Currency on European cruises????

[CPT Trips]

Just keep in mind that many rest rooms have a small charge - 5 kuna in Croatia or 50 euro cents in the other countries is typical. It's always good to get some coins after visiting an ATM.

[MicCanberra]

The toilet attendants will provide change if needed.

[flamomo]

 I personally prefer to figure out how much know for sure that I'll need for private tours, tips for ships-tour guides, tips for cabin steward and other crew (extra tips for extra good service) and add another couple of hundred euros for souvenirs, food if we choose to have a meal in a port, and other miscellaneous expenses, and have my bank order it. There is a one time service fee, but I'd rather pay that then have to use my debit card in an ATM in Europe. So far I've never needed to get more euros while over there. If I did, I would use the separate "travel" checking account with a separate debit card that I maintain for that purpose, so I would not have to access my main checking account while out of the US.

If we're staying a night or two or three pre or post cruise, I'll take a bit more for walking-around expenses, and pay for the hotel with a credit card with no foreign exchange fees.

Edited January 15, 2019 by flamomo

[SRF]

On 1/14/2019 at 12:07 PM, Hlitner said:

I am also not a big fan of non-bank ATMs for a few reasons.  Skimmers are always a bigger risk (then bank ATMs) and can even be hidden inside the ATMs (this would not happen with a bank ATM).  But the bigger problem is that a private company can use less favorable exchange rates and will often charge higher fees.  We will use non-bank ATMs if necessary, but always prefer bank owned machines.

 

In every one of my ATM transactions the currency exchange was done by MY bank.

 

I take out Euros or Pesos, or Yen, or smoots (technical term for all the strange currencies 😄 ), and my bank gets the ATM transaction in whatever currency and converts it to dollars.

 

How would the ATM know what exchange rate to use?  

Edited January 15, 2019 by SRF

[erby2283]

7 hours ago, flamomo said:

 I personally prefer to figure out how much know for sure that I'll need for private tours, tips for ships-tour guides, tips for cabin steward and other crew (extra tips for extra good service) and add another couple of hundred euros for souvenirs, food if we choose to have a meal in a port, and other miscellaneous expenses, and have my bank order it. There is a one time service fee, but I'd rather pay that then have to use my debit card in an ATM in Europe. So far I've never needed to get more euros while over there. If I did, I would use the separate "travel" checking account with a separate debit card that I maintain for that purpose, so I would not have to access my main checking account while out of the US.

If we're staying a night or two or three pre or post cruise, I'll take a bit more for walking-around expenses, and pay for the hotel with a credit card with no foreign exchange fees.

This is what I am thinking about doing in August for my first Med cruise. Hotels are already paid for so I need euros for my excursions, tips, food, and anything else.  I just worry about carrying around that much at one time. Setting up a separate account sounds like a good idea but we bank with a credit union so that would require opening an account with Wells or B of A or something else....so much work.... lol

[CPT Trips]

2 hours ago, SRF said:

 

In every one of my ATM transactions the currency exchange was done by MY bank.

 

I take out Euros or Pesos, or Yen, or smoots (technical term for all the strange currencies 😄 ), and my bank gets the ATM transaction in whatever currency and converts it to dollars.

 

How would the ATM know what exchange rate to use?  

 

Some ATMs will offer the option of processing the transaction in USD. How do they do it? Pretty much the same way that a charge terminal, or a TravelEx currency exchange terminal, or the processing system at your bank knows what exchange rate to use when it changes you in USD. It's all part of their programming. 

 

You can assume that if you opt for a USD transaction from an ATM or you credit card, you will get a bad rate. TravelEx machines in airports will definately soak you . . . 

[CPT Trips]

29 minutes ago, erby2283 said:

This is what I am thinking about doing in August for my first Med cruise. Hotels are already paid for so I need euros for my excursions, tips, food, and anything else.  I just worry about carrying around that much at one time. Setting up a separate account sounds like a good idea but we bank with a credit union so that would require opening an account with Wells or B of A or something else....so much work.... lol

 

Won't the credit union allow you to have more than one account? We have an ours, his, and hers with our bank. All allowATM withdrawals and we just keep low balances in our his and hers when traveling.

[MicCanberra]

24 minutes ago, CPT Trips said:

 

Some ATMs will offer the option of processing the transaction in USD. How do they do it? Pretty much the same way that a charge terminal, or a TravelEx currency exchange terminal, or the processing system at your bank knows what exchange rate to use when it changes you in USD. It's all part of their programming. 

 

You can assume that if you opt for a USD transaction from an ATM or you credit card, you will get a bad rate. TravelEx machines in airports will definately soak you . . . 

Always and I mean always pick your own bank to do the currency conversion.

[Hlitner]

4 hours ago, SRF said:

 

In every one of my ATM transactions the currency exchange was done by MY bank.

 

I take out Euros or Pesos, or Yen, or smoots (technical term for all the strange currencies 😄 ), and my bank gets the ATM transaction in whatever currency and converts it to dollars.

 

How would the ATM know what exchange rate to use?  

That is not how International ATM transactions work.  It is a pretty complex transaction which includes an "International Service Fee" (which is usually 1% off the wholesale rate of exchange).  Depending on who owns the ATM where you make the withdrawal, the network and or corresponding banks, and your own bank...the final exchange rate (and possibly fees) can vary greatly.  We recently had a great example of this here in PV where one well known bank (Santander) was giving a rate of about 18.3 Pesos to the US Dollar...while Banamex (part of the Citi system) was giving about 19.1.  But you do not know the exchange rate when you do your ATM transaction and only find out when you check your account and do the math.

 

In theory, some of the fees and discounts (from the wholesale rate of exchange) can be avoided if you have an account with a major International Bank such as Citi and can use one of their own ATMs.  But even in this case, the final rate you get (after fees) can only be determined if you look at the transaction in your own bank account and divide the currency you received at the ATM by the actual withdrawal amount from your account.  We sometimes share information with friends on the latest rates (and fees) so we know which ATMs are the best to use in town.  Since arriving in Mexico for our winter stay, the best rate we have obtained is actually by using one of our major Visa Cards.  The rate we got on a credit transaction was slightly better then an ATM rate we got a few minutes later.

 

And here is another tidbit.  At the time we were getting just over 19 pesos to the dollar on our credit card and ATM card, the rate for those who were exchanging cash (which varies from place to place) was running about 18.2 to 18.5.  And, of course, if you are a typical tourist and pay for something with US Dollars you might get a lot less then 18.  While this may not be real important to some on cruise ships (who do not spend a lot of money ashore) it is important stuff for those who live abroad or take longer land trips.

 

Hank

[SRF]

18 hours ago, CPT Trips said:

 

Some ATMs will offer the option of processing the transaction in USD. How do they do it? Pretty much the same way that a charge terminal, or a TravelEx currency exchange terminal, or the processing system at your bank knows what exchange rate to use when it changes you in USD. It's all part of their programming. 

 

You can assume that if you opt for a USD transaction from an ATM or you credit card, you will get a bad rate. TravelEx machines in airports will definately soak you . . . 

 

Yes, they do, and they dispense USD.  Normally found in the departure areas, so people can get dollars before they board to head to the US.    AFAIK, those terminals again charge your home bank or credit card in the currency you withdraw.  Get Euro, you bank gets charged Euros, get dollars, you bank sees the transaction in USD.

 

Currency exchange terminals are different animals.  They DO convert.  And you do have to careful with Travelex, as some of their machines are ATMs and some are currency conversion terminals.

 

The only place I have see where an actual conversion is done is at hotels, they will ask if you want to be charged in local currency of USD.  I ALWAYS select local currency.  My credit card exchange rate is MUCH better than the hotel exchange rate.  In some countries/hotels (recently in Chad), the hotel would ONLY charge in USD, at their exchange rate.  Luckily, it was a work trip (does anyone go to Chad for FUN??), and I get reimbursed what they charged.