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There are ATM machines everywhere. Use Credit cards (not Debit).
I hope you mean a Master Card/VISA branded debit card there rather than an actual credit card because while a credit card company may not hit you with a forex fee, they'll commonly still gladly hit you with a huge cash advance interest rate if you use a plain credit card in an ATM.
There are ATM machines everywhere. Use Credit cards (not Debit). Get cash from them, and your card company will charge you only a few cents commission, much less than what a currency exchange office would charge for a cash exchange.
Several important things to remember about your credit cards:
1. Tell your credit card company you plan to travel overseas, and what countries you are going to. If you don't, they will suspend your card the first time you try to use it.
2. Take two cards, and keep them in separate places, in case one gets lost, stolen, or not honored.
3. Be careful to not change more than you expect to need, because the re-exchange rate is very high to turn your leftover money back into dollars. If you find that on your last day there, you still have 100 euros, pay your hotel bill with that, instead of a card. But, like at home, the ATM fee is the same no matter how much you take out, so get large amounts each time.
4. As Ted Bear said, stick to ATMs that are in bank lobbies, and not private machines like in airports, casinos, convenience stores, etc.
My credit cards all charge a 3-10% fee for cash withdrawls from ATM's, and cash advance interest begins accruing immediately at 30% or some ridiculous number around there.
By the way, there are some cards you don't need to tell you are going--AmEx for example doesn't want to know. I've used mine all over the world, never had it suspended and never told them where I was going.
If you have leftover Euros, just hold onto them and use them on your next trip.
Not sure how much of a problem this actually is, but my bank suggests making sure that you have a 4 digit PIN as some foreign ATMs will not accept more than 4 digits
My credit cards all charge a 3-10% fee for cash withdrawls from ATM's, and cash advance interest begins accruing immediately at 30% or some ridiculous number around there.
By the way, there are some cards you don't need to tell you are going--AmEx for example doesn't want to know. I've used mine all over the world, never had it suspended and never told them where I was going.
If you have leftover Euros, just hold onto them and use them on your next trip.
Good point. I travel with both Visa and Amex. Occasionally European machines will require chip and pin for purchases from Visa/Mc, but there is no pin requirement with Amex. I ran into this at the trenitalia machines in Florence and Rome.
By the way, there are some cards you don't need to tell you are going--AmEx for example doesn't want to know. I've used mine all over the world, never had it suspended and never told them where I was going.
AmEx just knows if you do anything with the card that they see as normal pre-trip purchase patterns- plane tickets, train tickets, prepaid hotel etc. I'm sure there are certain countries that AmEx will flag you for attempting to spend in, but as long as you aren't planning a Lagos vacation, they'll largely give your spending patterns the benefit of the doubt.
Contact your credit card companies and bank to see if they will give you a card with a chip - chip and PIN is preferable, but even chip and signature can be helpful. Bank of America sent me a new card with chip (but not PIN) last summer shortly before a trip to Paris and Copenhagen. The card was fantastic in Paris - I could use it to make small purchases, like Metro tickets, from the machines that require a chip card, and avoid waiting in line to buy tickets from an attendant. This worked for purchases that were small enough to not require a signature, about $50 or less. I wasn't able to use the card as freely in Copenhagen, where all machine required a PIN, regardless of purchase amount. I was still able to use the card at restaurants and other places where a human being was handling the transaction.
AmEx just knows if you do anything with the card that they see as normal pre-trip purchase patterns- plane tickets, train tickets, prepaid hotel etc. I'm sure there are certain countries that AmEx will flag you for attempting to spend in, but as long as you aren't planning a Lagos vacation, they'll largely give your spending patterns the benefit of the doubt.
Do you carry an AmEx? The web site specifically tells you there is no need to let them know of your travel plans, and if you call, they will tell you the same thing. Even if you are going to a land less traveled.
Contact your credit card companies and bank to see if they will give you a card with a chip - chip and PIN is preferable, but even chip and signature can be helpful. Bank of America sent me a new card with chip (but not PIN) last summer shortly before a trip to Paris and Copenhagen. The card was fantastic in Paris - I could use it to make small purchases, like Metro tickets, from the machines that require a chip card, and avoid waiting in line to buy tickets from an attendant. This worked for purchases that were small enough to not require a signature, about $50 or less. I wasn't able to use the card as freely in Copenhagen, where all machine required a PIN, regardless of purchase amount. I was still able to use the card at restaurants and other places where a human being was handling the transaction.
I use the same card and my AmEx, and agree with your post. I tend to just use cash for things like train tickets and such.
Looks like we'll taking another trip to Europe in a few months. I wanted to ask some questions about exchange rates and purchases.
What do you recommend? I've heard that the best approach is use ATM machines with your debit card. I've also heard that a debit card issued by Capital One may be the best bet. It is supposed to have either no fees for obtaining currency or low fees? I have also heard that my own bank Chase has very high exchange rates on its cards. What are your experiences?
Related question: If you purchase things in Europe with your credit card what are the exchange fees like for doing that? Like the debit card, do some financial institutions offer better rates than others? Would you recommend a credit card from Capital One or another institution?
Debit card for sure, just make sure there is no FX transaction fee (some banks charge 1% or 2%). Same with credit cards. Just google the best banks for this. You may even have luck going to your own bank and seeing if they can waive the fee rather than you going to a competitor.
If possible, I'd have maybe 100 Euros on you when you land, because I have been to a few airports where the ATM didn't work or there was an insane line. It's also helpful if you have a layover and want a snack, magazine...
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