Should I Exchange Euros Before I Travel to Europe? (2024)

To exchange your money for Euros before you travel, you may be tempted to use traditional banks or airport bureaux de change. Be aware that they always charge high commissions and apply very weak exchange rates.

Alternatively, you can use Revolut's currency exchange feature to buy Euros at the Revolut Rate, which is close to the real exchange rate you find on Google. You can then exchange money to Euros before or during your trip to Europe, which makes Revolut one of the most convenient digital multi-currency accounts available.

Let's dive in to see if you should exchange money before you travel to Europe, along with our top 3 travel tips for foreign exchange:

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Key Facts About Euros Before Travel to Europe

Should I Exchange Euros Before Traveling to Europe?

These days, using a credit card is convenient and hassle-free since most vendors in Europe accept credit cards such as Mastercard, VISA, American Express, and other credit card issuers. These issuers use their own exchange rates, but they are typically very close to the mid-market exchange rate (usually around 0.5% to 0.9% weaker). Check Mastercard's exchange rates here and check VISA here.

Therefore, you do not necessarily need to exchange money before traveling to Europe if you plan on using your card for most transactions. Just make sure that your credit card waives international card transaction fees, otherwise, those fees will add on very quickly.

Get Great Exchange Rates With Revolut

If you need Euros in cash, there are a few options to consider. The best option is to use Revolut's multi-currency account, which allows you to exchange currency digitally and instantly at the excellent Revolut Rate. You can then use the Revolut debit card to withdraw cash from local ATMs (although weekend markups and fair use limits apply).

Another similar option is to use your home bank's debit card to withdraw cash from local ATMs (again, the card issuer, like Mastercard, will apply their exchange rates to your transactions). Just note that using credit cards for cash advances should be avoided, as it often results in high-interest payments imposed by credit card companies.

PayPal, Banks, and Bureau de Change Charge Hidden Fees

You can use your bank at home to exchange for cash before your travel but this will likely cost you due to their weak exchange rate margins. The worst options are using PayPal or bureaux de change at the airport, as their exchange rates and fixed fees can equate to up to 7% to 15% of the total exchanged amount.

When exchanging foreign currency, expect to encounter two fees:

• fixed fees, and
• exchange rate margins.

Fixed fees are charged by providers for their service, either as a flat fee or percentage of the transaction amount. Meanwhile, exchange rate margins refer to the weaker rate applied by currency exchange services compared to the mid-market exchange rate. Companies often neglect to disclose this margin, allowing them to pocket the difference as profit. Some providers may advertise their services as "fee-free," but still profit through the exchange rate margin.

What Currency Is Used in Europe?

The official currency used in Europe is the euro, which you might see being referred to as its currency code EUR. The European Central Bank is the central bank that issues EUR as legal tender, which is accepted by businesses and citizens in the country. Euros comes in various denominations, including 1, 2, 5, 10, 20, and 50 cent coins, as well as 1 and 2 euro coins, as well as banknotes in values of 5, 10, 20, 50, 100, 200, and 500 EUR.

As of 2023, the euro is a floating currency, meaning that its value is determined by market forces. The EUR exchange rate fluctuates depending on supply and demand, as well as economic and political factors.

Can I Use US Dollars in Europe?

While the euro is the official currency in Europe, there are rare cases where vendors may accept US Dollars (USD) in addition to EUR.

For instance, some hotels and other vendors that frequently have non-European customers may accept USD. However, they will set their exchange rates on purchases, which can be unfavorable for travelers. It's typically better to pay in the local currency (EUR) to avoid any additional fees or unfavorable exchange rates.

Is It Cheaper to Exchange Currency at Home or in Europe?

Multi-currency accounts like Revolut and Wise are the most ideal because they are digital apps, meaning you can add EUR balances at any time you need — either before or during your trip.

If you are exchanging at a brick-and-mortar bank, costs will be high regardless of if it is at home or in Europe due to poor exchange rates and high fees. Instead, we generally recommend you use your debit card or multi-currency account debit card at a local ATM in Europe to withdraw the local currency.

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How and Where Can I Exchange Euros For Travel to Europe?

Instead of airport kiosks that offer exchange services, the top option is to open a Revolut multi-currency account, allowing you to exchange money at the Revolut Rate with no additional commission fees (although weekend markups and fair use limits apply). The second option is to use a legacy service like a traditional bank, although this will come with higher exchange rate margins and fees.

Let's walk through these options in detail:

1. Open a Revolut Multi-Currency Account

When you buy foreign currency withRevolut's multi-currency tool, you'll never face any fixed fees for your first $1,000 monthly (although weekend markups and fair use limits apply) when using your Revolut account. Their Standard Plan offers free ATM withdrawals worth $1,000 per month, although it's possible that third-party ATMs might still charge their own fees.

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Revolut's exchange rate (called the Revolut Rate) usually hovers at 0.25% worse than the actual mid-market exchange rate, making it an excellent, low-cost option for exchanging money. For this reason and thanks to the app's ease of use, we recommendRevolutand its virtual card without hesitation.

• Multi-currency runner up: Wise Account
• Learn more: readour Revolut Review.

2. Use a Legacy Service Like a Traditional Bank

One of the cheapest ways to get cash while abroad is to use an ATM with your debit card. It's best to use either your multi-currency account's debit card or your bank's debit card that charges zero international card transaction fees.

Keep in mind that some ATM operators may charge fees for foreign cardholders to use their machines. Check to see if your bank waives or covers these foreign ATM withdrawal fees for you. Try to find a Global ATM Alliance ATM machine in Europe for cheap withdrawals.

Traveler's Checks

Traveler's checks are available for purchase at most banks and are usually offered in denominations of $20, $50, $100, $500, and occasionally $1,000. In addition to the exchange rate markup, a service fee of 1% to 4% is typically applied.

Exchanging Banknotes Before Your Travels

Although ordering foreign currency directly from major banks before your trip may give you a sense of security and peace of mind, their exchange rates may not always be the best available.

Some banks will have certain common currencies like the Euros on hand, but anything above a certain threshold will require a pre-order. Consider ordering cash a few weeks ahead of time to make sure it arrives in time for your trip, as some banks require up to 10 business days of notice.

One option to consider is ChangeGroupif you need physical Euros in cash in hand before your flight abroad to Europe. ChangeGroup services are currently available in the UK and Finland.

When it comes to popular currency pairs likeGBP to EUR, ChangeGroup maintains a low FX markup of approximately 2.2%. For less common currency pairs like GBP to Turkish lira, however, their rates may be comparable to those offered by traditional services, hovering around 15%. This is why we tend to recommend Revolut and Wise for less common currencies.

Go to ChangeGroup ❯

3. Exchange Currency At an Airport Bureaux de Change or PayPal

Airport bureaux de change are widely known to be tourist traps with high markups. In fact, we've seen that their exchange rates can be as high as 10% or more above the mid-market rate. For example, if you want to exchange 100 USD to 90 EUR, you may receive only 81 EUR back, as the rest of the value goes to the bureaux de change.

It's safe to say that buying foreign currency at banks, airport kiosks, and money changers should be avoided unless you're stuck with non-local currency in cash and want to get rid of it. In that case, it's better to exchange just enough money to get by until you can find a more reasonable option, like an ATM or a bank.

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Our Euros Travel Tips In Conclusion

In conclusion, a multi-currency account is the best way to exchange currency before or during your trip. If you prefer cash, your next best option is to withdraw Euros in cash using a debit card from a local ATM.

Keep in mind the following points as you enjoy your travels to Europe:

• Be aware of the difference between the mid-market rate and the provider's weaker rate;
• Comparefixed fees charged as commission for exchange service;
• Avoid airport kiosks because they charge the highest commissions and weakest exchange rates;
• ConsiderRevolutorWiseto hold over 30 foreign currencies.

Frequently Asked Questions About Euros Exchange Before Travel to Europe

• Should I exchange money before I travel to Europe?

  If you use a traditional provider, it will be expensive regardless of if you exchange money before you travel to Europe or during. Instead, you can use Revolut to exchange currency cheaply and digitally before or during your trip. Alternatively, you can use an international fee-free debit card at a local ATM to withdraw Euros. What's important is to avoid traditional banks and airport bureaux de change as they often have high fees and poor exchange rates.

• Can you use USD in Europe?

  While some merchants in Europe may accept US Dollars, it is not widely accepted and you may receive a poor exchange rate. It's recommended to use Euros when in Europe. You can easily get Euros by using a money exchange service or by using a multi-currency account such as Revolut, which allows you to exchange your US Dollars to Euros at a favourable exchange rate.

• What currency is used in Europe?

  The currency used in Europe is Euros (EUR).

• How do I get European money?

  The easiest way to get European money is by using a multi-currency account like Revolut. With Revolut, you can exchange your base currency into Euros at the current exchange rate and hold it in your account. You can then use your Revolut card to withdraw Euros from ATMs or make purchases in Europe without incurring any foreign transaction fees.

• Is it better to exchange money in US or Europe?

  Whether you exchange money at US banks or European banks, rates will be costly. The better option is to use Revolut to exchange and hold Euros with no hidden fees, which can be done instantly and digitally from your smartphone.

• Should I exchange money at the airport?

  No, you should never exchange money at an airport. Save over 10% from hidden fees by using Revolut's multi-currency account instead.

• How do you get Euros for travel?

  We recommend Revolut's multi-currency account to get EUR directly onto your smartphone. Then, use Revolut's travel card or virtual card to take money from a local ATM in Europe.

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