Ideally, if you're in a non-euro country for more than a few hours, head to the ATM and use local currency instead. Use your credit card to get cash only in emergencies. 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.
Don't stress over currency conversions. Local currencies are all logical. Each system is decimalized just like ours. Only the names have been changed — to confuse the tourist. Examine the coins in your pocket soon after you arrive, and in two minutes you'll be comfortable with the nickels, dimes, and quarters of each new currency. You don't need to constantly consult a currency converter. While you can do real-time conversion with an app, I've never bothered.
You just need to know the rough exchange rates. I see no need to have it figured to the third decimal. Very roughly determine what the unit of currency euros, kroner, Swiss francs, or whatever is worth in American dollars. Make a game out of quizzing yourself or your travel partner, and soon it'll be second nature. Survival on a budget is easier when you're comfortable with the local currency. Assume you'll be shortchanged. In banks, restaurants, at ticket booths, everywhere — expect to be shortchanged if you don't do your own figuring.
Some people who spend their lives sitting in booths for eight hours a day taking money from strangers have no problem stealing from clueless tourists who don't know the local currency. For 10 minutes I observed a man in the Rome subway shortchanging half of the tourists who went through his turnstile. Half of his victims caught him and got their correct change with apologies. Overall, about 25 percent didn't notice and probably went home saying, " Mamma mia , Italy is really expensive. Plan your cash withdrawals wisely.
Other times, you might have to visit a financial center, as is the case for Bank of America credit card holders who don't also have accounts with the bank. Keep in mind that your bank probably doesn't carry euros on-hand, so you'll want to allow at least three weeks for the currency to arrive. Try to place the order a month before your trip, if you can.
If you can, request to have your euros delivered in small bills, as some European businesses might not be able to break larger notes. Travelex is the biggest independent foreign exchange service in the world, providing foreign currency to thousands of customers each year.
If you're looking to get euros in the United States, you can buy them online with Travelex. The Travelex website helps you decide how many euros you'll need, giving a brief survey about your budget, how many people you're traveling with and how long your trip is. From there, the site helps calculate how much currency you might need, and you can place your euro order online from there.
One of the best ways to minimize currency exchange fees is to get some cash from your bank or credit union in the U. For example, Wells Fargo offers 70 currencies for use in more than countries, and Bank of America exchanges currencies for more than countries. You may be able to get currency in cash at your local bank branch, or order currency online or by phone to be delivered to your home. Other less frequently requested currencies could require a few days of advance notice or longer.
Depending on where you do your banking and your overall relationship with them, you may qualify for special rewards or perks on foreign currency exchange. These places offer convenience, but their exchange rates are typically much less favorable than your bank at home.
Airport kiosks may also charge higher fees, which sometimes are hidden within the poorer exchange rates they offer for converting your dollars to euros, pounds, pesos or another currency. If you are traveling on short notice and need some foreign currency in cash at the airport, then it could be worth paying the extra costs for the sake of convenience. If you can plan ahead, try to avoid airport kiosks and other exchange counters in heavily touristed areas—their business is based on charging extra for being a convenient, last-minute option.
Once you arrive at your destination country, you may choose to conserve your foreign currency cash and try to make payments with your credit or debit card as much as possible. But this can pose another problem: foreign transaction fees.
How can you avoid foreign transaction fees? Do your research and read the fine print of your bank and credit card accounts before you travel. Call your bank and ask if they charge foreign transaction fees. Some merchants will let you choose whether you want to pay for your purchase in the local currency or U.
But sometimes, after swiping your card, the merchant will present you with a screen offering you an option: You can either pay the amount in the equivalent of U.
If you ever find yourself in this situation, you should always choose to pay in the local currency. Just pay in local currency when using your card. Keep in mind that your bank may charge you a fee for using an out-of-network ATM. Check with your bank before your trip to ask about the daily ATM withdrawal limits on your account. If your daily withdrawal limit is currently set too low, consider asking your bank to raise that limit so you can withdraw what you need while traveling.
Keep in mind that some international ATMs limit you to a lower amount of cash withdrawals than your bank allows. Plan ahead to make sure you have enough cash during your trip. These apps make it easier to transfer money between countries and hold accounts with multiple currencies.
For example, with a multiple currency account, you can keep some money in various currencies. Understanding currency exchange fees, foreign transaction fees, ATM withdrawal limits and other aspects of making payments in foreign currencies can help you save money, save time and enjoy your travels to the fullest.
Ben Gran is a freelance writer who covers personal finance and financial services.
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