge market changes in the foreign-exchange retail business, with the most adverse impact likely on the small currency exchange shops in tourist areas. With its strong presence in airports, Travelex soon plans to start an aggressive marketing campaign pitched to the growing international travel market.

A lot of us, meanwhile, are going to keep looking for that ATM on international arrivals.

They're sometimes difficult to find. Here's a tip: For maps showing where ATMs are situated in the world's airports, try the "ATM Locator" on a terrific travel-information Web site: www.johnnyjet.com.