Cash and Currency Tips for Europe (2024)

FAQs

What is the best way to get cash when traveling to Europe? ›

European travelers should always have some cash on hand; getting it from an ATM abroad is usually the easiest, most advantageous way. If you need cash from an ATM, it's usually better to use a debit card, because credit cards often charge a high interest rate for a cash advance.

For example, you might want to make sure you have cash before visiting local markets. And it could be nice to have cash for tips after a meal or when you're taking a tour. But remember: You don't have to travel with cash. You can visit a bank when you get to Europe and withdraw money from an ATM using your debit card.

Resist the urge to buy foreign currency before your trip.

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. Wait until you arrive to withdraw money.

You will need to have euros on hand if you are travelling to one of the many countries in Europe which use the euro as legal tender. In total, there are 19 EU member countries who have adopted the Euro as their official currency. The most commonly used notes in euros are the €5, €10, €20, €50, and €100 bills.

The short answer is: Always pay in the local currency (Euros), which allows your bank to set the exchange rate, and it will always be a better option. If you choose to pay in dollars, you get the worst exchange rate from the merchant.

In almost every case, euros you can get abroad from an ATM will be cheaper than those you can get back in the States. When buying in advance, get just enough to give you a comfortable cushion and get you through a day's worth of emergency expenses.

Local banks and credit unions usually offer the best rates. Major banks, such as Chase or Bank of America, often offer the added benefit of having ATMs overseas. Online bureaus or currency converters, such as Travelex, provide convenient foreign exchange services.

The general rule is that as long as you spend more time at home than abroad, or you use your mobile phone more at home than abroad, you can pay your standard domestic prices for your calls, texts and data services when you travel in the EU. This is considered a fair use of roaming services.

A good rule of thumb is to carry $50-$100 a day in the local currency while travelling. Remember, though, that cash may not be the best option to pay for travel expenses. Credit cards offer great rewards, lower transaction fees, and can help you get a better exchange rate.

What day of the week is best to exchange foreign currency? ›

All in all, Tuesday, Wednesday and Thursday are the best days for Forex trading due to higher volatility. During the middle of the week, the currency market sees the most trading action. As for the rest of the week, Mondays are static, and Fridays can be unpredictable.

Debit cards from any major US bank will work in any standard European bank's ATM (ideally, use a debit card with a Visa or MasterCard logo). As for credit cards, Visa and MasterCard are universal, American Express is less common, and Discover is unknown in Europe. Check your cards' expiration dates.

While your exact expenses depend on a lot of factors, here is the short answer to the question: how much do I need to budget for backpacking Europe? Backpackers should expect to spend between $40 – $70 USD/day in Eastern Europe, $70 – $100/day in Western Europe, and $150 – $200/day in the Nordic countries.

How Much Spending Money Do I Need Per Day? Virtually impossible to predict, we'd advise a figure roughly around €140 a day for spending money in Western Europe and about €60–140 a day for Eastern Europe.

A good budget would be between 40 – 70 Euros for food in a day if eating all your meals out (and how much you eat). You should also have some leftover for gelato. Drinking is a favourite past time for many of us, and for those coming from Australia, the good news is that alcohol is MUCH cheaper in Europe.

Is It Cheaper to Exchange Money at the Bank or Airport? It is cheaper to exchange money at the bank (or by using an ATM) than the airport. That's because currency exchange stores and kiosks at the airports mark up the exchange rate to make a profit.

Yes. Depending on your issuer and the merchant your transaction is at, you may be charged both a foreign transaction fee and a currency conversion fee.

One of the largest and most popular places to buy travel money in the US is Currency Exchange International (CXI). You can order over 90 currencies online, including Euros. CXI also has around 30 branches in major cities across the US⁴.

All Euro ATM withdrawals are fee-free, giving you free rein to travel the Eurozone. Outside of the Eurozone, ATM withdrawals cost 1.7% per withdrawal.

What banks have no international ATM fees? ›

Bigger banks, such as Wells Fargo and Bank of America, typically offer more of these options than smaller banks or credit unions. Other, non-bank entities, allow for currency exchange. AAA members, for instance, can visit a AAA branch and exchange currency for no added fee.

eurochange are the foreign exchange experts. They provide an award-winning service which is rated 'Excellent' on Trustpilot, offering the widest range of currencies including Euros and US Dollars.

Here is an estimate of what 2 weeks in Europe might look like for a traveler with a mid-range budget: Accommodation: 40 Euros per night for 14 nights = 560 Euros. Food: 40 Euros per day for 14 days = 560 Euros. Transportation: 10 Euros per day for 14 days = 140 Euros.

If you plan a more extended vacation and need to know how 3 weeks in Europe budget look like, we'd say you're looking at spending about 850 per week, making it 2,550 euros total. To quickly recap, if you are traveling to Europe, you are looking at spending around 120 euros per day on average.

The main advantage of using a debit or credit card overseas is that you won't pay foreign transaction fees every time you spend. While many also won't charge fees for cash withdrawals, you will still usually be charged interest from the date of the transaction if you use a credit card.

Turn Off Your Cellular Data

If you opt not to sign up for an international plan, or make other arrangements to be able to use your normal phone while abroad, you likely need to turn off cellular data entirely to avoid roaming fees or data overages, as well as a shorter battery life.

How much cash should you bring to Europe for a week? ›

As a rough estimation, budget $50-100 per person for each day that you will be away. This should cover your accommodation, food, drink and transportation costs. Of course, this number can vary according to the destination and your style of traveling.

You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Use the online Fincen 105 currency reporting site or ask a CBP officer for the paper copy of the Currency Reporting Form (FinCen 105).

While there are some situations where it may make sense to use DCCs, it's usually better to pay in the local currency – especially if you use a credit card that doesn't charge foreign transaction fees.

It is often best to trade when the market is most active. When many markets are open simultaneously, currency pair volatility is likely to be higher. Currency pairs are more stable while only one market is open, making it an excellent time to exchange the currency at a favourable rate.

Conventional wisdom says that a good conversion rate is somewhere around 2% to 5%. If you're sitting at 2%, an improvement to 4% seems like a massive jump.

Is Mastercard or Visa better in Europe? The truth is both types of cards are widely accepted abroad, and are therefore better choices for international travel than Amex or Discover.

Many European banks place their ATMs in a small entry lobby, which protects users from snoopers and bad weather. To get in, look for a credit-card-size slot next to the door and insert your card. Avoid "independent" ATMs, such as Travelex, Euronet, Moneybox, Your Cash, Cardpoint, and Cashzone. These have high fees.

When Europeans buy something with plastic, they insert their card, then type in their PIN. Despite some differences between European and US cards, there's little to worry about: US credit cards (Visa and MasterCard) generally work fine in Europe.

While credit cards are accepted in most situations, currency can be more convenient for public transportation and small vendors. It's also wise to carry an emergency fund with enough cash for a few days, just in case your card gets lost or stolen.

How much money do you need for a 10 day trip in Europe? ›

So, if you plan to visit three cities during the trip, the expense will be approximately ₹45,000. Moreover, intercity travel costs around ₹5,000 in Europe. So, your total amount for journeys between the three cities will be ₹15,000 in ten days.

The general consensus is that you should have $50 to $100 in cash per day for each traveler. However, this amount could vary considerably depending on where you are vacationing. Some destinations are more cash-friendly than others.

Restaurant tips are more modest in Europe than in America. At restaurants, check the menu to see if service is included; if it isn't, a tip of 5–10 percent is normal. In most places, 10 percent is a big tip. If your bucks talk at home, muzzle them on your travels.

“We would recommend between $100 to $300 of cash in your wallet, but also having a reserve of $1,000 or so in a safe at home,” Anderson says. Depending on your spending habits, a couple hundred dollars may be more than enough for your daily expenses or not enough.

ATMs are the best way to access money abroad and are increasingly available. Your bank or credit card company may charge fees for withdrawals overseas and may have a limit on the amount you can withdraw daily, so be sure to consult with your bank about this.

Honestly, it's a great idea to pre-order some cash in the local currency through a travel agency (like AAA) to make sure you have a backup method of payment, at least for your first day or two abroad— especially if you won't have phone service when you land .

Advantages of an overseas card

The main advantage of using a debit or credit card overseas is that you won't pay foreign transaction fees every time you spend. While many also won't charge fees for cash withdrawals, you will still usually be charged interest from the date of the transaction if you use a credit card.

You can use your card to withdraw foreign currency (e.g. Euro, US Dollar) at some LINK ATMs. To find your nearest foreign currency dispensing ATM you can check the Cash Locator and do an advanced search for ATMs dispensing foreign currency.

Currency exchange services

One of the largest and most popular places to buy travel money in the US is Currency Exchange International (CXI). You can order over 90 currencies online, including Euros.

Get a credit card with no foreign transaction fee.

Plus, some issuers don't charge these fees on any of their credit cards. Using credit cards with no foreign fees rather than cash is also a convenient, inexpensive way to avoid having to convert physical currency while traveling abroad.

What is the cheapest way to convert currency? ›

Banks and credit unions are generally the best places to exchange currency, with reasonable exchange rates and the lowest fees. Here's how financial institutions — and a few other places — can help travelers exchange currency.

Many international travelers encounter foreign transaction fees while making purchases or withdrawing cash from an ATM in a foreign country. The easiest way to avoid a foreign transaction fee is to use a debit or credit card that waives foreign transaction fees while traveling abroad.

A good budget would be between 40 – 70 Euros for food in a day if eating all your meals out (and how much you eat). You should also have some leftover for gelato. Drinking is a favourite past time for many of us, and for those coming from Australia, the good news is that alcohol is MUCH cheaper in Europe.

The cheapest places to buy Euros abroad are usually banks. European banks will take foreign cash and change it to Euros using the most current exchange rate. Most banks do not charge a transaction fee for the service; if they do, it will usually be smaller than an ATM's or a currency exchange's.

You no longer have to tell us when you are travelling abroad. Our fraud and security systems are always on the lookout for suspicious activity on your accounts meaning you can relax when you are away making going abroad stress free.

Cash is easily lost or stolen — and can't be replaced. Carrying large amounts of money makes you an easy target for thieves. Value could be lost every time you convert from one currency to another. You also lose money every time you withdraw cash from an ATM that's not in your bank's network.