foreign currency

[BachLady]

We will be going on a cruise that visits 6 ports, with different currency types in several of the ports.  What does everyone do in order to have the correct currency for each country?  Have anyone used a PrePaid Travelex card for international travel?  That seems to be a good option.  Or do you get a little of each currency at your bank before trip?  Exchanging on the ship is a very bad value for your money, so looking for other options.  

[leaveitallbehind]

It would be helpful to know to which ports you are referring. As example, if you are cruising in the Caribbean, all of the typical ports of call accept the US $ as the standard currency.  A Mediterranean or European itinerary may be different, however.

Edited July 28, 2019 by leaveitallbehind

[wheezedr]

You do not mention your itinerary so most of us will answer this blind.  Sounds like the Baltic’s most likely.  If so a CC is your best friend as many of those countries are becoming cashless societies. If you plan on a CC , Visa or MC is best and be sure there are no foriegn exchange fees. Come back with more info if you are truly looking for help 

[BachLady]

European.  Copenhagen = DKK   Stockholm - SEK   EUro's in 3 ports   Olso, Norway = NOK   Russia = rubles

[Shmoo here]

Just now, BachLady said:

European.  Copenhagen = DKK   Stockholm - SEK   EUro's in 3 ports   Olso, Norway = NOK   Russia = rubles

Sounds like an ATM card would be your best bet.  Hit up an ATM in port for any necessary cash.  That's what we do on our European cruises.

[Armac]

The countries you are going too(except Russia) are as close as you get to a cashless society. A credit card with a chip can be used for even small purchases. In Russia you will be on a ships tour or one you booked on your own, you will have to stay with your guide and will stop at a tourist store that will take a credit card for souvenirs etc. In the other counties if you take a shuttle from the ship or boat ride in Copenhagen as examples (a tourist only venue) they usually  have the price posted in local currency Eros and Us. Tour guides will gladly except any currency for a tip.    

[Flatbush Flyer]

2 hours ago, BachLady said:

....What does everyone do in order to have the correct currency for each country?  Have anyone used a PrePaid Travelex card for international travel?  That seems to be a good option.  Or do you get a little of each currency at your bank before trip?..... 

Travelex' currency exchange rates are nowhere near as good as foreign ATMs or many American banks. 

When we do very multinational itineraries including pre/post cruise land visits, we will usually get enough of most of the currencies to cover initial taxi fares (passing by local ATMs to draw the rest of what we may need in that location). We use a "no foreign transaction fee" ATM card from our local bank (Mechanics Bank), which also reimburses us for any other bank's ATM fees (foreign or domestic). We use the same bank for our initial stack of foreign money since their exchange rate is comparatively reasonable. 

BTW, we seldom sell unused foreign currency back to the bank. Instead, we'll use the "funny money" for tips during and at the end of our cruise. We may not be back to a particular country but, the crew will.

AND, of course, we NEVER use a credit card at an ATM.

Edited July 29, 2019 by Flatbush Flyer

[Bizmark'sMom]

I only pre-buy enough currency for the first day; getting to the hotel, buying a meal, buying any toiletries I need...  After that I use a credit card, and I get local currency from ATMs.

[clo]

14 minutes ago, Bizmark'sMom said:

I only pre-buy enough currency for the first day; getting to the hotel, buying a meal, buying any toiletries I need...  After that I use a credit card, and I get local currency from ATMs.

I think one has to consider if the fee for buying currency is more than the ATM fees.

[Bizmark'sMom]

Just now, clo said:

I think one has to consider if the fee for buying currency is more than the ATM fees.

True. My bank doesn't charge me ATM transaction fees. And I use a credit card that does not charge foreign transaction fees.  

 

For me, having enough currency for the first day is purely for convenience. I can't sleep on airplanes - and i have tried everything out there. I land tired, groggy, jet-lagged, and desperately needing a shower and a nap.  The less I have to think about on that first day, the better.

[bonsai3s]

We do the same as Shmoo here and Flatbush Flyer...both (as always) great advice.

ATM at each port...any extra foreign currencies we use for tips on the ship.

And if you have some coins left, airlines usually ask for unwanted coins.

Happy Sailing! 😊

[ldubs]

We bring what we think is going to be a 'predominant' currency.  We try to use the credit card as much as possible before using the debit card at an ATM.  The FX fee on the credit card isn't an issue because we are not making major purchases.   We prefer that fee over the possibility of our ATM card being hacked.   Not saying we don't use the debit card -- we do when needed.  Just not our first choice.  

 

PS: Agree 100% with Flatbush's earlier comment about use of credit cards at an ATM.  

[MicCanberra]

9 hours ago, BachLady said:

European.  Copenhagen = DKK   Stockholm - SEK   EUro's in 3 ports   Olso, Norway = NOK   Russia = rubles

We usually just charge most larger items onto our credit card which has good exchange rates and no international fees. We also take out some money in the local currency for the smaller purchases like drinks and such.

In your case, when we did the Baltic, we had euros and most places took the card or Euros and would provide change in the local currency. 

[John Bull]

Credit cards are extensively used in Europe, especially countries like Sweden, and credit card suppliers will always give you a much better exchange rate than any cash exchange bureau. 

We have a credit card with no forex fee that we use for foreign travel. I know that, like Flatbush's Mechanics Bank, there are a number of such cards available in the USA  - perhaps your countrymen can name some others.

 

Having extolled the use of a card with no forex fee, I'll stress that you should make sure when using it that it's charged in local currency -  decline any offer to convert to USD "for your convenience", on card readers which have a currency button hit the local currency button, and check that the charge on the screen is correct and in local currency before swiping or entering your PIN or signing. Otherwise you'll get the vendor's lousy exchange rate.

Same applies to your on=board account if your ship's currency isn't the same as your home currency.

 

But we still like to have a little local jingle in our pockets for the rare occasions when the seller doesn't accept plastic (street-traders, some market stalls, local buses etc) or has a minimum card spend (usually about $5 - $10 or equivalent).

We buy that local currency before we leave home , to avoid the need to find an ATM as soon as we step ashore. About $15 to $20-worth per person per port day.

 

Be aware that Swedish, Danish & Norwegian kroner are three different currencies.

 

Euros are accepted in many outlets in non-euro Baltic countries, so they're a useful reserve currency - but you''ll get an exchange rate not much better than ship's purser gives.

 

As Armac's post, in St Petersburg if you take a visa-free tour (ship's or local tour operator's) you won't need roubles - admissions, lunches etc are included, and you'll be taken to a souvenir shop that accepts plastic.

 

JB 

[AlwaysReadyToSail]

I will second what many others have said.  A no foreign transaction fee credit card (there are plenty out there, just google) is the best way to go, followed by an ATM.  I have used Charles Schwab Investor Checking Account Debit for no foreign transaction or conversion fees and free ATM with reimbursement as my way to get out cash when needed.  It has worked flawlessly and is extremely easy.  I just take it out as I need it, so that I don't have to fool with converting what I don't use back to USD.  In recent years credit card is so widely accepted there are many places having cash was not even necessary.  But it's always great to know that I can get it out if needed just as easy abroad as I can here at home.  I'll also second what others have said about making sure  that it's charged in local currency is going to be your cheaper route. 

[whogo]

13 hours ago, BachLady said:

Have anyone used a PrePaid Travelex card for international travel?

I considered Travelex and other prepaid cards for travel years ago and found that they came with high fees. While the cards advertise their benefits, they make it nearly impossible to find the fees. They had purchase fees, fees to load money on a card, fees to check balances, fees for ATM transactions, and they offered an unfavorable exchange rate.

 

As others have suggested, withdraw cash from a foreign ATM with your debit card, charge purchases with your credit card. If you want to read more, I think Rick Steves offers good info: https://www.ricksteves.com/travel-tips/money

 

 

[cruisemom42]

11 hours ago, clo said:

I think one has to consider if the fee for buying currency is more than the ATM fees.

 

While true, many people don't realize that when you withdraw money from your bank account using your ATM, you are charged at a rate that is very close to the actual daily currency exchange rate. When you pre-purchase currency, the bank may advertise a low or even no-fee transaction, but (at least in the US), they will mark up their exchange rate by as much as 7-8%. 

 

(In Canada, this seems not to be true and there are money exchanges that give both a very good exchange rate and no fees.....)

 

You should always check the exchange rate being offered with one of the currency converter calculator tools that shows the actual rates.

 

Earlier in my career when I was traveling internationally more often and there were no "no-fee" debit cards, I used to track my actual exchange rates via the various methods of exchange. Hands down, withrawals via ATM beat all other methods, even when there were fees involved. YMMV, of course. 

 

Edited July 29, 2019 by cruisemom42

[clo]

47 minutes ago, cruisemom42 said:

You should always check the exchange rate being offered with one of the currency converter calculator tools that shows the actual rates.

All great advice.

 

We have a checking account with USAA (Bob was in the army decades ago) and they rebate up to $15/mo in ATM fees.  The only thing we use them for is ATM withdrawals.  I can't remember ever buying currency prior to traveling.

[lenquixote66]

17 hours ago, BachLady said:

We will be going on a cruise that visits 6 ports, with different currency types in several of the ports.  What does everyone do in order to have the correct currency for each country?  Have anyone used a PrePaid Travelex card for international travel?  That seems to be a good option.  Or do you get a little of each currency at your bank before trip?  Exchanging on the ship is a very bad value for your money, so looking for other options.  

We went to a bank and purchased currency only to find out that every port we were going to accepted US funds. I still have a lot of foreign currency.

[ducklite]

17 hours ago, BachLady said:

European.  Copenhagen = DKK   Stockholm - SEK   EUro's in 3 ports   Olso, Norway = NOK   Russia = rubles

I would figure out roughly what I needed for each port and get it as part of a foreign currency order from my bank in advance, hitting an ATM if I need a bit more and paying for large purchases with a no fee credit card..

Edited July 29, 2019 by ducklite

[zqvol]

21 hours ago, BachLady said:

We will be going on a cruise that visits 6 ports, with different currency types in several of the ports.  What does everyone do in order to have the correct currency for each country?  Have anyone used a PrePaid Travelex card for international travel?  That seems to be a good option.  Or do you get a little of each currency at your bank before trip?  Exchanging on the ship is a very bad value for your money, so looking for other options.  

 

Use an ATM at a local bank in each port.

[Extra Kim]

In Sweden, Denmark, Finland, Estonia and Latvia all we use is our Visa or Mastercard with chip and pin.

In Poland we needed cash for a taxi, but he tooks us to an ATM and the problem was solved.

 

We only us Debit cards, not Credit cards.

[clo]

12 hours ago, Extra Kim said:

We only us Debit cards, not Credit cards.

I assume you mean you use debit cards at ATMs and not credit cards since the latter counts as a cash advance with fees.  Yes?

[Extra Kim]

No. We don't use credit cards, ever. We don't even have credit cards.

I don't buy stuff that I can't afford.

[ducklite]

26 minutes ago, Extra Kim said:

No. We don't use credit cards, ever. We don't even have credit cards.

I don't buy stuff that I can't afford.

I use credit cards for everything--far more consumer protections.  I never carry a balance to the point that when I make a large purchase (such as paying for a cruise) I immediately go in and pay off what I've charged so I don't have sticker shock when the bill comes at the end of the month.  We earn as much as $1500 in cash back every year by using our cards for ordinary purchases. To me that is smarter than avoiding cards.  I also wouldn't leave the country without a credit card with enough of a line on it to pay for two weeks hotels and walk-up fare tickets home in case of an emergency.