How much cash do I need in Europe?
Virtually impossible to predict, we'd advise a figure roughly around €100 a day for spending money in Western Europe and about €40–60 a day for Eastern Europe. Budget Your Trip has thankfully provided a Travel Cost Index that maps out the average daily travel price of real travellers, per person per day.
Any natural person entering or leaving the EU and carrying cash of a value of €10 000 or more is required to declare that sum to the competent authorities of the Member State through which he/she is entering or leaving the EU.
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.
While it is definitely possible to do a month-long Europe trip on a tight budget, it isn't exactly cheap – unless you do hostels, don't take taxis/ubers, and don't eat out. Even then, it'll still most likely be over $1,000 USD.
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.
| Estimated Cost | |
|---|---|
| Airfare | $650 |
| Accommodations | $1,950 |
| Local transportation | $400 |
| Attractions | $200 |
key takeaways. European travelers should always have some cash on hand; getting it from an ATM abroad is usually the easiest, most advantageous way. Credit cards are generally accepted, especially in cities; but check with your card issuer about foreign transaction fees and currency exchange fees.
International travelers entering the United States must declare if they are carrying currency or monetary instruments in a combined amount over $10,000 on their Customs Declaration Form (CBP Form 6059B) and then file a FinCEN Form 105.
The point of the U.S. customs cash limit is to catch criminals and prevent money from being used to fund illegal activity like money laundering or drug trafficking. Unfortunately, travelers who are otherwise law-abiding citizens sometimes get caught illegally traveling with too much cash.
So how much does it cost to go to Italy? For ten days in Italy including three major cities and two day trips, you can expect to pay about $2,600 USD which is actually more than a month long trip to Southeast Asia.
Should I buy euros now or wait 2022?
The value of the Euro has been steadily falling across most of 2022. Analysts at the major banks broadly agree that the value of the Euro could continue to fall in 2022. Analysts at ING don't think that the Eurozone economy will grow as quickly as in other countries such as the US so the euro could fall further.
Start off with 200 or 300 Euros and then take some out as you need it from a Bancomat (bank owned ATM) and not from a money exchanger such as TravelEX. Use your credit card as much as possible for larger purchases and keep your cash (large denominations) and passport in your money belt or pouch.
You can easily eat up a $100 per day budget just on hotel costs alone in Western Europe. It's a good idea to get real-time prices since they change depending on season, holidays, economy, or simple inflation. Websites like AirBnB, Hostelworld, Trip Advisor, and Kayak can give you an idea of what to expect price-wise.
How much should I budget per day in Europe? A backpacker's average daily budget should be between $40 and $70 USD per day in the east and between $70 and $100 per day in the west.
On average, you expect the cost of backpacking Europe to be approximately €40 – €70 per day (approximately $45 – $78 USD per day). You can expect higher costs in Western Europe with cheaper prices in Central and Eastern Europe.
- Money Belt.
- Put your money in a neck pouch.
- Get the best pocket socks for traveling with money.
- Men's pocket underwear.
- Women's Pocket Panties.
- Travel Bra Pouch.
- Water bottle.
- Hair Brush Comb.
No, you can bring any amount of money to the airport. It is not illegal to fly with a large amount of cash on a flight. However, if you are traveling on an international flight and have more than $10,000 in your possession, then you must disclose the amount of U.S. Currency in your possession on a FinCEN 105 form.
If you're carrying an amount below $10,000 from the US to elsewhere in the world, you don't have to worry about anything. However, the government wants to know if you're carrying anything above that limit. Hence, you'll have to fill out some forms at customs to declare that sort of money, and you're good to go.
You should avoid wearing tank tops or other clothing that exposes the shoulders when entering the Vatican or a church. Try not to wear anything that is too revealing as that can be interpreted as a sign of disrespect. Wearing mini-skirts or short shorts would be frowned on in the Vatican.
You will get a better exchange rate by using your credit card, as opposed to exchanging US dollars in Italy. Keep in mind that if you pay cash, you're more likely to get a discount in an independently owned store, if you ask for it.
Should I carry cash in Italy?
As Italy is a part of the European Union, official Italy currency is Euro. Of course, you don't need to pay by cash all the time as cards are very popular in Italy as well. However, we advise having at least 40-50 Euros per person just to stay worry-free and avoid rushing in order to track down the nearest ATM.
In general, I avoid exchanging money in Europe; it's a big rip-off. On average, at a bank you lose about 8 percent when you change dollars to euros or another foreign currency. When you use an airport currency exchange booth such as Forex or Travelex, the hit can be as much as 15 percent.
Generally speaking…
In most cases for Americans heading off to major European destinations, my answer is to just say “no” to buying euros in advance in the States. Unless you have a great bank that doesn't charge for the service — and gives real exchange rates, not lousy inflated rates — those euros will be overpriced.
Banks and credit unions are generally the best places to exchange currency, with reasonable exchange rates and the lowest fees.
| amount | convert | Result |
|---|---|---|
| 15 USD | USD | 28 529.94 ITL |
| 20 USD | USD | 38 039.92 ITL |
| 25 USD | USD | 47 549.90 ITL |
| 100 USD | USD | 190 199.60 ITL |
Buying currency in the US
There's no limit to the amount of foreign currency you can bring into the Italy or the eurozone. However, you're going to have to declare your cash if you're planning to enter or leave the country with more than €10,000.
Exchanging money at home is expensive, not necessarily in fees, but in a poor exchange rate. Changing US money in Italy usually has poor exchange rates and uxorious fees. Don't do it. Using an ATM usually has fees of 2-3% plus maybe an ATM fee.
It's almost hard to believe with such a popular tourist destination that it could remain so cheap. According to the website Expatistan, Portugal is the cheapest country to live in Western Europe.
The average price of a 7-day trip to Western Europe is $1,359 for a solo traveler, $2,441 for a couple, and $4,576 for a family of 4. Western Europe hotels range from $45 to $207 per night with an average of $80, while most vacation rentals will cost $150 to $380 per night for the entire home.
Food: Food costs vary as wildly as accommodation costs. Cheap fast-food meals cost 9–15 euros, while restaurant meals cost around 15–25 euros. Nicer establishments will cost 30 euros or more. You can cook your food for a week for around 65 euros>.
What is the most accepted credit card in Europe?
The most widely accepted credit cards in Europe are Visa and Mastercard credit cards. Visa and Mastercard are the two most widely accepted credit card networks, not just in Europe but worldwide. So, any card on either network will work everywhere you want to use it.
Keep in mind that this step is up to you and doesn't always get you the best exchange rate—it's not necessary to obtain euros before traveling to most European countries. Once you're in Europe, you can use your debit card at an international ATM machine.
How much does it cost to travel Europe for 2 months? The minimum amount of money you can expect to spend during your 2 month Europe itinerary (not including) flights is 6,000 USD. This assumes that your food, accommodation and transport within the continent will cost no less than 100 USD per person, per day.
Europe is very safe. Even in less financially rich countries you don't have anything to worry about. You can start backpacking alone in Europe and know that you're safe and don't have to stress over your personal safety.
key takeaways. European travelers should always have some cash on hand; getting it from an ATM abroad is usually the easiest, most advantageous way. Credit cards are generally accepted, especially in cities; but check with your card issuer about foreign transaction fees and currency exchange fees.
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.
If you're carrying an amount below $10,000 from the US to elsewhere in the world, you don't have to worry about anything. However, the government wants to know if you're carrying anything above that limit. Hence, you'll have to fill out some forms at customs to declare that sort of money, and you're good to go.
On average you can expect a trip to Italy to cost €55-130 per person per day (around $60 to $150 USD) for budget to mid-range travellers. These prices will be heavily influenced by how you chose to spend your money across accommodation, transportation, food, activities, and entertainment.
There's no exact number, but it should amount to an entire day's worth of expenses. For example, if you have to pay for parking, the amount should cover that, plus the rest of your day-to-day costs, like your gas, groceries, etc. As a rule of thumb, keep $100 to $300 in your front pocket wallet. Why this amount?
ALWAYS take the euro option. This also happens in shops and restaurants, purchase in pounds and the merchant can make up to 3% extra in commission.
Should I use my debit card in Europe?
Can I use my debit card in Europe? Do I need a pin for my credit card in Europe? These are the most common questions I get about using debit and credit cards in Europe. The simple answer is yes, your debit and credit card will work in Europe.
The value of the Euro has been steadily falling across most of 2022. Analysts at the major banks broadly agree that the value of the Euro could continue to fall in 2022. Analysts at ING don't think that the Eurozone economy will grow as quickly as in other countries such as the US so the euro could fall further.
Banks and credit unions are generally the best places to exchange currency, with reasonable exchange rates and the lowest fees.
- Stop by Your Local Bank. Many banks and credit unions offer a foreign currency exchange service for a fee. ...
- Visit an ATM. ...
- Consider Getting Traveler's Checks. ...
- Buy Currency at Your Foreign Bank Branch. ...
- Order Currency Online.
How much cash can you fly with? In other words, does TSA have a limit for the amount of money you can bring through security? No, you can bring any amount of money to the airport. It is not illegal to fly with a large amount of cash on a flight.
- Money Belt.
- Put your money in a neck pouch.
- Get the best pocket socks for traveling with money.
- Men's pocket underwear.
- Women's Pocket Panties.
- Travel Bra Pouch.
- Water bottle.
- Hair Brush Comb.
Residents of India are allowed to carry up to Rs. 25,000 though. There's no limit, however, to how much foreign currency you can bring into India. Although, you will have to declare it if the amount exceeds US$5,000 in notes and coins, or US$10,000 in notes, coins, and traveller's cheques².
You will get a better exchange rate by using your credit card, as opposed to exchanging US dollars in Italy. Keep in mind that if you pay cash, you're more likely to get a discount in an independently owned store, if you ask for it.
So how much does it cost to go to Italy? For ten days in Italy including three major cities and two day trips, you can expect to pay about $2,600 USD which is actually more than a month long trip to Southeast Asia. While this may seem like a lot, if you plan to visit Italy, you should budget accordingly.
How much money will you need for your trip to Italy? You should plan to spend around €132 ($135) per day on your vacation in Italy, which is the average daily price based on the expenses of other visitors. Past travelers have spent, on average, €36 ($37) on meals for one day and €21 ($21) on local transportation.
