I have a trip to Europe coming up soon – cruising the Mediterranean, stopping in 6 countries. 4 of them use the Euro, 2 don’t. We’re pondering our options for when we get off the boat and do some shopping/dining.
Get local currency in advance. This means estimating our expenses in 3 different currencies…and where does one get the most favorable exchange rate? And then we have to convert back, when we get home.
Just use credit cards. But the card issuer, and Visa/MC, slap currency exchange fees on top of the transaction. And it’s conceivable that not everyone takes Visa.
Use prepaid cards. Could also have currency exchange fees, the same acceptance issues as credit cards…plus, as I understand it most European merchants expect your plastic to have a chip instead of a mag stripe, and I’ve never seen a chip-enabled prepaid card.
This depends on a lot of things like if it will work in the country you’re going to or if you can find ATMs on your cards networks.
But I have found the absolute best way to get local currency is to use your debit card to withdraw in local currency, I use ATMs affiliated with my card so there is no fee and I get a better conversion rate than available locally through money changers etc.
I buy some currency, for the country I’m travelling to, at the airport money changer in the airport I’m departing from. I make sure to buy some for airports I’m transiting through as well. Anything left over I know I’ll need on the return journey.
Then I go to a money changer or bank at my destination, whenever it’s convenient!
If I arrive home with odd bits of currency I won’t likely use again, I just put it in the nearest donation box I can find. (I figure it’s an airport, they’ll figure it out!)
Yes. Using ATMs are the best way to get local currency, and if you have a debit/credit card with the Visa logo on it, it shouldn’t be a problem to find an ATM you can use. There will be some places that you may not be able to use a card - tips, bus or cab fare, etc.
Also tell your credit card companies and bank you’ll be using your cards overseas and when you expect to use them in each place, so they don’t think someone’s stolen your cards and cut you off.
If you’re going on a cruise, you’re going to be stopping in major tourist destinations. They would be more likely than some small town to take the non-native currency. I think you’d be okay with Euros & not the other two. (Car tolls in Poland could be paid in Zlotys, Euros, & US Dollars.)
Similarly with the card, Europe has been Chip & PIN for some time now, but merchants in high tourist areas would be more likely to have magstripe readers to read the ‘old-fashioned’ cards. That being said, call your card provider now to see if you can get a Chip & PIN card before you go.
I usually use my ATM card to withdrawal local currency when I get in country; usually a better exchange rate than going to a bank in the US.
Buy about €100 in advance, preferably in small bills (€5 and €10), in case you need to buy something before you find the first ATM, then get money out of ATMs.
Don’t make the mistake that my wife made in Turkey. She found an ATM that had buttons that you pressed for various currencies, and she pressed the one for US dollars, thinking that meant your account would be debited in US dollars. No – she got a US $50 bill out rather than the equivalent in Turkish liras! ATMs offering several different currencies are quite common: be sure you choose the right one
Depends where you’re going, two years ago two of the islands I visited (Thailand) had not a single ATM ! And several travellers found themselves in a pickle. Of course, these islands also didn’t have cars. If that’s the pace you’re loking for, cash is still king. But if you’re in metropolitan and well developed areas then ATM’s are indeed everywhere.
I always exchange in the destination - after all, they have a surplus of what I want (local currency) and a need of what I have (foreign currency), so I would expect the rate to be better. However, the ATM card is your friend as well, assuming you’re somewhere that has ATMs that can withdraw from your home account.
Take euros and dollars, and exchange some currency of the two places that don’t take euros. You’re going to be more capable of understanding the value of those two if you exchange them before you go, and you’ll be less likely to be ripped off. If you need more when there, use an ATM.
Here is some good advice from a respected source about getting cash overseas. The short version:
*Do not buy currency in advance or go to a commercial exchange because that is literally throwing money away.
*Do go to a bank-operated ATM at your destination. This will get you a better conversion rate 100% of the time.
*Do not ever select an option to pay in USD (or whatever your home currency is). This will give you a preset, uniformly awful conversion rate.
We did a cruise last year to destinations that included Pounds, Euros, Krone (Norway) and Krona (Iceland) - I used my VISA card everywhere, but then I didn’t buy much anyway. Our ship had an ATM to dispense the various local currencies, but the fee was quite high.
At the time, my VISA didn’t have the chip and the poor clerk at one restaurant didn’t know how to deal with the magnetic strip. I swiped it myself, and all was good. Which was a relief - I didn’t want to go to debtors’ prison.
Cash is king, yes. Several places in Europe, even though they take credit card or ATM, their machines hiccup during the transaction. Have cash. Chip & PIN for your credit card. The No FTX credit cards article from nerdwallet upthread is also good info.
Who cares about the conversion rate? You’re on vacation–you care about convenience, not saving 3%. The important thing is to be able to function well immediately when you arrive in the foreign country. Buy some currency in advance.
Sure, going to a bank is better. But if you need to take a taxi to the bank where the ATM is, or if you want to buy something from a vendor standing right next to you as you step off the boat, or you want to pay a tip to somebody-- you might need a few dollars worth of the local cash.And if you need some money,you may really ruin your day if you don’t have it.
You probably won’t need it, because your credit card will work fine…But why take the risk?
The OP is taking a cruise, and probably has only about 8 hours of free time at each stop. You don’t want to waste 30 or 60 minutes runnng around looking for an ATM, just to save $5 because you got a better conversion rate.
When you get home and tell people about your vacation, you’ll want to talk about the beautiful sights , the interesting souvenier you found, etc–not boast about the good conversion rate you got.
I agree. Having the first thing you need to do, upon arrival after a long journey, be locate an ATM or a money changer, just to save 1% on changing $50 sounds pretty silly to me.
If you’re taking 8hr plane rides to metropolitan areas in first world countries, that’s one thing. But if you’re flying 15+ hrs, into a developing world, non Capitol city, you may wish to be more prepared.
I get some money at the airport before I fly out–$80-100 in pounds or euros. Since I charge most travel expenses these days, that’s more than enough to see me through any little out-of-pocket items like stamps and postcards and the occasional lunch sandwich. If there’s any left over when I get home, I keep it with my passport since I’ll be back in the UK or Ireland within a year or so.
Once or twice I have needed to get more and had to seek out a bank/ATM. Both times I’ve been in Galway, I used up a chuck of my free wandering-around-the-city time on getting more money, but at least the second time I already knew where the bank was.
