Money while in Europe

In ,
Juliana L Holm typed:

Ken Blake wrote:
Only exchange a few hundred dollars worth of foreign
currencies
in the
states so you will have some currency for the
airport,taxis,snacks,etc.


I don't recommend doing even that. I take *no* foreign
currency
with me to Europe (except for the leftover Euros I have from
my
last trip--usually very little). There are always ATM machines
at
the airport when you arrive, and the exchange rate is much
better
there than in the US.


While I am a little more conservative than Ken (I do make sure
I have
money with me) another approach is to take a little $50 to $100
in
your HOME currency with you.


You're not really more conservative. Yes, I was talking only
about *foreign* currency, and I should have mentioned that I too
always have around that much in dollars. Traveling in and out of
airports at home, you may need cash for food, beverages on
airplanes, or whatever.

As I matter of fact, I wouldn't travel around my home town
without at least $50 or so in my pocket.



The chances that you won't have access
to an ATM when you arrive is small, it can happen, and this way
you
have some cash. If
you don't need it (very high probability) then you have it when
you
get home.

If you need it there is always somewhere you can exchange it
for local
currency.


I completely agree with all the above.


--
Ken Blake
Please reply to the newsgroup

Ken Blake wrote:
In oups.com,
luckym typed:

Only exchange a few hundred dollars worth of foreign currencies
in the
states so you will have some currency for the
airport,taxis,snacks,etc.


I don't recommend doing even that. I take *no* foreign currency
with me to Europe (except for the leftover Euros I have from my
last trip--usually very little). There are always ATM machines at
the airport when you arrive, and the exchange rate is much better
there than in the US.

--
Ken Blake


I've always found the few hundred passengers on my plane always head
straight to the ATMs.Plus throw in the other flights that arrive at the
same time at major international airports,and one usually has to wait
on long lines.And exchange services like Travelex are more expensive
than at my local bank.
As a forex trader,currencies are one of my main preoccupations and not
just electronic currency.I have tens of thousands of dollars in paper
money ranging from Chinese yuan and Malaysian ringgits to Singapore
dollars and Iraqi dinars (the last one which I hope will be my winning
lottery ticket).There's something about cash I like.

In oups.com,
luckym typed:

Ken Blake wrote:
In oups.com,
luckym typed:

Only exchange a few hundred dollars worth of foreign
currencies
in the
states so you will have some currency for the
airport,taxis,snacks,etc.


I don't recommend doing even that. I take *no* foreign
currency
with me to Europe (except for the leftover Euros I have from
my
last trip--usually very little). There are always ATM machines
at
the airport when you arrive, and the exchange rate is much
better
there than in the US.

--
Ken Blake


I've always found the few hundred passengers on my plane always
head
straight to the ATMs.Plus throw in the other flights that
arrive at
the same time at major international airports,and one usually
has to
wait on long lines.


Your experience is completely different from mine. I travel to
Europe usually once a year, and have done so for the last 15-20
years. I usually arrive at major airports likePparis, Frankfurt,
Rome, Milan, etc. I always change money at ATMs at the airport
when I arrive, and I have *never* had to wait on long lines, and
rarely on short ones. In most cases, I found nobody at the ATM
before me.

--
Ken Blake
Please reply to the newsgroup

GS wrote:

Will be traveling to Ireland, Italy and the Netherlands this summer, all for
the first time since the Euro switch.

I am completely at a loss as to how to handle the money situation. Do I get
travelers checks? Exchange a bunch of US currency now before I leave and
bring it along? Use bank machines as needed in Europe?

Any suggestions welcome to a newbie traveler in Europe.

Check that your bank card is one that is accepted internationally and check
with your bank for their maximum daily or weekly ATM withdrawals. Buy enough
currency before you go for you first day in each country and then use your bank
card for withdrawals. There is a fee for the transaction at the foreign ATMs,
but you get a better exchange rate and your savings there will cover the service
fee, and you can cut down on service fees by making larger withdrawals less
frequently.

luckym wrote:



I've always found the few hundred passengers on my plane always head
straight to the ATMs.Plus throw in the other flights that arrive at the
same time at major international airports,and one usually has to wait
on long lines.And exchange services like Travelex are more expensive
than at my local bank.

Hmmmm. I have always found that there is a least one person posting in
threads who exaggerates to the point of becoming totally without
credibility. During my travels I have never seen hundreds of people lined
up at ATMs. I have never seen dozens of people. The worst line up I ever
saw was one person using the machine beside the one that was free for me to
use.

Hundreds?????

"Dave Smith" wrote in message
...
GS wrote:

Will be traveling to Ireland, Italy and the Netherlands this summer, all
for
the first time since the Euro switch.

I am completely at a loss as to how to handle the money situation. Do I
get
travelers checks? Exchange a bunch of US currency now before I leave
and
bring it along? Use bank machines as needed in Europe?

Any suggestions welcome to a newbie traveler in Europe.

Check that your bank card is one that is accepted internationally and
check
with your bank for their maximum daily or weekly ATM withdrawals. Buy
enough
currency before you go for you first day in each country and then use your
bank
card for withdrawals. There is a fee for the transaction at the foreign
ATMs,
but you get a better exchange rate and your savings there will cover the
service
fee, and you can cut down on service fees by making larger withdrawals
less
frequently.



Thank you all, this is great info!!

"GS" wrote in message
. com...
I am completely at a loss as to how to handle the money situation. Do I
get
travelers checks? Exchange a bunch of US currency now before I leave and
bring it along? Use bank machines as needed in Europe?

There have been many replies to your question but I have not seen these
items mentioned:
1. I agree that you should use mostly ATMs and credit cards (Visa) BUT:
1.A. Check with the banks that issued the ATM and credit card. If the bank
charges any more than $1.00 + 1% over the interbank exchange rate for
getting funds from a foreign ATM, get a new bank.
1.B If the credit card company charges more than the 1% Visa adds onto
foreign transactions, get a different card. I have two cards (Visa &
MasterCard) from different Credit Unions. Neither adds an extra mark-up on
foreign transactions. So, don't let anyone tell you that adding 2% or 3%
more is just "normal business" or that "everyone does it." Tell them you
know better and get a new card.
1.C. Never, never, never allow a foreign merchant to charge you in US
dollars. They are not doing you a favor. They are charging you a 4% exchange
fee. PLUS you will still have to pay Visa or MasterCard the 1% foreign
transaction fee, PLUS any additional rip-off your bank charges. Just tell
them charge in Euros or walk away.
2. Carry some US cash as a back-up BUT avoid $100 bills. Many banks won't
touch them since they are the most frequently counterfeited.
3. I would probably not bother changing one single dollar for Euros in the
US, unless I knew an individual selling off his excess Euros at a good rate.
I've always found at least one working ATM in any airport, even Rome, where
half always seem to be out of order.
4. At the ATM, don't make mistakes or request your balance. Each transaction
costs money, even canceled ones. Know your maximum per transaction and per
day and get the max every visit. So, if the most you can get per day is $400
and the exchange is $1.25 per Euro. That's 320 Euro. Since going over even
one cent will void the transaction and cost you a buck, back off to an even
300 Euro. Know when your day changes. If it's midnight in NYC, that's like 6
AM in Dublin. If you go for an early morning walk and stop for another draw
at the ATM, it could still be yesterday in the states and you'll pay a buck
to learn about it. Don't look so shocked. My last trip to Italy, the
standing joke was "Europe on $400/day". Unless everyone with you is a real
penny pincher, you will be shocked at the expense.

--
Donald Newcomb
DRNewcomb (at) attglobal (dot) net

Donald's answer is certainly the best so far.

I agree, credit cards (know your Pin ) are the best and easiest way to
get local cash. However, the transaction fees can be outrageous. I have
5 cards and they all charge 3 to 5 Canadian dollars plus a 2.5%
currency charge.

American Express card is useless outside swank hotels, leave home
without it.

ATM in the UK: whole in the wall

Visa in France: la carte bleu

My suggestion would be to bring $500 US and spread it around your
person and luggage. Bring an American Express travelers check in case
you get robbed (cards take two or three days to be replaced, in an
emergency). Both those options wont cost you much if you bring them
back home, unused. They can also help you prove you are not a deadbeat
when going thru immigration (a return ticket is usually enough, but you
never know).

Remember that the UK and Switzerland (among others) are non Euro
countries. If you get too much money at the ATM in London, you will
have to pay again to get it changed in Paris.

When using ATMs, don't panic. If one doesn't work, try another one.
Prius and Cirrus are the networks to watch for. Avoid post office ATMs
and the ones you find in shops.

It is convenient, but not essential, to have both a Mastercard and a
Visa card. Know the non 800 number in case you have to call them from
overseas (although the 800 number may work).

Traveling on the cheap, you will need more cash. Swankier hotels and
restaurants almost always accept credit cards. Spain and Portugal are
cash societies whereas northern countries love credit cards.

UK banks are so pleasant by North American standards, that it is worth
the minor inconvenience to use one once to change your money.

Get rid of your change before leaving. Switch your Northern Ireland and
Scottish notes before leaving those areas as well.

Try not to think about the exchange rate (rather, think about all the
money you are saving by not driving or tipping) and enjoy the trip.

Sam

PS. I have about US$100 worth of Lithuanian money if anybody wants it
(exchanged rate is fixed to the greenback, but it is worthless outside
the country). Now that was an expensive lesson.

A Euro or two plus the US fee is quite alot on small amounts wheras the
fees for travelers checks are usually a percentage.

Samll amounts: travelers checks
Large amounts: ATM (know your daily limit in Euro).

I'd buy the Euro at a bank in Europe/UK. But since your bank probably
charges a percentage (not a fee), buy 20 Euro for the subway and a meal
(although I'm guessing you will be landing in the UK, so pounds would
be more appropriate).

Remember that Northern Ireland is a different country (than Ireland).
Although they also speak incomprehensible English and go to the pub
alot (and there are no border controls or welcome signs). Part of the
UK, they actually have their own currency (and here in Quebec we endure
the Bitch of England on our cash!).

Dont try using Euros in NI, particularaly in a Protestant area. Get rid
of the funny NI money before you leave NI (at a bank).

Every airport has ATM's. I've always gotten money while waiting for
my bags to come.

In driving around Ireland, I've never seen more ATM's! A lot more than
here in New York.

I don't think the use fee is a big deal. I get four or five hundred
dollars at a time. Not twenty dollars like I see around here.

The only place my card didn't work was in Canada, last September.

Bill L

On Fri, 17 Jun 2005 15:04:30 GMT, "GS" wrote:

Hi All.

Will be traveling to Ireland, Italy and the Netherlands this summer, all for
the first time since the Euro switch.

I am completely at a loss as to how to handle the money situation. Do I get
travelers checks? Exchange a bunch of US currency now before I leave and
bring it along? Use bank machines as needed in Europe?

Any suggestions welcome to a newbie traveler in Europe.

Thank!