|
|
| *Travel Tips>>>General - Europe (Continental) Travel Tips |
What form of currency will I get the best exchange rate with? |
Travel Info I am traveling to Europe and need to know how to get the best exchange rate for my money, i.e. cash, travelers checks, credit card, debit card, pre-paid VISA? I will be needing to exchange in both Euro and GBP. Travel Tips Cash: you can get quite good rates if you know the places that offer competitive rates (like in France it will be near rue Rivoli). And you know how much you're getting. Surprisingly, credit cards offer quite good rates, if you pay with them, and not withdraw cash from ATM (for which you're charge a regular cash-in fee), especially after the settlement of calss action suit against their conspiracy. According to one report (see the link) Capital One used to be the best (they charged NO Fees at all), but this has changed. Now, if you need cash, use an ATM/debit card and check with you bank. For example, HSBC will charge you no transaction fee, if you withdraw from HSBC ATM (I know from my own experience that HSBC ATMs are quite common in London and Paris) and charge only $1 for other banks' ATM. The same report also mentioned that Bank of America allows to withdraw money from their partners (BNP in France, Barclays in UK etc.), but charge steep $ 5 otherwise. So, check the links I provide and decide, which card you should use Travelers checks are probably the most expensive option and are not as widely accepted as they used to be. To summarize - use a credit card of the best bank (given you choice) for purchases and withdraw small sums of cash using an ATM card from a right bank. Source(s): http://www.mymoneyblog.com/archives/2006... http://www.flyertalk.com/wiki/index.php/... Other Travel Tips More of a concern than the exchange rate are the "fees" in exchange. Consult with your bank. It may be as simple as automated teller withdrawals once you are in Europe.That is what we did. Currency exchange houses and banks in Europe and UK charge a stiff fee for exchanging foreign currency into Euro or GBP. Traveler check enchasments also attract such heavy fees. Suggest you do all the major spending on your credit cards- Visa, Master, Amex, Diners...Your ATM card will work provided it bears a Visa or Mastercard logo but such withdrawal will also come with a fee. A prepaid Visa would be the best since Europe is notorious for pickpockets and baggage theives. You can carry some GBP and Euro before you depart from your country but take only smaller notes, up to Euro 50 only since 100 and above notes are not accepted in many EU countries by shops, railway counters etc. frequent traveler |
| Tags |
| Netherlands Poland Portugal Russia Turkey General - Europe (Continental) Cruise Travel Aruba Bahamas Barbados Bermuda |
Travel Info Categories--Copyright/IP Policy--Contact Webmaster |