USAToday → Currency exchange 101: What to know before you go

[-Lew-]

Here's a USAToday article covering a popular topic on this board: Currency exchange 101: What to know before you go

 

Enjoy...

 

[Wiltonian]

Link doesn't work. :-(

 

Stuart

[-Lew-]

Just tested the link in Safari and Chrome and it works for me in both. Here's the raw link, maybe this will work for you.

 

http://www.usatoday.com/story/travel/columnist/mcgee/2016/08/03/currency-money-exchange/87975808/?utm_source=feedblitz&utm_medium=FeedBlitzRss&utm_campaign=usatodaycomtravel-topstories

 

[MATHA531]

Here's a USAToday article covering a popular topic on this board: Currency exchange 101: What to know before you go

 

Enjoy...

 

 

The article is horrible and filled with misleading information.

 

Credit cards are by far the best way to go for all purchases large or small. Are there a few, very few places that don't take cards? Yes but they are few and far between. And also anybody who mentions Discover in an article about credit cards and foreign travel know nothing. Today there is next to no place which takes Discover; even though for a while it allowed use of Diners Club cards. Few people today have Diners Club cards.

 

Also any article that even mentions travellers cheques as an option today again doesn't know what they're talking about. Travellers cheques were an alternative...40 years ago. I remember my first trip to Europpe when it was advantageous to have some travellers cheques, when I took Karl Malden's advice no to leave home without them. It also allowed me, if I took Amex cheques to use American Express offices as a mail drop. But that was 40 years ago. Today, next to nobody takes them. Some cruise lines do to settle onboard charges but outside of that, next to nobody wants to touch them. Not merchants, not banks, NOBODY even if they're in local currency.

 

ATM's can be a good way to go but you have to check the fee structure mostly of your bank. Not every bank, as a matter of fact, few banks charge fees like $5/withdrawal. Many banks have the proper fee which is $0. Some banks charge foreign transaction fees, some don't. Few foreign banks at their machines charge a fee, like is almost universal with American banks, have chargs for having the gall to use their machines in Europe. Some privately owned machines do, most bank machines do not. Of course there are ATM cards which will rebate these fees.

 

I wouldn't rely on much of the information in that article. If this person is a travel editor, she doesn't know what she's talking about.

Edited August 3, 2016 by MATHA531

[Wiltonian]

And listing airport availability without warning that conversion rates are often abysmal and far worse than in banks and currency exchange offices away from airports is sheer incompetence.

 

It's a rubbish article on many counts.

 

Stuart

[cruisemom42]

 

Credit cards are by far the best way to go for all purchases large or small. Are there a few, very few places that don't take cards? Yes but they are few and far between.

 

Not sure I fully agree with this. There are still a number of taxis that do not accept credit cards, depending on what city you're visiting. Also, some smaller museums and sites will not accept credit cards. Can't buy a bus ticket in Rome from the bus driver with a credit card, although you might be able to use one if you purchase it in a store elsewhere. And for small charges, many places will prefer that you use cash (e.g., a bottled water, a couple of small souvenirs, etc.)

 

And small mom-and-pop restaurants (particularly in more southern European countries like Italy or Greece) may not accept cards -- or may not accept the card you have. I ate in a busy and popular lunch spot in Rome a few weeks ago. When I went to pay with my Visa, I found to my surprise that the only card they accept there is Amex. Go figure. (My Amex is my "just in case" card and so it was in the safe in my hotel room...) So I had to pay cash.

 

Finally, it's worth noting that some places will still give you a discount for paying in cash. With non-chain hotels in Italy it can be a 5-10% savings.

[MATHA531]

Not sure I fully agree with this. There are still a number of taxis that do not accept credit cards, depending on what city you're visiting. Also, some smaller museums and sites will not accept credit cards. Can't buy a bus ticket in Rome from the bus driver with a credit card, although you might be able to use one if you purchase it in a store elsewhere. And for small charges, many places will prefer that you use cash (e.g., a bottled water, a couple of small souvenirs, etc.)

 

And small mom-and-pop restaurants (particularly in more southern European countries like Italy or Greece) may not accept cards -- or may not accept the card you have. I ate in a busy and popular lunch spot in Rome a few weeks ago. When I went to pay with my Visa, I found to my surprise that the only card they accept there is Amex. Go figure. (My Amex is my "just in case" card and so it was in the safe in my hotel room...) So I had to pay cash.

 

Finally, it's worth noting that some places will still give you a discount for paying in cash. With non-chain hotels in Italy it can be a 5-10% savings.

 

Not arguing with you but I think you will find that in the 21st century, these places are fewer and fewer in number. Besides in a country like Sweden, cash has all but been done away with.

[dkata]

Here's a USAToday article covering a popular topic on this board: Currency exchange 101: What to know before you go

 

Enjoy...

 

 

I have to agree with some of the others. This article had a lot of misinformation and I hope nobody follows it.

First, nobody uses Traveler's checks anymore, and I'd be surprised to find overseas restaurants and shops that still accept them.

Second, you do not get a better rate at the airport to exchange money and I would not use non-major bank ATM's at the airport to withdraw cash.

[cruisemom42]

Not arguing with you but I think you will find that in the 21st century, these places are fewer and fewer in number. Besides in a country like Sweden, cash has all but been done away with.

 

Ah, well you will notice this is the Italy Ports board. ;)

[MATHA531]

Ah, well you will notice this is the Italy Ports board. ;)

 

But the article was about travel in general.

[-Lew-]

 

Also any article that even mentions travellers cheques as an option today again doesn't know what they're talking about.

 

 

First, nobody uses Traveler's checks anymore, and I'd be surprised to find overseas restaurants and shops that still accept them.

If there were no mention of decreased acceptance and use of travelers checks in the article, there would have been complaints. The author's statement, The upside is protection if they’re lost or stolen; the downside includes fewer establishments that honor them and — yes — fees is well taken.

 

A check of establishments selling travelers checks on the AmEx website shows 200+ within fifty miles of New York City and Chicago to name two. Somebody must be buying and using them or AmEx wouldn't be selling them.

 

[MATHA531]

I am not trying to be argumentative about the article. However, knowledgeable people such as myself realize it is full of poorly empasized things.

 

There is hardly any travel writer worth his or her salt who doesn't feel that on the whole, credit cards with no foreign transaction and no annual fees are the best way to travel. That should be the emphasis. Now if you want to add the caveat that from time to time there may be places that don't take cards or that every so often, you might be able to negotiate a discount for cash, that would be fine. Also anybody who mentions Discover again doesn't know what they're talking about. Discover is taken almost nowhere outside the USA. For a while it had a tie in with Diners Club International outside the USA, but that seems to have passed.

 

The same is true of travellers cheques. What the article should have said is that once upon a time, long long ago, travellers going abroad were advised to take travellers cheques in lieu of cash. That time has long since passed. Next to nobody will touch them today. Since this is a cruise board, yes, cruise lines will, in general, take them to settle one's account. But rarely does anybody else touch them, even in local currency. I used to take 1 $10 American Express travellers cheque to use Amex offices as a mail drop. Today, there are hardly any Amex offics left. (I remember trudging to the Haymarket in London to use the Amex office; long since history). Does Amex still try to sell them? Yes they do but most people are extremely disappointed to learn how useless they have become.

 

Again, this is buried in the article. What I would say is that throughout the article, there are errors and emphasis on the wrong things. I would give the article a D- and not recommend any novice use it to learn about the best ways to handle money matters when travelling.

Edited August 4, 2016 by MATHA531

[wheezedr]

Having been to Europe and Oceania multiple times in the past few years, I would point out that the primary things you need are a credit card with no overseas transaction fees and a debit card that either has no fees attached or remburses them automatically. In fact I have two of each via different financial institutions. In places where security might be an issue I will carry 1 debit and 1 CC and my DW will carry the alternate ones. While we have never lost any this is just another backup method. The real key with ATMs especially at airports is to be sure you are dealing with machines tied to banks , not those of money exchange agencies.

The only time I ever had an issue on a cruise was in a small town in Normandy on a cruise around England. As we began in Southampton I had not yet had an opportunity to get Euro's and Le Havre was the first port. Off on a prepaid tour so no problems. Thought I would get a few in the town for incidentals as well as when we would hit Ireland. Lo and behold only 1 ATM in town and by this time on Saurday it had run out of cash. Ha. Used plan B and bought a few from fellow cruisers so no big deal. Always be prepared for the unexpected.

 

I defer to others for Asia.

[cruisemom42]

But the article was about travel in general.

 

My point is that the discussion and responses on a forum dedicated to travel in Italy are likely to reflect practices in Italy. As in all the examples cited above by me.

 

One can say cash is being made obsolete in many northern European countries, and I wouldn't disagree, but the idea has a ways to go yet in many other countries around the world. Especially in countries where a cash economy goes along with a certain casualness with regard to reporting income and paying income taxes.

[John Bull]

And listing airport availability without warning that conversion rates are often abysmal and far worse than in banks and currency exchange offices away from airports is sheer incompetence.

 

 

Stuart

 

Trawling the bureaux at airports, on ferries, at the channel tunnel terminal etc to check out their exchange rates is a fun way to while away a few minutes.

As long as you don't actually need their services :D

 

JB :)

[Karennella]

My point is that the discussion and responses on a forum dedicated to travel in Italy are likely to reflect practices in Italy. As in all the examples cited above by me.

 

One can say cash is being made obsolete in many northern European countries, and I wouldn't disagree, but the idea has a ways to go yet in many other countries around the world. Especially in countries where a cash economy goes along with a certain casualness with regard to reporting income and paying income taxes.

 

Most places in the world still use cash. If you get off the beaten track in Italy, many places prefer cash. I believe that Germany and Austria are places with a lower usage of credit cards.

Here in Australia quite a few small businesses have a minimum amount for credit cards. Is is certainly not the norm here to pay eg for a single cup of coffee with a credit card, as I saw people doing in Norway.

[maryann ns]

Cash is still king in much of the world. I agree with those who say to take a good credit card (Visa or MC with good rates) and debit cards with low or no fees. And always take back ups.

 

We would have been caught twice without backup: 1) my MasterCard was incorrectly flagged by my bank as not confirmed. We did without it. 2)ATMs in Hoi An would not take one of our debit cards. We still do not know why, but we had another so we were fine.

 

And that article is worth an F! Poorly written with poor and sometimes incorrect information.

Edited August 5, 2016 by maryann ns

[marazul]

And that article is worth an F! Poorly written with poor and sometimes incorrect information.

 

CC should do its readers a favor and delete this entire thread. The USA article contains really bad info and there is always a danger that someone will read it and not continue on to all the comments against it.

[lisiamc]

Not arguing with you but I think you will find that in the 21st century, these places are fewer and fewer in number. Besides in a country like Sweden, cash has all but been done away with.

 

In countries like Sweden, and in very touristy areas of other countries, I agree that it's easy to use credit cards. But some of us like to travel off the beaten track, especially in Europe, and there, cash is a real necessity.

 

We live half the year in Italy, in a rural area where cash is definitely King. In the past week, the Bancomat that we've been using for years stopped accepting foreign cards, and two others that never did, have started now. You just never know.

Edited August 5, 2016 by lisiamc