Euros

[CruizinKittie40]

When we went to the Bahamas and Canada, stores at those cities accepted USD and gave change in native currency.  I like doing this as I collect foreign money as a souvenir for myself and my kids.  I read on a Facebook post most European ports won't take US currency.  Did you find that to be true? I can always get money converted but it feels like cheating lol   I will do it if I have to but it's fun to me to bring back money from the country I visited. 

[mapleleaves]

I've never come across a business in Europe that would accept USD.  

In Canada and Bahamas there is a high percentage of US visitors paying with USD, so  it's worthwhile for businesses to pay the exchange rates.  Not so in Europe where Euros are the common currency.

 

I usually have euros left over from a previous trip, enough to pay for a cab or bus to my hotel.  After that I stop at cash machines to withdraw what I need.  

[CruiserBruce]

Assuming you live in the US. Know any businesses that accept euros?

 

Take euros...get them in ATMs in Europe. That is the best exchange rate.

[VMax1700]

For once Facebook does not lie.  USD will not be accepted by businesses in Europe in normal circumstances.  If someone is badly caught out, then the business may accept them as a one off, at an extortionate exchange rate.

[cruisemom42]

Yes, you'll need euros. And don't worry, you'll soon collect a pocketful of change for your collection. Of course, credit cards are widely used for larger purchases. 

 

As mentioned, the best rate is to get your euros from an ATM in Europe. If you are worried that you'll need a small amount to get started, you can also order through many larger banks. 

[tring]

Due to the pandemic card use in the UK has become far more credit card centred and Scandinavia, for instance, have been that way for some time with card payments being very commonly expected.   Whilst we have not been to the Med areas during the pandemic, I cannot confirm that is also the case there, but it may be so.  It is unlikely that taxi drivers would be able to take cards though, so some Euros would not go amiss.  If you want to take some souvenir currency home, it will not be a problem as you will always have some cash over.

 

Just one very important point is that for cards to be accepted anywhere in Europe, you would need a chip and pin card, not just one where you would sign for your purchases, which became outdated here about ten years ago.

Edited August 30, 2021 by tring

[Hlitner]

I have been a frequent world traveler for decades including much travel to Europe.  So let me be very clear (for the sake of the OP)! The US Dollar is no longer welcomed in most of Europe.  If you happen to find a place that does except dollars it is likely that you will pay a handsome premium.   So folks should do themselves a favor an use the currency that is the norm in whatever country they travel.  A good alternative is to use plastic (Visa or MC) which is widely accepted in much of Europe.  But be forewarned that there are still some restaurants that want cash (and we are talking about their local currency).  As a general rule we carry enough cash (in much of Europe it is Euros) to cover the tab in any place we might dine.  In Northern European countries folks need to be a little more careful to learn the accepted currency and act accordingly.  

 

As to chip/Pin cards we have had very little problem with our US cards which are all chipped.  We are rarely asked for a Pin (many folks do not have this for their US cards) and this seems to be less of a problem today then it was 2 or 3 years ago.  We just returned from Greece (last week) where we had no problems using our US credit cards (no system asked for a Pin) and our usual ATM cards (worked everywhere).

 

Hank

[-Lew-]

14 hours ago, Hlitner said:

...and this seems to be less of a problem today then it was 2 or 3 years ago.

 

Chip & PIN cards here in the US have come a long way since we both joined Andrews Federal Credit Union in 2015 in order to get a debit card with chip & PIN for travel.

 

I would add to what others have mentioned to reject an offer by any merchant to charge your VISA or MC in US dollars while traveling abroad.  The conversion rate will very likely be atrocious.  Charge your purchase in the local currency and let your credit card company do the conversion.

[Hlitner]

29 minutes ago, -Lew- said:

 

Chip & PIN cards here in the US have come a long way since we both joined Andrews Federal Credit Union in 2015 in order to get a debit card with chip & PIN for travel.

 

I would add to what others have mentioned to reject an offer by any merchant to charge your VISA or MC in US dollars while traveling abroad.  The conversion rate will very likely be atrocious.  Charge your purchase in the local currency and let your credit card company do the conversion.

You raise a great subject about which some of us have warned for a few years.   It is technically called "Dynamic Currency Conversion" (DCC) and, for consumers,  it  is a complete "ripoff" or perhaps should be called "institutionalized theft."  We have watched this practice spread around the globe and is common with both ATM cards and credit cards!  There is always a choice to decline DCC but that option is often obscure and the ATM and credit card screens are designed to scare/con folks into accepting the higher (ridiculous) exchange rates.

 

Rather then writing a book about DCC I would urge everyone to simple Google "Dynamic Currency Conversion" and take the time to read about this "con."   The Wiki blog is pretty good but I would simply label DCC as "theft."  Folks that use the option will often lose 5-10% of their purchasing power (due to getting an awful exchange rate).  

 

Hank

P.S.  My suggestion to the CC Editors is that they post a major story about this issue and shout out a warning/caution to all cruisers.

 

 

[bennybear]

Important to have enough cash as well as credit,  we’ve found credit card machines have mysteriously broke when we needed to use them.   

Once we visited a trendy restaurant in Rotterdam with no menu, so we weren’t sure of prices.  When the bill came, we found they didn’t take Credit cards and we were short a few euros, the nearest ATM was half an hour walk away.  We were embarrassed and when we returned the owner offered to buy us a drink.   We said we owed him one too.   

 

We buy some euros before we leave home so aren’t stuck when an ATM machine doesn’t work and we replenish our cash before we get too low.  I will spare you the adventures in deep south Italy where no one spoke English and the machine aborted the transaction,  while our bank thought we got the cash and we needed to involve the carabinieri and google translate🤷‍♀️

Edited September 1, 2021 by bennybear

[rad798]

I have a question about when you use your ATM card to get Euros in Europe.

What type of fees do the banks usually charge for this per transaction. 

I am sure the fee is different at most banks. Just looking for a ballpark figure.

 

Also, do they up the exchange rate? Let's say the rate on the internet today says 1.19 dollar = 1 euro. Would they up the rate to something like 1.24? Or keep the rate the same and just charge a fee.

 

Would be interested in everyone's experience with this.

[CruiserBruce]

26 minutes ago, rad798 said:

I have a question about when you use your ATM card to get Euros in Europe.

What type of fees do the banks usually charge for this per transaction. 

I am sure the fee is different at most banks. Just looking for a ballpark figure.

 

Also, do they up the exchange rate? Let's say the rate on the internet today says 1.19 dollar = 1 euro. Would they up the rate to something like 1.24? Or keep the rate the same and just charge a fee.

 

Would be interested in everyone's experience with this.

The exchange rate is typically the bank to bank rate,  same as you see on line as an exchange rate, or slightly above it. Usually less than 1% above the exchange rate.

 

Conversely, you will rarely see under 5% for banks, AAA, forex stores, etc, and can frequently see over 10%. Plus fees can be added on as well. This happens if you go to a bank, AAA, etc, and exchange money.

 

Under EU rules, there can be no fees on ATM transactions (there is an exception to that...can't remember it right now, but not common). However, your home bank can add a fee on. There are several US banks frequently mentioned here that charge no fees. Our bank adds on 3%.

[rad798]

23 minutes ago, CruiserBruce said:

The exchange rate is typically the bank to bank rate,  same as you see on line as an exchange rate, or slightly above it. Usually less than 1% above the exchange rate.

 

Conversely, you will rarely see under 5% for banks, AAA, forex stores, etc, and can frequently see over 10%. Plus fees can be added on as well. This happens if you go to a bank, AAA, etc, and exchange money.

 

Under EU rules, there can be no fees on ATM transactions (there is an exception to that...can't remember it right now, but not common). However, your home bank can add a fee on. There are several US banks frequently mentioned here that charge no fees. Our bank adds on 3%.

Really appreciate the reply. That is the exactly the type of information I was looking for. 

For my upcoming med cruise, I got Euros at my Credit Union. Looks like the rate was just under 4 % with no fees.

 

I think whenever we visit again in the future, I will try the ATM route.

[Riversedge]

3 minutes ago, rad798 said:

 

I think whenever we visit again in the future, I will try the ATM route.

Be sure to check with your bank in advance.  We have to call ours and tell which countries we are going to visit to make sure they don’t deny the transaction.  

[CruiserBruce]

1 hour ago, Riversedge said:

Be sure to check with your bank in advance.  We have to call ours and tell which countries we are going to visit to make sure they don’t deny the transaction.  

Agree. Our bank is very strict on being notified when we might use an ATM outside of the US.

[Langoustine]

16 hours ago, rad798 said:

 

For my upcoming med cruise, I got Euros at my Credit Union. Looks like the rate was just under 4 % with no fees.

 

I think whenever we visit again in the future, I will try the ATM route.

You got ripped off. ALWAYS use ATMs in Europe.

[rad798]

30 minutes ago, Langoustine said:

You got ripped off. ALWAYS use ATMs in Europe.

I appreciate the feedback but I would also like a little more info if you would oblige.

 

My bank charges a 3% fee for ATM usage as others have stated here.

Also, I better use their international partner in that country or I get hit with at least another $5.00 fee for each transaction.

Not sure what the limit is for each transaction in Europe.

So, it seems I paid about $12.25 (1%) extra for the 1000 euros I received at the credit union.

$12.25 does not seem that much to me so I don't have to search for certain ATMs in each country.

 

So, if I am getting ripped off, I am guessing you are getting like a 1 or 2% fee for transactions at ATMs. If that is the case, would you please list the banks you deal with for my future reference.

 

With all this said, my math or understanding of how this works could be all screwed up too. If so, please explain where I went wrong on the math.

Just trying to learn here.

 

 

[CruiserBruce]

35 minutes ago, rad798 said:

I appreciate the feedback but I would also like a little more info if you would oblige.

 

My bank charges a 3% fee for ATM usage as others have stated here.

Also, I better use their international partner in that country or I get hit with at least another $5.00 fee for each transaction.

Not sure what the limit is for each transaction in Europe.

So, it seems I paid about $12.25 (1%) extra for the 1000 euros I received at the credit union.

$12.25 does not seem that much to me so I don't have to search for certain ATMs in each country.

 

So, if I am getting ripped off, I am guessing you are getting like a 1 or 2% fee for transactions at ATMs. If that is the case, would you please list the banks you deal with for my future reference.

 

With all this said, my math or understanding of how this works could be all screwed up too. If so, please explain where I went wrong on the math.

Just trying to learn here.

 

 

The big missing question for your 1000 euros...what was the exchange rate? Banks can both use fees, AND poor exchange rates at the same time. So, for example, a source might claim no fees, but a poor exchange rate. Or they might charge 3% on the exchange rate AND a fee, which can add up. So 3% on your 1000 euros is 30 euros (currently a little over $35), the $5 transaction fee is almost not noticeable in that situation. 

 

Again, a fee at the ATM is not allowed in the EU. What your home bank charges is another topic.

 

What do you need 1000 euros for? Been in Europe for 3 to 4 weeks, and never used more than a couple hundred euros in cash, total. Most places take credit cards except for small purchases or in small cafes or businesses, particularly in small towns.

[-Lew-]

37 minutes ago, CruiserBruce said:

What do you need 1000 euros for? Been in Europe for 3 to 4 weeks, and never used more than a couple hundred euros in cash, total.

 

Quite often private tour companies require payment in cash euros.  If you're doing a cruise itinerary with five or six port calls, it's easy to go through €600; add meals, taxis, etc. and you're approaching €1,000.

 

ATMs are the best source for currency and a Schwab debit card is the best card to use.  Schwab charges no foreign transaction fees and reimburses any ATM fees.  The card is free and opening an account can easily be done online.

 

 

[CruiserBruce]

16 minutes ago, -Lew- said:

 

Quite often private tour companies require payment in cash euros.  If you're doing a cruise itinerary with five or six port calls, it's easy to go through €600; add meals, taxis, etc. and you're approaching €1,000.

 

ATMs are the best source for currency and a Schwab debit card is the best card to use.  Schwab charges no foreign transaction fees and reimburses any ATM fees.  The card is free and opening an account can easily be done online.

 

 

True. Just curious, as it sounds like the OP hasn't been there before, so grabbing private tours...always support private tours...seemed less likely.

[cruisemom42]

2 hours ago, rad798 said:

So, if I am getting ripped off, I am guessing you are getting like a 1 or 2% fee for transactions at ATMs. If that is the case, would you please list the banks you deal with for my future reference.

 

Here's a good list:  https://www.nerdwallet.com/article/banking/foreign-atm-and-debit-card-transaction-fees-by-bank

 

I've had a Capital One account for years. They recently changed their terms (slightly less favorable -- now ATM fees not covered) but still one of the better cards for withdrawals when traveling. Limit your withdrawals to larger amounts rather than making frequent smaller ones.

 

Another good reason for having a separate travel account (assuming travel is somewhat frequent) is to make it more difficult for a scammer or pickpocket to clean out your main banking account. My Cap One account is just for travel and I generally only fund it with about the amount I think I'll need plus a bit more for comfort.

 

[rad798]

1 hour ago, CruiserBruce said:

The big missing question for your 1000 euros...what was the exchange rate? Banks can both use fees, AND poor exchange rates at the same time. So, for example, a source might claim no fees, but a poor exchange rate. Or they might charge 3% on the exchange rate AND a fee, which can add up. So 3% on your 1000 euros is 30 euros (currently a little over $35), the $5 transaction fee is almost not noticeable in that situation. 

 

Again, a fee at the ATM is not allowed in the EU. What your home bank charges is another topic.

 

What do you need 1000 euros for? Been in Europe for 3 to 4 weeks, and never used more than a couple hundred euros in cash, total. Most places take credit cards except for small purchases or in small cafes or businesses, particularly in small towns.

The exchange rate for the 1000 euros was 1.2256. I had to order them at the credit union. I live in a real small town. The rate on the internet seems to be 1.183 when they processed it. So that seems like they upped the rate 3.6%. No other fees were charged. Seems I paid 3.6% to your 3% ATM rate? Correct?

 

The ATM fees I talked about was from my bank if I did not find their partner in that country.

 

Last time we went on a cruise in the Med, I took 1500 Euros. Brought back 65 Euros. Small private excursions will hardly ever take a credit card. Or they want to charge an extra fee. Plus always have some for tips. Yeah, I know the saying, don't tip in Europe but we do. Especially for really good service.

This time it seems we will be limited to the ships excursions in a couple of ports. Otherwise, we never use the ship for excursions. So, we will not need cash for them.

Also, most transfers from airport to city and city to port wanted to be paid in cash.

With that being said, we use the credit card every chance we get but it seems we always need cash.

 

[rad798]

28 minutes ago, cruisemom42 said:

 

Here's a good list:  https://www.nerdwallet.com/article/banking/foreign-atm-and-debit-card-transaction-fees-by-bank

 

I've had a Capital One account for years. They recently changed their terms (slightly less favorable -- now ATM fees not covered) but still one of the better cards for withdrawals when traveling. Limit your withdrawals to larger amounts rather than making frequent smaller ones.

 

Another good reason for having a separate travel account (assuming travel is somewhat frequent) is to make it more difficult for a scammer or pickpocket to clean out your main banking account. My Cap One account is just for travel and I generally only fund it with about the amount I think I'll need plus a bit more for comfort.

 

Thanks for the link. That is some good information.

I can now see why Langoustine said I was getting ripped off. 1% is a lot better than 3.6%.

Of course my bank has the highest exchange rate on that list. I really need to get rid of that bank.

 

I do like your idea of the account just for travel. My only question is fees. It seems these days, if you have small amounts in a bank and don't make any transactions, they always want to charge you some kind of fee just for having the account.

[-Lew-]

43 minutes ago, cruisemom42 said:

I've had a Capital One account for years. They recently changed their terms (slightly less favorable -- now ATM fees not covered) but still one of the better cards for withdrawals when traveling.

 

We've used a Capital One debit card as a backup to our Schwab card.  We also converted to the Capital One 360 card.

 

It seems whenever I come across an article about debit cards for international use, the recommended order has been 1) Schwab, 2) Fidelity, 3) Capital One.  I don't know whether Capital One will keep its third spot considering the new terms.

[rad798]

4 minutes ago, -Lew- said:

 

We've used a Capital One debit card as a backup to our Schwab card.  We also converted to the Capital One 360 card.

 

It seems whenever I come across an article about debit cards for international use, the recommended order has been 1) Schwab, 2) Fidelity, 3) Capital One.  I don't know whether Capital One will keep its third spot considering the new terms.

Just looked at the Schwab debit card you mentioned. It does look really good. I just don't need another brokerage account. I have Fidelity already. I guess I need to inquire with Fidelity about that.

Looks like Schwab is 0% while Fidelity is 1%. Either way, both look a lot better than the 3.6 I paid at the credit union.

Thanks again