![]() Each system is decimalized just like ours. If you lose your debit card, you can use your credit card at an ATM to get a cash advance - but you need to know your PIN, and you'll pay a sizeable cash-advance fee.ĭon't stress over currency conversions. Use your credit card to get cash only in emergencies. Ideally, if you're in a non-euro country for more than a few hours, head to the ATM and use local currency instead. But if you pay in euros, you'll get a rotten exchange rate. For example, in Switzerland, which officially uses Swiss francs, some ATMs give euros, prices in touristy areas are listed in both currencies, and travelers can get by with euro cash. Likewise, in some non-eurozone countries, the euro is commonly accepted, but usually a bad deal. ![]() Without knowing it, you're changing money - at a lousy rate - every time you buy something with dollars. Many Americans are thrilled to find a store advertising "We accept dollars." But the happy sales clerk doesn't tell you that your purchase is costing about 20 percent more because of the store's terrible exchange rate. A good rule of thumb: The difference between the buy and sell rates should be less than 10 percent. ![]() Note the difference between the rates for buying (the bank buys foreign currency from you to exchange into local cash) and selling (the bank sells foreign currency to you). If you do need to exchange money, look for places that don't charge a commission. When you use an airport currency exchange booth such as Forex or Travelex, the hit can be as much as 15 percent.īut exchanging money can make sense in certain situations, including emergencies (if your card - or the only ATM in town - doesn't work), or when crossing into a country that uses a different currency. On average, at a bank you lose about 8 percent when you change dollars to euros or another foreign currency. I've yet to see a European airport that didn't have plenty of ATMs.ĭon't bother with traveler's checks. They're a waste of time (long lines at slow banks) and money (fees to get them, fees to cash them).Īvoid (or at least minimize) cash exchange. In general, I avoid exchanging money in Europe it's a big rip-off. Some tourists feel like they just have to have euros or British pounds in their pockets when they step off the airplane, but they pay the price in bad stateside exchange rates. Resist the urge to buy foreign currency before your trip. With the following tips, you'll make the most of every cent you spend. Thanks to the ubiquity of cash machines and the widespread use of a single currency, gone are the days of having to go to your hometown bank for travelers' checks or foreign cash, of lining up at AmEx offices overseas, or getting fleeced at exchange bureaus at every border.
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