Foreign Currency

[LibertyBella]

Well, I also like to have a bit of cash with me, and if you are in some places that are not quite as technologically modern, then it can be a lifesaver.

 

On my recent river cruise in March we had a crazy short layover in Frankfurt airport, and because I had Euros I could buy a soda from a kiosk and drink it on the run.

 

At the great market in Budapest they even told me if I had dollars they would be VERY happy to accept them and give me a better price (I paid in Euros). 

 

Euro coins are needed in many places for the bathrooms! 

 

Finally, I will be stopping in Istanbul this Summer, and I know that some credit card transactions can be a bit risky there, so I will keep my card in my purse and use cash while in the bazaar.

[bonsai3s]

8 hours ago, BirdTravels said:

 We would never exchange less than $1K. And pay our hotels, meals, and taxis in cash. 

If you travel to Vietnam, that 1K in U.S. dollars today would be: $23,525,500 Vietnamese Dong...you'll be a millionaire. 

 

* My attempt at humor.

[little britain]

10 hours ago, Grumpella said:

I should have asked what is the 2nd best option, as I know the ATM is the best but I am travelling alone and will not visit an ATM alone.  Thanks.

You won’t go to an ATM alone? Never?  Where on earth do you live/ or are travelling to where it is so dangerous to go to an ATM? 

Edited June 16, 2023 by little britain

[Another_Critic]

19 hours ago, Another_Critic said:

To add ... confirm any fees accessed by your ATM card issuer (may be flat fee or % or both).

 

In my experience, most credit cards issued in the US do charge a foreign conversion fee.  Most (all?) no annual fee AMEX cards and Chase cards charge FTF.

 

15 hours ago, Wineaux007 said:

My Chase MileagePlus does not charge a FTF.   

 

10 hours ago, ARandomTraveler said:

My Chase Sapphire Reserve doesn't charge a foreign transaction fee,

You guys missed the "no annual fee" part of my post.  🙂

 

With that said, I have four 0 FTF cards and 3 out of 4 have no annual fee. 

- Chase Sapphire Preferred ($95 AF)

- Barclays Arrival ($0 AF) - no longer available

- Citi Costco Visa ($0 AF, but requires Costco membership)

- Comenity Bank AAA Travel Advantage Visa ($0 AF).  Used it in the UK in May and earned 5% on petrol, 3% on groceries, 3% on travel.

[Joseph2018Baltic]

21 hours ago, Grumpella said:

I should have asked what is the 2nd best option, as I know the ATM is the best but I am travelling alone and will not visit an ATM alone.  Thanks.

Wait, you don't have a credit card that you can withdraw money with a PIN?  It is difficult and expensive with fees for getting money at a bank these days.  ATM might have a small fee, but if you are taking out say €300 and your bank does not do a conversion fee, then you might pay maybe €3,00 for the funds, much cheaper than any place else.

 

I don't understand if you can travel by yourself, why you can't go to an ATM at a bank, or someplace where you are not isolated from others.  Your hotel might even have one. 

 

I get your concerns, but I recommend using a no fee credit card, and carry small amounts of cash, for things like taxi, or tips or a bottle of soda or water etc. 

[Another_Critic]

As previously mentioned, it would be helpful if the OP clarified which country/countries they plan to visit.

[logan25]

I have run into vendors abroad who require a minimum purchase to use a credit card in payment.  And I doubt the street vendor in Athens would have accepted credit cards for the one Euro donut I purchased.

 

I commonly have a small amount of local currency for De minimis purchases.

[Wineaux007]

6 hours ago, Joseph2018Baltic said:

Wait, you don't have a credit card that you can withdraw money with a PIN?  It is difficult and expensive with fees for getting money at a bank these days. 

I have a PIN attached to my credit card, only for emergencies as it would be considered a cash advance at an ATM and interest would start the day of transaction.

[Joseph2017China]

1 hour ago, Wineaux007 said:

I have a PIN attached to my credit card, only for emergencies as it would be considered a cash advance at an ATM and interest would start the day of transaction.

Online banking you can literally pay the credit card same day so no interest 

[ATG]

I use my credit card for everything.  But I was wondering about tips for tour guides in Europe.  Get local currency?  Tip in US dollars?  Or is tipping not necessary?  

[njkruzer]

4 minutes ago, ATG said:

I use my credit card for everything.  But I was wondering about tips for tour guides in Europe.  Get local currency?  Tip in US dollars?  Or is tipping not necessary?  

We usually tip but have noticed that many don't.  Usually in local currency I think unless they let you know they want US dollars. 

[Wineaux007]

53 minutes ago, Joseph2017China said:

Online banking you can literally pay the credit card same day so no interest 

That's true, but I would think most don't.  

[steveru621]

On 6/15/2023 at 3:29 PM, Wineaux007 said:

ATM for sure, but make sure it's a "bank" ATM.  Just a word of caution, ATM's now are giving you the option of doing the conversion for you.  You are best to decline and do the transaction in the local currency and let your home bank do the conversion.  This what they call a convenience service will cost you around 3%.  Most credit cards do not charge a conversion fee.  Check yours out before you leave.

 

Don't ever use your credit card for a cash withdrawal.  You'll start accruing interest >19% on day one.

 

ATMs are great but use your debit card.

 

And I agree, don't let them do the conversion.

[steveru621]

On 6/16/2023 at 1:48 PM, Joseph2018Baltic said:

Wait, you don't have a credit card that you can withdraw money with a PIN?  It is difficult and expensive with fees for getting money at a bank these days.  ATM might have a small fee, but if you are taking out say €300 and your bank does not do a conversion fee, then you might pay maybe €3,00 for the funds, much cheaper than any place else.

 

I don't understand if you can travel by yourself, why you can't go to an ATM at a bank, or someplace where you are not isolated from others.  Your hotel might even have one. 

 

I get your concerns, but I recommend using a no fee credit card, and carry small amounts of cash, for things like taxi, or tips or a bottle of soda or water etc. 

 

That's not likely to be a bank ATM in the hotel.  The ATM is going to charge you a minimum of $3 and your bank $5. There is no conversion fee if you use an ATM card.

[steveru621]

17 hours ago, Joseph2017China said:

Online banking you can literally pay the credit card same day so no interest 

 

16 hours ago, Wineaux007 said:

That's true, but I would think most don't.  

 

Unless your checking account is in the same bank as your credit card you will pay at least one day of interest.  More if it's a weekend.

 

Use your ATM/debit card.

[Joseph2017China]

1 hour ago, steveru621 said:

 

That's not likely to be a bank ATM in the hotel.  The ATM is going to charge you a minimum of $3 and your bank $5. There is no conversion fee if you use an ATM card.

Poster afraid of doing ATM by herself so one in a very public place like her hotel a a second choice.  I personally don’t worry about the fee.  I only take around $200 for small items

[jcc1025]

Depending on your home bank we order some local currency from our back before we leave. Will be the most up to date exchange rate and has been very convenient. 

[njkruzer]

6 minutes ago, jcc1025 said:

Depending on your home bank we order some local currency from our back before we leave. Will be the most up to date exchange rate and has been very convenient. 

Yes and can get small denomination bills for tips, etc.

[Wineaux007]

3 hours ago, Joseph2017China said:

Poster afraid of doing ATM by herself so one in a very public place like her hotel a a second choice.  I personally don’t worry about the fee.  I only take around $200 for small items

I usually go for a bank ATM that has a little inside alcove where you have some privacy making your transaction.  

[BruceMuzz]

On 6/16/2023 at 7:23 AM, smokeybandit said:

You don't need foreign currency. 

 

In the Caribbean, dollars are king.

 

In Europe, credit cards are king.

Tourists go to the Caribbean and many parts of Europe.

Travelers visit the rest of the world.

In most of Asia (the largest part of the world), credit cards are only marginally accepted and local currency is a must.

[K32682]

When I visit a country I always have the equivalent of a few hundred in local currency. I generally get it from a very good local currency exchange or the first available local ATM or exchange even if it's at the airport. Local currency is used for tips, small vendors that don't accept cards, outdoor flea markets, etc. and the occasional facilitation fee.

 

Americans who regard the greenback as some sort of global currency for retail purchases are ignorant and disrespectful. I grew up in a Canada-U.S. border town and worked summer vacations in the hospitality and tourism industry. We loved fleecing Americans who insisted on paying with USD.  

[Gwendy]

In foreign countries if you tip using US$ the guides, drivers, have to exchange it at a bank and pay a fee for doing so.  Much easier to get some local currency from your bank before you go.

[ldubs]

On 6/15/2023 at 12:13 PM, Grumpella said:

I know everyone says you don't need foreign currency, but I'm old, lol and I like to have at least a few hundred in the local currency.

 

What is the best place to get foreign currency?  AAA?  Bank?  Online?

 

Thank you in advance for your help.

 

If you are looking for only a few hundred in a local currency, don't overthink it.  Just go to your bank prior to your trip.   

 

My two cents.  

[Hlitner]

On 6/15/2023 at 6:46 PM, PhillyFan33579 said:

Why would you want local currency? Every port I have visited in the Caribbean has always accepted US currency. Additionally, most places, at least in the vicinity of a port, list prices in US currency. I can’t think of one good reason to use local currency. If anything, it could become a pain in the butt if you visit several different ports that all use different currency. 

You do realize there is more to the world than the Caribbean?  In fact there are about 180 countries NOT in the Caribbean :).  Just got back from Japan, Taiwan and Korea where the US Dollar was about as useful as Rubles in the USA.  And your US currency is almost worthless in most of Europe, Africa, Asia, South America (Ecuador is an exception).

 

As to using credit cards in Europe, it works most places in Northern Europe but are not as universally accepted in the south and parts of Eastern Europe.  And if I had a dollar for every time the we have heard "our credit card machine is not working" we would have a thick wallet.

 

Hank

[Gwendy]

And as someone mentioned earlier, change for toilets.  Just back from a Med cruise, and yes southern European countries will take cards, but small restaurants like cash, as do street vendors and small purchases in souvenir shops.